Marketing Concepts – What They Are and Why You Need Them
Marketing is a very broad field, which includes many practices designed to promote a business or products. Marketing also refers to the interactive process that an organization undertakes with its target audience, develop strong customer relationships, and acquire value for a return by converting these relationships into monetary value. Marketing may be classified according to the different types of channels and strategies that it uses to get the job done.
In today’s competitive markets, there is much scope for marketing activities to influence and attract customers. Marketing, therefore, has become an essential aspect of business that many businesses are now focusing on. The major categories of marketing practices include advertising and promotions, advertising and marketing, branding, distribution, product concept, product positioning, and product development.
Advertising and marketing concepts help organizations to promote their products effectively by presenting their offerings in an appealing manner. Advertising and marketing activities are performed through print media, electronic media, and the World Wide Web. Print media include brochures, booklets, directories, posters, billboards, and other print-oriented marketing materials. Electronic media include radio, TV, and other electronic means of mass communication.
Branding involves coming up with a distinctive design or a symbol representing a particular product category. Branding allows companies to differentiate themselves from the competition by effectively communicating their unique attributes and offerings to their customers needs. Another important concept of marketing is product concept, which seeks to satisfy customers needs by offering them products that match their preferences, needs, and preferences. coordinated marketing efforts help organizations to respond to customers needs by providing products that meet these requirements.
Sales, marketing, and advertising practices are conducted for attaining specific goals like increasing company sales, building market share, attracting new customers, and increasing profitability. Successful marketing concepts help organizations develop a strong financial base. The financial base is made up of customers who purchase products regularly, firms that create new accounts, and other investors who provide capital financing. Apart from these, other aspects of effective marketing include developing customer loyalty, convincing employees to promote the business, and sharing product knowledge. This article will discuss the importance of each of these marketing concepts.
Selling involves the process of selling products either by physical means like selling through sales force and cold calling, or via the Internet and other media. This process needs extensive research and analysis to yield desired results. Sales research helps determine what sells and what doesn’t. Marketing research assists firms to conduct qualitative and quantitative marketing activities to improve the products and services offered. Marketing research is usually conducted by companies that specialize in marketing such as those mentioned below.
This concept is a simple concept that is often used as the premise of most marketing research studies. It pertains to the creation of a brand name. Brand names are used to create an identity for a company and help consumers remember it. The branding concept applies to many aspects of promoting a firm’s products and services. For instance, if you are a clothing manufacturer and you want your products to be associated with a particular brand name, you can do this through creating a logo or trademark for your clothing products. You can also hire a graphic designer to design your logo so that it is memorable and attractive.
Consumer oriented marketing concept refers to developing a coordinated marketing plan in which the marketing strategy is directed towards satisfying consumers and providing customers with satisfaction. In customer oriented marketing concept, a firm concentrates on fulfilling consumer needs. Thus, a firm focuses on offering the products and services that satisfy the consumer’s needs. This way, it builds loyalty among its customers. Hence, a firm establishes a balance between profit and profitability.