The concept of marketing means that whenever a company plans and implements to maximize profits by driving sales, meeting customer needs and outpacing the competition. The goal is to devise a situation that serves both parties; the customer and the company. The idea behind the concept of marketing is to predict and meet the needs and desires of customers better than competitors. There are a final number of marketing concepts, as each business has its own concept. We will look at five basic marketing concepts, also recognized as marketing management philosophies.
The main purpose of the product concept is to make cheaper products because consumers will not pay much price for products or services. Therefore, the companies that accompany the product concept manufacture the products on a large scale and benefit from economies of scale. In the product concept, sellers do not attach any importance to the requirements and wishes of customers. Its central focus is to produce more and more goods, quantity matters, not quality. As a result, consumers are often dissatisfied with the poor quality of products.
The focus of the production concept is on quantity, not on product quality. It is one of the first marketing concepts where the organization focuses on the capacity of its production processes. It's about making the cheapest products to prepare them for the mass population.
When it comes to the concept of marketing, it's customer-oriented. It places customers in the middle of the marketing process, discovering the demands and desires of customers and satisfying those needs better than the competition.
The concept of social marketing is based on the well-being of the whole society, because it examines the strategy of the marketing concept. What consumers need doesn't mean it's useful to them in the long run. What you need and what is right for you and for society as a whole are two completely different things.
In addition to having a knowledge of marketing concepts, it is important to have a profitable marketing strategy. In this competitive era, acquiring target customers has become a challenge. So, considering launching a referral program is a great idea.
It's always good to take a look at examples of great marketing campaigns to help your creativity flow. You may not have the same budget as these big brands, but many marketing strategies can be easily adapted to businesses of all sizes.
Today, Spotify is one of the best-known companies in the world, but how did this Swedish brand conquer the world? There are many music streaming services out there, but what makes Spotify unique is its focus on helping users discover new content. Spotify breaks the mold of typical music streaming platforms and instead offers listeners a whole new user experience.
Rainforest Alliance created an annual campaign called Follow the Frog. This can be adapted for B2B and B2C organizations that want to demonstrate their commitment to sustainability by incorporating the green frog seal into their products and sharing stories about their efforts to be greener.
Companies create marketing strategies to better communicate knowledge of their product or service offerings in order to attract potential customers and increase sales. To help your business grow, here are five examples of effective marketing strategies:
- Branding: Develop a valuable identity that customers can recognize in a crowded market.
- Advertising: Pay to reach your target audience with a message.
- Direct Marketing: Promote business products or services directly to a target audience.
- Referral Program: Launch a referral program to acquire target customers.
- Marketing Campaigns: Take inspiration from successful campaigns by big brands.
The current business follows the marketing concept of attracting and satisfying the needs and desires of customers, but environmental challenges challenge the entire strategy of marketing. The concept of social marketing is true, that what is healthy for an individual and suitable for the whole society are totally different things. Therefore, marketers should create a marketing strategy that takes into account social and environmental factors.
The marketing process comprises 4 elements: strategic marketing analysis, marketing mix planning, marketing implementation and marketing control. To ensure success in your business growth journey, consider these five examples when creating your own marketing strategy.