Component of modern concept of the marketing:
1. Customer oriented: the very first and the most important base of modern concept of marketing is that it is a customer oriented concept of the marketing. This concept assumes that all the activities of a producer must go around the choice or behaviour of the consumers. It assumes that we should produce the quality which is liked by our consumers; we should produce the quantity which is required by our consumers; we should fix the price which can be afforded by our customers; we should distributes our products through the channels of the distribution which are most suited to our consumers, and we should provide these all at the time and place most convenient to our customers. Therefore, a successful producer is one who stress upon the marketing research and as a result it makes this necessary changes in his product. The main components of this concept are as under:
- A consumer is the king of the market. A producer depends upon this customer and the customers do not depend upon the producer.
- Only those goods and services can be sold in the market which is according to the testes and linkage of the customers.
- Maybe a product ought to always stress upon the production of new and developed products so that he may attract more customers.
2. Integrated marketing: the second important base of modern concept of the marketing is that marketing is an integrated system. It is no limited to physical distribution of goods and services. Under this concept a firm has to satisfy the needs of its customers by estimating effective coordination between various departments. Marketing department is to coordinate the activities of all other departments of the firm in a manner that all the departments may discharge their all responsibilities in the best possible manner and may contribute to the satisfaction of consumers. All the departments of a firm are coordinated through marketing department and the decisions of the marketing manager are considered to be the most important. All other departments have to follow these decisions.
3. Profit through the satisfaction of consumers: according to this new concept of the marketing objects of a firm must be earning the maximum profits through maximum satisfaction of consumers. This concept is based on the assumption that satisfaction of consumer needs is itself a great success to the firm. If the consumer of a firm feels satisfied, the demand of the products of the firm will be increase. It will result to in the increase of sales and in increase of profits. Thus, this concept emphasises upon the maximization of profits through satisfaction of consumers and not through maximum of the sales.
4. Consumer welfare: new concept of the marketing stresses upon consumer welfare. It starts with the discovery of consumer needs and it ends with the satisfaction of these needs. All the efforts are made to provide the goods and services of best quality at most reasonable prices. Thus, it is a social concept focusing upon consumer welfare.