Marketing strategy/concepts

To design a winning marketing strategy, the company must first decided to it will serve. It does this by dividing the market into segments of customers (market segmentation) and selecting which segments it will cultivate (target marketing). Next, the company must decide how it will serve targeted customers (how it will differentiate imposition itself in the marketplace).

Marketing management can adopt one of 5 competing market orientations. The production concept holds that management's task is to improve production efficiency and bring down prices. The product concept holds that customers favor products to offer the most in quality, performance, and innovative features: thus, little promotional effort is required. The selling concept holds that customers will not buy enough of the organization's products and list undertakes a large-scale selling and promotion effort. The marketing concept holds that achieving organizational goals depends on determining the needs and once of target markets and delivering the desired satisfactions more efficiently and effectively than competitors do. The societal marketing concept holds that generating customer satisfaction and long run societal well-being are the keys to go to achieving the companies goals and fulfilling its responsibilities.