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"Without Adopting The Marketing Concept A Company Cannot Possibly Hope To Develop Future Plans". Discuss This Statement From The Point Of View Of A Manufacturer Of Capital Goods.

1531 words - 6 pages

INTRODUCTIONWhat is the marketing concept? And what are capital goods? The answers to these two questions must first be determined in order to accurately discuss this statement.Capital goods are products that are made to be used in the production of other goods. Capital goods are not typically household goods and can be referred to as goods for industrial use. These often include machinery, equipment etc for use in factories and such. For example; a machine that is used to make a shower head is a capital good because a factory that makes shower heads will buy it. However, the final product which is the shower head will be bought by an individual person and would therefore be considered a consumer good and not a capital good. Kelsey (2003) stated, "Capital goods are important to businesses because they use capital goods to help their business make functional goods for the buying public or to provide consumers with a valuable service."If Kelsey is right, his statement then blends perfectly with the marketing concept. Since the marketing concept is the attitude that business decisions should be based on what the consumer wants and stresses the importance and link between an organisation's long term survival and success by meeting its customer's desires. In this context, the customers the capital goods manufacturer would focus on are the buyers of the capital goods who themselves are running a business where the quality of the products they make depend greatly on the goods used in the production. Because the marketing concept relays that an organisation should place utmost effort in meeting and seriously considering customer's wants and needs whilst at the same time finding a way to stay profitable, thus creating a symbiotic relationship (you feed off me and I feed off you), capital goods manufacturers cannot possibly hope to deliver any future plans without honouring this concept.The Marketing conceptThe marketing concept came about after the big boom in the industrial revolution of the 18th and 19th centuries. Historically in Britain, companies could afford to place little focus on the customer and concentrate instead on producing in mass. The philosophy was that as long as products were made efficiently then there were people that would buy. This approach worked until after the 1st World War when competition started to become fierce because of countries such as Japan and United States. Companies had to figure out a way to focus on 'demand factor' i.e., how to increase demand for their product rather than continue to supply surplus. Initially this was used in selling fast moving consumer goods such as groceries, but soon after this technique was applied to the selling of other goods such as industrial goods and capital goods.Adaptation of the marketing concept and capital good manufacturersWithout adopting the marketing concept, capital goods manufacturers would find it hard to survive as it is the satisfaction of their customers that drive their...

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