Every business aims at satisfying customer needs at the end of the day. This designed strategy based on relevant marketing data to maximize customer satisfaction is called the marketing concept. It is more of a business philosophy that shows methods of how to make your business way more effective. Thus, you will be able to identify your customer needs better than ever and fulfill business objectives.
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What is Marketing Concept?
It is also referred to as the “right principle” in a business. The reason is pretty self-explanatory. The marketing concept helps in reaching your goods to the right people at the right time. In fact, it executes proper strategies starting from product conception to sales! This article will disclose this intelligently designed concept of competition. Here are the five fundamental marketing concepts that you should implement:
1. The Production Concept
In the mid-1950s, the production concept in business emerged publicly. It was often attributed to the so-called Say’s law of economics. No matter how well organized your business is, if the production isn’t enough, it’s a loss. Although it was linked to that law, it isn’t entirely effective. The production rates should be on par with the current demand. Good research on the current demand for products is highly advised in this case.
2. The Product Concept
It is the job of the industries to manufacture or produce innovative, demand-fulfilling products. You don’t always have to consider the demand if your product is innovative enough to make life easier. Your products should be of top-notch quality. Because it is the best way to connect with loyal customers.
Along with good quality, you have to make sure that the products have the best, realistic price. The products need to be updated with improvements based on the current market data. Dynamic adaptation is important as well because you won’t get any sales if you produce a floppy disc today. Last but not least, it is vital to consider and study thoroughly regarding the current demand from the customers. Make sure the product has the features that the customers are looking for.
3. The Selling Concept
Irrespective of your product’s quality, the selling concept solely focus on sales. Your message should incline the customers to purchase your products. Unless your words are not trustworthy and accurate enough, it is unlikely to get a sale. Unlike in the past, people are now more aware and cautious about market news. Thus, it is not easy to convince them as easily as it was in the pre-internet era. For this reason, the selling concept is an integral part of the marketing concept.
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4. The Marketing Concept
You have to develop the strategy in such a way that your products and brands stay ahead of your competitors. There are multifarious ways of marketing for your business, which are as follows:
- Content marketing: You need to create, publish and distribute content to a large audience of potential customers. You might need content writers, editors, strategists, and analysts. Your content should be engaging to the readers or viewers.
- Advertising: Promoting your business is important via any medium. It can be via video promotions, signboards, etc. Your advertisement should be creative as well as captivating to the customers.
- Influencer marketing: There are many experts who have a good reputation in the market. If they represent your product to the audience, it is an effective form of marketing. You can contact social media influencers, business trainers, and motivational speakers, etc.
- Native advertising: These do not generally look like general ads, but are paid as well. You can use native advertising on social media feeds or web pages. You can easily reach your target audience. It matches with the media format of the webpage that it exists in.
It is important to note that, all these are to be implemented altogether. You should not expect the best results by only applying one or two of these above-mentioned methods.
5. The Social Marketing Concept
The most up to date concept in marketing is giving back to society. Most business owners with a progressive mindset believe in social welfare. The modern era demands sustainable marketing strategies that are socially and environmentally responsible. For instance, many fast food companies fail at this concept. The reason is they neglect the health value of the customers. A huge percentage of pollutants on the road or in the sea come from these companies.
As you have come to know by now, products in the concept state need the application of the marketing concept. For example, many concept cars or smartphones do not make it to the production state. The prime reason for this is inadequate marketing. Hence why you must acquire constructive feedback from the customers through your prototype. You can present the product via brochures, webinars, websites, and survey forms. The more you get their demand versus criticism, the more likely your product will improve.
Let us look at a real-life example of different usage of marketing concepts. Pepsi and Coca Cola have been fierce competitors in the market for a long time. As a matter of fact, they do not shy away from social media feuds publicly. Although their product is very similar, their marketing strategies are quite different. While Pepsi capitalizes on influencer marketing, Coca Cola doesn’t seem to use this much. Pepsi has used celebrities for marketing in the form of advertisements. The likes of Micheal Jackson, Britney Spears, Beyonce, Cindy Crawford, Nicky Minaj, etc have been Pepsi’s endorsements. On the other hand, Coca-Cola is known for engaging with its customers on a personal level. It uses a competitive positioning strategy.
In a nutshell, emphasize putting the users first before products. By using these marketing concepts, you can ensure that the user will have a worth-while experience. The balanced application of the marketing concepts will result in the customers staying for a long time. Thus, your marketing concept mindset will come in handy and satisfy your customers.
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