Companies need to use the concept of market orientation which is obviously backed by a strong market research. Companies have based their marketing activities on certain concepts like production concept, product concept, selling concept, marketing concept and a holistic marketing concept. The foundation is that either a company is a product led organization or customer led.
The production concept is obviously for product led companies that focus on the product more than the customers. This concept includes mass marketing the product that is producing in masses so that the cost is lowest and so are the prices lowest. For e.g. PC manufacturers mostly implement production concept. The product concept is purely based on the product itself that is the customers favor innovative products with high quality and performance for e.g. processors for computers. The selling concept focuses on aggressive selling and promotional activities in order to sell the product for e.g. insurance companies need to sell aggressively since it’s a product that customers must be convinced to buy.
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