Relevance of marketing concept to the 21st century business of Essay

Relevance of marketing concept to the 21st century business of sainsbury - Essay Example Marketing is science of choosing the target market via market segmentation and analysis and also getting the insight of the consumer buying behaviour and giving them superior and better customer value (Roe, 2004). Description of the Marketing Concept The marketing concept is goal oriented and integrated concept that producers of services and goods practice and the basic focus is upon the satisfaction of needs of the consumers over needs of the company that is producing (McCarthy, 1960). The marketing concept says that the needs and the desires of the target market should be determined and fulfilled so that the goals of the producer can be achieved successfully. The major role of marketing is to assist in the identification, satisfaction and retention of the customers. The loyalty of the customers can be gained by constantly delivering the competitive advantage. A general term that is used for describing the various kinds of options that are available to the company for bringing their service or product into the market is known as marketing mix (Fletcher, 2004). There are four Ps that come in this marketing mix that mean product, promotion, price and place. The value added selling concept is gaining importance day by day for quite some time now. So many services and products in the market today are considered to be commodity and therefore the addition of value to them is absolutely important. It is very important to provide a high professionalism level and an expert advice. (Ferrell et al., 1998). Packaging, service levels, frequent buyer programs, recognition and rewards, transitions, education, qualititative presence, speed of service and delivery, insider information and dedicated personnel are all important things when it comes to adding value (Wrigley, 2000). Market segmentation is also an important phenomenon as the buyers of the service or a product are not members of a homogenous group. In actual all the buyers have their own specific needs, characterist ics, preferences etc (Assael, 1992). The common characteristics help in the development of standard marketing mix for all similar customers in a segment. Some of the researchers have regarded segmentation as the strategy for conquering the markets by dividing them. Target Market is a term that describes the segment of the market o which the specific service or good is marketed. This is mainly done on the basis of gender, age, geography, demographics and socio economic grouping etc. Target marketing relates to the market breaking up into segments, and after that concentration of the marketing efforts upon a single or few of the key segments. The process of target marketing makes the process of pricing, promotion, distribution much easier and much more cost effective. It provides a focus on all the marketing activities (Smith, 2001). Positioning relates to the way the potential buyers visualize the product and it is the position that your brand has in the minds of target consumer. Dom estic marketing involves the marketing strategies that attract and impact the customers within a country’s political boundaries. In the international marketing