5 Marketing Concepts Every Marketer Should Know
Marketing concepts, also known as marketing philosophies, are the building blocks for creating effective marketing campaigns. These five marketing concepts aim to help companies meet customers’ needs while remaining competitive and increasing revenue.
While each marketing philosophy has its advantages, they help brands understand their target audience to develop effective marketing strategies that help maximize their return on investment. Let’s look at five essential marketing concepts to help you find the right strategy for your business and meet your marketing goals.
The product concept is based on the idea that what you sell has value. Brands must create a product or service that’s valuable enough for people to buy it. Consumers desire high-quality, well-performing, and innovative products and services. This can range from evolving updates and improvements to existing products or creating something new that breaks the mold.
Your customers’ needs will constantly evolve. Therefore, businesses must stay up-to-date with product improvement to stay relevant within their industry. This approach also allows you to address your target audience and tap into various markets appropriately.
Apple uses the product concept of marketing by establishing itself as an industry leader, creating high-quality products that consumers consistently desire, and implementing continuous product improvements to keep customers satisfied.
Production is a more traditional approach to marketing that began in the 1950s. At the time, technology and communication weren’t as prevalent as today. The only way to purchase something was often to speak with a store’s retailer. Additionally, there were very few manufacturers, so people were confined to fewer product varieties.
Therefore, the production concept was centered around supply and demand, focusing on the number of products over quality. Based on this notion, companies didn’t need to promote their products or services because they would sell themselves. In this marketing method, consumers favor inexpensive and readily available products. As a result, marketers are more likely to sell a product if it is approachable and easy to purchase.
Businesses that adopt this marketing concept often focus too heavily on the smaller operations and lose sight of the bigger picture — their overall objective. This can lead to marketing myopia, a business approach that excludes customers’ needs. Mass-producing products diminish the unique quality of your products and services. Additionally, marketing myopia is a shortsighted approach that can temporarily improve production and distribution but lead to reduced productivity in the long term.
The selling concept shifts away from meeting consumers’ needs and focuses on selling products through large-scale marketing and promotion efforts. In this marketing method, brands believe they’ve accomplished their goals when a sale is complete. However, creating a high-quality product doesn’t mean it’ll sell.
This concept is based on the notion that businesses should sell products in mass quantities rather than meet consumer demand and develop meaningful, long-term relationships with their customers. This approach also presumes that customers won’t remember their past buying experience if they’re dissatisfied with a company’s product or service.
Aggressive selling and promotion are costly and typically lead to fewer results. Companies must find the right customers for their business. Most consumers won’t invest in a brand if they think you care more about making a sale than developing a lasting relationship with them.
The marketing concept is based on the idea that consumers will buy your products and services if they believe they’re valuable. As a result, your customers will eventually become loyal brand supporters. Being customer-oriented and centering your marketing strategy around meeting consumers’ needs will give your brand a competitive advantage.
You must understand your target audience thoroughly to provide consumers with a good value proposition. As a marketer, it’s your job to create the right product or service for your customers instead of seeking them out. As a result, businesses see a return on investment by meeting their customers’ demands.
This marketing approach is the opposite of the selling concept and shifts the orientation of your efforts. The marketing concept helps you create an effective marketing strategy that includes internal and external factors. It also allows you to analyze the market and predict any upcoming trends within your industry to help you get ahead of the curve when you’re creating a new product or service or updating an existing one.
Societal marketing is based on creating a positive impact on society. We often focus on our personal or company needs and wants instead of understanding that we’re part of a larger community. The societal marketing concept focuses on providing value to our customers while not negatively impacting the consumer’s or society’s well-being. This approach helps businesses understand that they have a social, sustainable, and environmental responsibility beyond short-term sales and revenue goals.
In this marketing method, brands focus on creating valuable products or services for their customers while improving the overall well-being of our society. For example, companies can operate towards a more sustainable future by creating eco-friendly, low-waste, or recyclable products and services. Although this is a valuable marketing concept, it can be difficult for businesses to implement.
Today’s marketing requires an effective strategy, which takes time and extensive research. Combining traditional and digital marketing methods greatly impacts how businesses communicate with consumers. Finding the right marketing concept depends on your business’s target audience, goals, and objectives. If you have the time and budget, A/B testing with various concepts will help you find the right strategy to meet your marketing goals.