Table of Contents Hide
- THE MARKETING CONCEPT
- PRINCIPLES OF MARKETING
- IMPORTANCE OF MARKETING
- TYPES OF MARKETING STRATEGIES
- COURSES ON INTRODUCTION TO MARKETING
You must have involved yourself in one kind of marketing if you’ve ever done business before. However, most people do this instinctively and it yields less result than it could. So, grab some basis in this article, introduction to marketing, that will help your marketing activities.
This post on introduction to marketing will touch the basis on which you can build on to enhance your marketing ability
THE MARKETING CONCEPT
Maintaining a business is more than just having positive returns. And the marketing concept highlights important targets that companies can aim at to keep them in business. They are as follows.
- Identifying the needs of their target customer in their target market.
- Satisfying those needs better than the competitor
- Maintaining good profitability while doing all these.
The sales concept prioritizes making profit for the company. So, while the sales concept focuses on the seller’s needs the marketing concept focuses on the buyer’s needs.
PRINCIPLES OF MARKETING
The marketing principles consists of factors that propels a business when properly integrated together. Although these principles have been since a long time. However, they’ve stood the test of time with little or no change. They’re as follows.
This is an essential part of the principles of marketing. So, since the customers are centric to the concept of marketing the product should address the customers’ needs. Hence, details on the customers’ need can be obtained by survey, research publications etc. Also, while trying to satisfy the customers’ need through your product also make it better than that of rival.
This is the amount customers pay to get the product (goods or services). The price should be a market-oriented one. So, to get this, companies can consider obtaining the following questions. What are customers willing to pay? What are the prices of similar products in the market?
Furthermore, price of a product shouldn’t be more than its market valuation as this will turn off consumers.
This is the location where consumers can assess the product. There are no boundaries to where the product could be provided. So, it can range from physical locations like stores to online locations like websites and social media stores. Additionally, convenience of the customers in assessing the product should be considered by businesses in selecting the place for the product
This principle of marketing focuses on creating awareness for the product to the target consumers. So, a business can select a suitable type of marketing or choose a promotion mix to bring about this.
IMPORTANCE OF MARKETING
If you are already running your business you should know some of the importance of marketing from personal experiences. Also, consumers have some benefit from marketing activities and altogether they are as follows.
Keep pace with trends:One of the aims of marketing is to satisfy the needs of consumers. However, the needs of consumers are dynamic and if you don’t catch up you might be out of business. So, marketing helps update a company on the trends.
A good match for competition:A good marketing activity helps businesses rival competition effectively. So, this will help them have a fair market share of their industry. Clearly, this will help avoid monopoly in the industry.
Branding of a company:Branding of the company entails communicating the values, purpose, and identity of the company to consumers. So, companies can achieve this through marketing.
Win-win for the consumer and company:Through marketing companies get customers to know about products that can solve their needs. So, customers get to buy these products that can help solve their needs. Hence, this is a win-win for everyone.
Respect for the customers:More contemporary marketing evolution like relationship marketing ensures a good relationship with the customers. So, this shows respect for the customers and their opinion.
TYPES OF MARKETING STRATEGIES
Companies adopt a type of marketing strategy based on the result of their market analysis. And there are many types of marketing strategies that you can choose from. Check out this post for more.
COURSES ON INTRODUCTION TO MARKETING
If you want to know more on the introduction to marketing. Here is a list of our cherry-picked courses, free and paid, that are helpful.