Marketing Concept in Business Promotion - Essay Example

Standard life. Introduction. The sole purpose of any business organization is the maximization of profits. However, the art of money making has evolved over time. This has called for the upholding of ethics, in terms of the products that they provide their consumers. This calls the need for the marketing concept. It ensures that the decisions of a firm are not only profit oriented. They take care of the spoken and unspoken interests of the customer. This forms the main basis of this essay. It explains the importance of this marketing concept in the promotion of business and satisfaction of customer needs. Description of the marketing concept. Marketing concepts refer to the philosophy of the management, through which the objectives and goals of a firm can be achieved. These concepts aid in the identification of customer needs, which may be stated or unstated. The marketing concept is also known as the customer relationship management. This is because the decisions that are made in the firm depend on the expectations of the customer. In the alternative cases, the management only takes the interest of its members into consideration during the decision making process. Therefore, the process is less complicated. This is because it does not require research on the expectations of the customer. Therefore, this is an undertaking that takes that willingness of a firm, as well as its managers. The marketing concept is different from all the others, which include product, selling production and holistic marketing. This is because it involves coming up with products according to the needs of the customers. The others may involve the advertisements of the products after they are ready made. Therefore, it is more of the customer finding out about the firm. In the marketing concept, market research is thoroughly conducted. The firm takes an interest in finding out the needs of consumers. This concept exhibits some intrinsic qualities. It shows consideration of tastes and preferences of consumers, as opposed motivation by profit maximization. It also shows that the firm upholds ethics unconditionally. The reason behind this is that even the thing that matters the most does not stop the firm from doing what is right. The marketing concept is both advantageous to the firm and the consumers. People tend to think that the profits of a firm are only maximized by the most direct methods whose effects are immediately felt. However, this is never the case. There is a need to look at the future. The conduction of research on consumers might seem less expensive for a small firm. However, this is an extremely expensive undertaking for a larger firm. This is because large firms may be serving a wide geographical market. It may call for the use of most of the modern technologies. Therefore, this may seem like a method that is less advantageous to the firm. However, the exact opposite is true. First, this kind of marketing attracts more customers. This is when they realize that their interests are considered by the firm. The other advantage is long term. The firm is able to establish the wants and needs of consumers. Therefore, they come up with products that have the ability to satisfy the consumers for a long time. This ensures profit maximization. Introduction of the chosen business. The principal aim of this essay is to discuss the application of the marketing concept in the real world. This can only be achieved using a live example of a firm in the real world. Therefore, it was essential to consider a company that has had a long history with this concept. For this reason, Standard Life was the ideal choice. This is an investment and long term saving business. It mainly deals with life assurance. The head quarters of this company is in Edinburgh. However, its operations occur all around the globe. Standard Life has been the principal topic of controversy for a long time. This is due to some of its policies, as well as acts. However, this company has exhibited continuous success over the years. This is because it has continued to use suitable strategies towards its success. This shows that they have been able to satisfy their customers across the globe. According to statistics, this company has over 1.5 million shareholders. These shareholders are from more than 50 different countries in the world. The number of its customers is way beyond six million. This shows that the firm serves a large market. Relevance of the concept in the company. This is a firm that has continually showed its willingness and ability to use the marketing concept. The first evidence of this is its willingness to communicate with their customers. They have achieved this through the most recent ways possible. This includes the use of the internet. Here, they guide the customers on how they should give their feedback. For example, they lay down the procedure for filing a complaint, in case a customer is not satisfied. They advise the customer to try and deal with the original person who served them. In case of further dissatisfaction, they advise the customer to contact them through telephone. In light of this, they have provided phone numbers that can be used in the contacting of the relevant people. After the customers file their complaints, the organization is able to make decisions, based on the consumer wants and expectations. Sometimes, the firm might make mistakes that may make the customers unhappy. However, their contact with the customers makes it easier to get them back. This was experienced in May 2007. They sent policy documents to the wrong customers. This made the customers liable to identity theft. However, the firm apologized and maintained a strong relationship with the customers. The other way in which this organization takes care of the customers’ interest is the offering of advice. As a business, they do not only care about the profit that they should make. They put the interest of the customers at hand. In other words, their decisions do not solely rely on their profit motive. They are also guided by the requirements and convenience of the customers. They have even developed a dedicated adviser website. This shows that they have invested in a whole new team to aid in the advising of the customers. This allows for