MARKETING PHILOSOPHY

MARKETING PHILOSOPHY

Generally, managers of organization in commercial circle opined that four philosophies of marketing exist, John (1984:5759) namely:
1. The production concept
2. The product concept
3. The selling concept and
4. The marketing concept

These philosophies are considered below, one after the other as they relate and affect service marketing.

– THE PRODUCTION CONCEPT: In (1984) John succinctly remarked that production manager assumed that customers will buy the service that organization by implication banks offer to them provided it is available where and when required. Financial institution or banks thus challenge to develop services that are useful, relevant and affordable to their customers in order to increase patronage.

– THE PRODUCT CONCEPT: The essence of this concept is the fact that customers will continue to patronize or accept services that provide the quantity and value for money. Service marketing organizations by this philosophy are expected to continually improve the quality of their services to further encourage more customers.

– THE SELLING CONCEPT: Selling has been described by Lyman and Carth (1978:78), as “the ultimate satisfaction of the customer’s desire for services”, this implies that managers of service organization especially of branches or divisional levels have to embark on aggressive or active persuasive selling for heir product or services.

– THE MARKETING CONCEPT: This concept has been continually commented upon for over fifty decades; scholars variously opined and agreed that marketing concept provides the right philosophy for long term organization achievement. For instance, Drucker (1987) observed that there will always be some need for selling.

However, the need to or aim of marketing makes selling a wonderful experience. Hen then, further commented that the aim of marketing is to understand so well that the products or services fits into the needs of the customer and sell itself.

Another scholar, Kotler (1988:210) remarked that “marketing concept is customer need and wants oriented back by integrated marketing efforts aimed at generating customer’s satisfaction as a key to satisfying organization goals”.

The implication to UBA bank and other financial institutions is that the marketing concept means recognizing the fact that they cannot sell their products/services unless products or services are developed to satisfy customer’s need. This demand a good understanding of who the bank’s customers are, what their needs are and the type of satisfaction experience they are requesting.

In essence, marketing concept should assist organization to understand the following:
a) Customers can be segmented into different market, base on their needs.

b) Customers in each segment of the market will buy only products that closely meet their needs.

c) Marketing research become very essential to financial institutions/banks in order to identify market segment, develop product, choose target market and design promotion program.