What is marketing?
Pursuing marketing as the main subject for higher studies depends on two parameters: interest in the marketing field, and interest in research on marketing. If a student possesses these two key attributes in him/her then it would not be a troublesome task to prepare assignments on any topic related to marketing subject. But, if there’s a lack of interest, things will turn out to be havoc. For those who are facing any difficulty at any phase of their assignment making, they can always seek an expert who can help them sail through this situation.
Marketing is an action or activity that promotes a brand’s goods or services to the general masses by use of various communication mediums in order to increase its sales. Marketing is considered the fundamental necessity of every business that influences its success.
Important Marketing Concepts:
The most important feature of marketing functions is to devise certain strategies that would work effectively to increase the sales of the company. It focuses on increasing customer needs, maximizing profit, increasing sales, and beating the competition. But, it’s very important to understand that every marketing strategy might not fit into every type of business. The marketing manager needs to evaluate his company's needs and thereafter head-on towards suitable marketing concepts and strategies.
Below Mentioned are some effective marketing concepts that must be applied to businesses by keeping in purview the type and the need for the business. The purpose, the methodology of applying, and outcome frequency, every such detail about each marketing concept has been described in brief. The concepts are:
- The Societal Marketing Concept
- The Production Concept
- The Product Concept
- The Marketing Concept
- The Selling Concept
The Societal Marketing Concept: The societal marketing concept is based on the progressive model wherein, the modern-day marketing mindset comes into place. In this marketing concept, the business is supposed to perform its societal duty and aim to give back to society by providing better products and services that would make this world a better place to live in. This idea emerged with the arousal of certain issues in the modern-day world such as environmental deterioration, population growth, resource shortages, social disruption, and poverty. One more point of view is that businesses should create the products and services with the aim of keeping long-term after-effects of such things on the society as a whole.
The Production Concept: The production concept is said to be the most operations inclined concept. It refers to human nature that prefers those products that are inexpensive and easily available. This concept emerged during the mid-1950s when Capitalism was rising. During that time businesses were concerned with the primary objectives of manufacturing, producing, and increasing efficiency of the business. The core of this concept is that businesses should produce to a vast extent so that the products can become cheap and maximum volumes can be obtained, resulting in maximization of scale and profitability. This approach is very suitable for businesses that operate in high-growth markets where the economics of scale plays a significant role.
The Product Concept: The product concept is mainly focused on customers rather than the production and output of the business. Potential customers always seek those products that deliver quality, innovative features, and performance. This marketing concept influences the business to concentrate on creating superior products and continuously improving them. The problem with many businesses is that they don’t balance the need for a product in alignment with marketing needs. The product concept identifies the fine line between the customer and defining the required role and leadership in that business segment.
The Marketing Concept: In this segment, the emphasis is on the competition. Herein, the main reason behind the success of a business is said to be the marketing strategies. Marketing efforts help to deliver enhanced value propositions as compared to its competitors. In this concept, the priority is to understand the needs and wants of the targeted market segment and deliver them better quality than the competitors. The main goal is to have an edge over competitors by making the business to be more preferred than its competitors.
The Selling Concept: Selling concept is focused on persuading the customers to buy business’ products. In the present era, selling is not an ultimate way to complete marketing success, this concept was more popular in the days when aggressive advertising used to be there to persuade people to buy different products or bonds. This concept is also seen in those scenarios where a company has to deal with overcapacity and is required to sell what they produce rather than what is demanded by the targeted market segment.
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