5 Core Marketing Concepts Every Marketer Needs to Know
Marketing is all about creating strategies to fulfill customer needs, improving sales, amplifying profit, and overtaking competitors. But if you’ve just started a business and are wondering which marketing approach to go for, this blog is for you.
Today, we’re going to talk about five core marketing concepts that every marketer should be familiar with. Each concept is time-tested and has evolved as per the changing trends.
So, let’s get into the details.
1.The Production Concept
This concept came into existence during the mid-1950s. It was a time when production-based businesses were churning profits and ruling the market. Businesses during this time focused only on production and manufacturing. Even today, companies that follow this concept believe that customers are solely looking for products that they can is easily available and affordable.
The production concept in marketing emphasizes that a business can reduce costs through mass production. A business that is production-oriented depends on economies of scale (reduced production cost per unit), whereby mass production can lower cost and increase profits. All in all, the production concept is directed towards operations.
2. The Product Concept
This concept highlights that customers select products of higher quality and price whether or not it is easily available. Therefore, a company that follows the product concept believes in the production of high-quality products which turn out expensive.
A contemporary example of this concept would be Information Technology companies. They are always improving their products to set themselves apart from their rivals. As the emphasis is on the quality of the product, they tend to attract customers whose demands are determined by other elements like availability, price, and user-friendliness.
3. The Selling Concept
While the first two concepts pay attention to production, the selling concept concentrates on making actual sales. It stresses on selling each product without taking into account the product’s quality or the customer’s need.
It underlines the fact that customers would be interested in buying a company’s products only if the company sells them proactively. This is one of the core marketing concepts that do not believe in building customer relationships. This implies that the chances for a sale to repeat are less and customer satisfaction is minimal.
4. The Marketing Concept
A business or company that follows the marketing concept prioritizes the needs of the customers. All actions and operations are oriented towards the requirements of a customer. It performs the marketing approach as per the most recent trends and researches right from conceptualizing the product to its sales.
Following this concept allows the company to deliver more value to the customers. It also highlights the ‘pull’ strategy which suggests if a brand is powerful enough the customer will automatically be attracted to it.
5. The Societal Marketing Concept
Of all the other concepts, the societal marketing concept is fairly new. Apart from highlighting the needs and wants of the target customers and delivering greater value than the rivals, it also focuses on the well-being of the customers as well as society as a whole.
This concept urges marketing professionals to incorporate ethical and social considerations into their marketing practices. It emphasizes the importance of balancing customer wants, company profits, and public interest.
Over the years, marketing has changed enormously. While earlier the focus was only on the products, it is now primarily on the users.
Companies these days put the wants and needs of their customers first & concentrate on providing them with a good experience. With digital marketing picking up, the companies are now building strong strategies to rule the online market as well. To attain guidance and assistance regarding the same, get in touch with our experts. Dial our global toll-free number +1-877-488-2441 or reach out to us via live chat.