Identify the single biggest difference between the marketing concept and the production, product and selling concepts. Discuss which concepts are easier to apply in the short run. Predict which concept you believe can offer the best long-term success. (3)

 

The big difference between the marketing concept and the production, product, and selling concepts is that the marketing concept first identifies customer needs, then creates the product, and finally looks for targeted customers-Market Pull. In contrast, in the production concept, they create a product or service with no customer needs and then look for demands through advertising. On the other hand, the selling concept mainly focuses on the product, in that they make the products and sell them rather than what the market needs. The product concept pays mostly attention to making superior products for customers.

The concept that offers long term success is the marketing concept. Because most of the time., how well businesses strive in the market will depend on the availability of the customers and sales. The marketing concept pays attention to the needs and wants of the customers first and making products accordingly. This will guarantee far positive financial results in the short term and the long run since customers' needs change with times, and marketing concepts responds to these changes accordingly. 

References

Cydney Hatch. (2020, April 24). 5 essential marketing concepts you should know. Retrieved from https://www.disruptiveadvertising.com/marketing/marketing-concepts/

Step-by-step explanation

The big difference between the marketing concept and the production, product, and selling concepts is that the marketing concept mainly strives to direct goods and services towards the consumers' minds. This concept focuses on the needs and wants of target marketing and delivering value better than its competition. It has a targeted market, and its main focus is on customer needs. It is profit oriented based on providing customer satisfaction. It aligns its strategies based on research made from customer needs and responds to them.

Similarly, the production concept mainly focuses on producing widely cheap products in maximum volumes to maximize profitability and scale. Then we have the product concept that concentrates mostly on making superior products. It believes in potential customers and how their brand loyalty is closely tied to products' options, the quality of those products, and the benefits they get from the product and the business they invest in. The selling concept puts a lot of power into a business's hands who has a whole plan to effectively stimulate more buying with its potential customers. Often, we also see the selling concept is used when a business has to deal with overcapacity and need to sell what they make rather than what the market needs or wants.

The concept that offers long term success is the marketing concept. Because most of the time., how well businesses strive in the market will depend on the availability of the customers and sales. The marketing concept pays attention to the needs and wants of the customers first and making products accordingly. This will guarantee far positive financial results in the short term and the long run since customers' needs change with times, and marketing concepts responds to these changes accordingly.