GWC Valve is a successful company that manufactures different valve types for heavy machinery industries. They are known for having efficient, long-lasting and high quality valves that many users around the globe use. The GWC Valve marketing management team wants to design strategies that will build a profitable relationship with its target consumers. There are 5 alternative concepts, which the company should carry out for their marketing strategies: the production, the product, selling, marketing and societal marketing concepts.
The Production Concept
The production concept is all about the idea that consumers will favour products that arte available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
The Product Concept
This is about the idea that consumers will favour products that offer the most in quality, performance, and innovative features and that the organization should therefore devote its energy to making continuous product improvements.
The Selling Concept
The selling concept is the idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort. The starting point is the factory, the focus is the existing products of the GWC Valve brand, the means is the selling and promotion the company chooses and the ends is the profits the company makes through sales volume.
The Marketing Concept
This is a philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. The marketing concept starts with the market, the customer needs, integrated marketing, then the profits through customer satisfaction that the company receives.
The Societal Marketing Concept
This is about the idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests. The societal marketing concept is like a pyramid, you have society (human welfare) on the top, to the right you have companies (profits) and to the left you have the consumers (who want satisfaction) from you product.