If that can happen a company will be able to be lucrative otherwise can suffer a big hit in profits or even go bankrupt because lack the vision of the customer but he they created there own. Today, the gunsmith shop in Williamsburg, Virginia, still operates using the product philosophy. The gunsmiths produce single-shot rifles using the technology available during the 1700s. They are only able to produce about four or five rifles every year, and they charge from $15, 000 to $20, 000 for each rifle.
Customers are usually unsatisfied with the poor quality of the products. The three areas of marketing product, selling, philosophy really means observing and adapting to the changes od the market as quick and soon as possible.
Stated somewhat differently, relationship marketing means that we treat everyone as if they are customers. This includes the people that supply us with goods and services, and the channel intermediaries that may buy goods and services from us for resale to their own customers. Out of this concern arose the societal marketing concept — an extension of the marketing concept that challenges organizations to conduct their operations in a socially responsible manner. Beginning in the early eighties, there emerged a school of thought that the marketing concept was becoming outdated. Academics and practitioner felt that it really did not go far enough to take into account dramatic social and cultural changes that were emerging. The most central premise of the marketing concept states that we should first find out what the customer wants and needs. We then strive to develop marketing program aimed at filling these wants and needs.
Probably the first firm to formally espouse the ‘marketing concept’ was General Electric. After the automobile was on the market for a period of time, consumer wants and needs with respect to cars changed dramatically. Consumers no longer wanted just basic transportation at an affordable price. This translated into consumer demand for more body styles, different colors, different features, and a selection of new services. There are a couple of ’emerging’ concepts that are rooted in the marketing concept. The societal marketing concept has been with us since about 1980 and relationship marketing, a relatively new concept, has been around since about 1990.
However, the high price does not deter the demand for the guns; their uniqueness commands a waiting list of three to four years. Today’s Williamsburg Gunsmith Shop situation was typical for organizations operating before the Industrial Revolution. Most goods were in such short supply that companies could sell all that they made.
The societal marketing concept is correct to some extent that what’s good for an individual and good for the whole society are completely different things. Marketers should create a marketing strategy to keep in mind the societal and environmental factors as well because there won’t be any business activity without society. In the product concept, marketers do not give any importance to the needs and wants of the customers. Their main focus is to produce more and more product, quantity matters, not the quality.