Explain various philosophies of marketing management. 

Dear Student,

Marketing management philosophies plays a very important role because Marketing is “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit”. Marketing concepts (or marketing management philosophies) are the philosophies used by the businesses to guide their marketing efforts. Basically, marketing concepts relate to the philosophy a business use to identify and fulfil the needs of its customers, benefiting both the customer and the company. ​​​​​

The following are the various philosophies of Marketing Management-
1) Production Concept: Production implies creation of goods and services with the sole motive of selling them in the market usually to earn profit. 
A producer in order to undertake the production process requires some basic prerequisites which are called factors of production. Four factors of production are: Land, Labour, Capital and Enterpreneurship. The final product produced is called output or product.
Example: A motor-cycle producer needs steel (raw materials), workers (labour), money (capital), building and avenue (land) for producing motor-cycles. 

2) Marketing Concept: The activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general media exposure. The four 'Ps' of marketing are product, place, price and promotion.

3) Social Marketing Concept: According to the societal concept of marketing, the organisations must identify the needs of the market and the target consumers and deliver the desired results in an efficient manner. The organisation should identify not just the immediate needs of the market rather should also aim at long-term well being of the consumers. Thus, besides customer satisfaction, organisations should also aim at ecological, ethical and social aspects such pollution, scarcity of resources, etc. For instance, the organisations must also ensure that the production process does not result in any kind of environmental damage (such as pollution).

4) Product concept: It is based on the belief that consumers highly favour those products that are of high quality. Thus, firms must emphasise on continuously improving the quality and features of the product so as to attract greater number of customers. The aim is to improve the quality of the product, adding new features etc.  

5) Selling Concept: According to the selling concept, a consumer would purchase the product only when he is sufficiently convinced regarding the features, quality, etc., of the product. Thus, firms must focus on rigorous selling and promotion techniques so as to increase the sale of their product.

Regards.