Modern or new concept of marketing is a broader concept. It does not mean to provide consumer goods and services what the seller manufactures but it consists the process of discovering the consumer and converting their wants into appropriate goods and services. So the first step for the manufacturer is to find out what are the needs of the consumer? And how these needs can be satisfied? Only then he can make profit. There are six concept of marketing which the companies keep in mind.
i) Production concept:- According to Theodore Levitt, “companies following production concept focus too narrowly on their own activities”. It means that companies assume that consumer will always respond to the product made available to them.
ii) Product concept:- As per this concept companies realize that the quantity of the product is not sufficient, it is the product quality which is also very important. So companies now realize that product quality is essential for the existence of the company.
iii) Selling concept:- Now a days, as the technology advances along with the quantity and quality of the goods ,the art of selling the goods is also very essential because consumer can get the knowledge about the product only if the company use different selling tactics.
iv) Marketing concept: – As consumer is treated as “KING” today. So it is essential for the company to produces and markets the product which the consumer wants, which means to earn profit through consumer satisfaction.
v) Consumer concept: – now companies moving towards consumer concept which means to provide consumers separate offers or services. This is possible through one to one marketing.
vi) Societal marketing concept:- this concept requires that company should deliever superior value to the consumer to improve the consumer and the society. So there should be balance between company’s profits, consumer wants and society welfare.
So all these are the modern or new concept of marketing.