frank consultations and dealings with the customers. This is a method that has the capability of retaining and generating more customers. This is because they feel safe when dealing with a firm that is not self-centered. This is a large advantage for a savings and investments business. The reason behind this is that the customers entrust them with their future. Therefore, honesty, as well as customer interest, are qualities that should be exhibited by the particular firm. For example, it is clear that the market is falling. This applies for the present times. This means that insurance companies are under considerable pressure. However, Standard Life has always reassured its customers that they will still get a hefty return if they invest in them. Analysts and experts in the field have always confirmed that the strategies and the budgetary allocations of this company have a promise for the customer. They recently revealed that the company has more than1.1 billion dollars of capital that is not needed. This takes care of the uncertainties of the future. This is how the customers learn that their future is secure with the company. Standard Life is a company that has numerous ways of revealing and showing customer interest. For example, it engages in heavy research in order to establish and discover the wants and needs of consumers. Recently, the company conducted a study on about 1600 people. This study was aimed at establishing the value that the customers place in financial advice. According to research, it was clear that most people involved in the research seek financial advice, whenever there is a need to do that. However, the research went further to show that people are more interested in the emotional comfort, as well as advice. This is a firm that deals with numerous people on daily basis. Therefore, it is often faced with the challenge of offering advice to these customers. However, it is obvious that kind of advice that should benefit the fir directly is financial advice. Therefore, this could be the only way that the firm can acquire more customers through the offering of advice. However, the same firm goes on to offer emotional advice. This is advice that may be needed in case of occurrences such as divorce. This does not have a direct impact on the profits of the company. However, it shows that they have the interests of their customers at hand. This is a perfect application of the marketing concept in the firm. It makes its key decisions according to the research that it has conducted on its customers. The difference between this business organization and some of the others that are not doing as well is the implementation of its policies. They do not only conduct research on their customers. They go on to apply their findings in all the activities in which they are involved. This ensures that they leave the customer more satisfied than before. For example, numerous changes were made in the financial advisory department. This is with effect to the discoveries that were made. These changes must be for the good of the customers. This is because they have been implemented after thorough research on the requirements and expectations of the customers. Therefore, this is a firm that can be repeatedly used in the explanation and identification of the marketing concept. However, it does not only show how the marketing concept is applied. It also shows the success that can be achieved by a firm that uses this concept. This does not discredit the use of the other concepts in marketing and advertisements. It only proves the independent advantage and result that can be achieved through the use of the marketing concept. Conclusion. The essay above shows that the marketing concept is one that is worth using. This is because it has the ability to transform the performance of the firm. Standard Life is not the only company that has benefited from it. There are numerous other companies, in an endless list, which have achieved notable success through the same concept. This shows that it is a concept that can be relevant to any other firms in the world. In the United Arab Emirates, companies like Al-Futtaim achieve extraordinary success through proper and suitable communication with customers. This ensures that they produce goods that can be acceptable to the consumers. Other companies that can benefit from the marketing concept are those in the manufacturing industry. This is with particular reference to the car manufacturing industry, which has proved to be extremely trendy. These companies include companies such as Toyota. If they can research on the needs and requirements of consumers, it can be easy to satisfy their needs. However, these are decisions that should be made by the company’s management. Every review on successful firms proves that they have come from far. They prove that the success did not just occur. There were people who were involved, as well as suitable methods that were incorporated. This is the case that has been observed for the Standard life. It is also clear that part of their success can be attributed to the use of the marketing concept. Therefore, it is a resolution that can be most vital for the success of a firm. References. The Standard Life Assurance Company established 1825, constituted by special acts of parliament, colonial prospectus .... (1866). Edinburgh?: s.n.. Guidry, M. (2011). Marketing concepts that win!: save time, money and work by crafting concepts right the first time. Austin, TX: Live Oak Book Co.. Bradley, F. (1991). International marketing strategy. New York: Prentice Hall. Wanda, J. (2005). Driving from Japan: Japanese cars in America. McFarland Standard Life: the experience of our lifetime : 175 years of Standard Life.. (2000). Edinburgh: Standard Life. Moss, M. S. (2000). The building of Europe's largest mutual life company: Standard Life, 1825-2000. Edinburgh [u.a.: Mainstream. Edinburgh, S. (2006). Prospectus summary from Standard Life plc. Edinburgh: Standard Life]. The Standard Life Assurance Company, Edinburgh. (1994). Edinburgh: National Register of Archives (Scotland)]. Edinburgh, S. (2006). Your guide to receiving shares in Standard Life plc. Edinburgh: Standard Life]. Schooling, W., & Edinburgh, S. (1925). The Standard life assurance company, 1825-1925 ... Edinburgh: Blackwood. Read More