Marketing is a process that tells you how to reach out to your customers. Companies create, plan and implement marketing strategies that would get them the necessary sales. They use the marketing concept and its five parts to gain the confidence of the customers.
Eventually, the companies want to have a long-term and engaging relationship with their audience. But, implementing these concepts is not easy. On top of that, there is no guarantee that the concepts will be practical and yield results.
Here we will explain to you the market concept and how to implement them.
Definition of Marketing concept
Before proceeding further, we will define market concept for you.
“A strategy that companies can use to satisfy the needs of their customers, increase profits, and beat the competition.”
You can divide marketing concepts into five different parts. These are:
- Production concept
- Product concept
- Selling concept
- Marketing concept
- Societal concept
When we adopt a marketing strategy, the first part is the production aspect. You may ask why? The answer is that all customers want a good quality affordable product. This implies you must change your production as per customers’ needs.
This marketing concept originated in the 1950s. Some state the marketing concept is quite outdated now. But, in the long run, taking care of the production really helps. All you have to do is to check the demand of the market and produce goods accordingly.
Implementing this concept is easy when you have a product that is always in demand. But it becomes tough to assess the market when you have to release new products regularly. A perfect example of this is tech companies. They cannot focus on one product all the time. With innovation, they release new services and products. Doing that without assessing the demand is a big mistake.
This marketing concept is related to customer preference for a particular product. It believes that customers favor products of good quality and high performance. In the case of some industries like technology, they want unique and innovative products.
As per the product, concept strategies must focus on improvements made in the product. Another thing to keep in mind is to create products suitable to market trends. For example, in 2021, you can make floppy discs, but you won’t find many takers for the same.
So adapt your product range. Make your product high quality and affordable. Also, since you are selling products in the present, match them as per industry trends. To implement this concept effectively, learn what your customers want.
Understand the need gap and make your products accordingly. Innovative products are accepted only if there is a gap for them. By ignoring this aspect, your product launches are entitled to fail.
You will find this marketing concept pretty easy to grasp. The idea of the concept is that people will buy your products only if you persuade them to do so. But do you think just a one-time purchase is enough?
No, you need to get customers who are loyal. They must keep coming back to your product diligently. Earlier it was easy to convince the customer to buy. Just offer them a reasonable price, and they will make the sale.
But customers these days are more careful than ever. With the internet at their disposal, they research before purchasing. They will browse and analyze all the options before finally saying yes to your product. Naturally, that means something more than persuasion is required.
This concept is more crucial as customers have a chance to skip you over. They have the competition offering similar products. In case you falter in service, they would move on to the next option.
Since we have competition, you must offer something unique. This marketing measurement concept involves building strategies that add to your credibility. It should put your brand in the customer’s mind space. Also, provide them strong reasons why they should choose you. There are multiple options to do so:
- Content marketing
- Influencer marketing
- Native advertising
Here you must maintain a blend of all these concepts. Your strategy should focus on your brand and its strengths. Plus, you should be able to use it on various channels. There is no doubt about content marketing being effective. But the buzz is created when influencers talk about your product.
Get into influencer marketing and add some native advertising as well. The crux is that just one out of all will not yield results. You have to synchronize all of them in a balanced manner.
The processes here should aim at offering value to customers. This value must be better than what your competition has to offer. Eventually, your goal is to convince customers because you are better than the rest.
This is probably the most recent marketing concept we will talk about. It implies being progressive in your approach towards reaching out to customers. The belief is that you should give back to society. Companies must implement products that make the world a better place.
Nowadays, you will hear the concept of a sustainable economy pretty often. The idea deals with providing sustainable solutions to customers. Strategies that are both morally and environmentally responsible. The marketer has to think of the present needs as well as future ones.
Products launched are just not matching today’s trends. They are being innovated to tackle future customer needs too. Companies, however, tend to fail a lot in implementing this concept.
For example, food chains need to keep the environment in mind. They are producing items matching present-day needs. But they provide packages that you cannot dispose of. Instead, social responsibilities should never be ignored. Find out materials that are disposable and use ingredients that are healthy.
How can you select the correct marketing concept?
It is quite possible that all marketing concepts may not be practical. You can, though, use different aspects of each to formulate your marketing plan. There must be no confusion over marketing concept that you choose. You will have to ask a few questions before you proceed further:
- Who is the target audience? Which demographic are you trying to target? Where will they look for you?
- What is attracting this demographic towards your products? How could you use this information to convert people into customers?
- Do you have other goals apart from profit-making? Are you trying to establish a customer base? Is there a need gap in the industry that you wish to fill?
- What unique quality does your brand have? What information do customers need to buy the product?
The marketing concept, as we can see, is divided into five areas. To use them in full, you have to understand how to achieve balance. Most companies work hard to practice the implementation of all these concepts.
But there is no guarantee that you will be successful. You must give yourself some time before expecting any results. Eventually, sales come, and customer loyalty follows too. The key is to tap into the correct concepts at the appropriate time.
The focus of marketing has moved from earning money to customers. If you offer them an answer to their problems, the customers will stay with you. At no point should you ignore their preferences. It is these insights that pave the way to establish an effective marketing strategy for future use.