Marketing is an industry that continues to evolve, especially concerning technology. Today, many aspects are radically different compared to just ten years ago. There are, however, still core marketing concepts that have remained intact throughout the changing industry. Marketing designs strategies that align with a company’s goals to build profitable relationships and target consumers to purchase a product or service. Marketing concepts are related to the philosophy a business uses to identify and achieve the needs of its consumers in a way that both the company and customer benefit. Five primary marketing concepts can be used.
This concept was established from the start of capitalism to the mid-1950s when production-oriented businesses lead the market. The production concept focuses on the notion that customers want a product that is both affordable and accessible. Thus it is oriented towards operation. The company often aims to increase supply will also decreasing cost. This tends to result in mass production.
This concept focuses on the notion that customers would rather purchase items of higher quality and the cost and availability of the product do not necessarily influence their purchase decisions. The company will then produce a higher-quality product, spending more money in the process. Product concept can often be found in IT companies, where better quality products help differentiate them from the competition.
As its name states, the selling concept is focused on the actual sale of a product, regardless of the quality or need of the consumer. This concept is more aggressive, with a one track mind of selling the product. It does not work on building relationships with consumers, which often deters repeated sales and results in low customer satisfaction.
The consumer is the focal point in this marketing concept. The business focuses on the needs and wants of the consumer and aims all activities here. The strategy begins with market research and runs through product development to sales. By focusing on the needs and wants of the consumer, the company not only delivers more value to the customer but also builds a strong brand that keeps the customer coming back for more.
Societal Marketing Concept
A relatively new concept, the societal marketing concept places emphasis both on the needs and wants of their target audience, but also on the well-being of their customers and society altogether. This requires marketers to balance company profits, consumer satisfaction, and public interest, while also adhering to ethical and social considerations.