Basic Marketing Concepts
The strategy which a firm implements in order to satisfy the needs of the customer, to beat the competition, increase sales and maximize profit is known as a marketing concept. Marketing is a management department which designs strategies that helps in building relationships that are profitable with target customers. Marketing is very important in all aspects and without it, people will not be aware of the product or service. For instance, there are various trading platforms which offer trading service. The software’s that are marketed well and offer good quality service will be preferred by the consumers. Continue reading here to know more about trading platforms.
There are basically five marketing concepts that the organizations adopt and execute. Listed below are those concepts under which the companies create and carry out the marketing strategies.
Production concept- The customers will always favor those products which are easily available and are highly affordable. It is the oldest marketing concept which guides the sellers. However, if the organizations focus only on this concept, then they will lose sight of the ultimate goal.
Product concept- This concept is about offering the consumers with the products that are high in quality and performance. The product should contain innovative features to attract the customers. Product improvement and quality are a very critical part of marketing.
Selling concept- This concept follows the idea that if the organization does not take effort in promotion and large-scale selling, the customers will not be interested to buy the products. Here the focus is given on creating sales instead of building a long lasting profitable relationship with the customers. In other words, the organization is concentrated on selling what the business makes instead of producing what the customer needs.
Marketing concept– It is concerned with achieving the goal of the organization by knowing the wants and needs of the target customers and delivering the products at desired satisfaction. They try to be better than the competitors. Under this concept, the consumer value and focus are the passage to increase sales and achieve profits.
Social marketing concept- Under this concept, the marketing strategy is focused on delivering value to the consumers in a way which improves or maintains the society’s and customer’s well-being. It is called sustainable marketing. The social marketing concepts give most importance to human welfare than the profit. In today’s world, slowly the organizations are trying to adapt to social marketing concept.