The company’s preferences or the preferences of the customers should guide product development. Whose needs should come first, the company’s or the customers’, when a product is being made? This article will provide the answer to your question, as I succinctly explain all you need to know about the social marketing concept, its types, and the example of the product marketing concept. Read on!
What Is Marketing Concept?
The marketing concept of a company is what makes up its marketing strategy. This refers to a set of tactics aimed at increasing sales, maximizing profits, and thwarting competitors by catering to consumers’ wants and requirements.
Today, businesses all across the world employ the marketing concept, but this was not always the case. Following this theory, for a business to achieve its goals, it must cater to the wishes of its clientele. Although Adam Smith presented this concept in his book “The Wealth of Nations” in 1776, it wasn’t until 100 years later that it gained general acceptance.
Furthermore, the “marketing concept” can be thought of as the way a company attracts and keeps customers by listening to what they want and need. It also entails providing customers with information about the company’s goods and services.
You may want to see: MARKETING CONCEPT FOR SMALL BUSINESS: All You Need to Know
Types of Marketing Concept
The five types of marketing concept are:
#1. Production Concept
This is one of the types of the marketing concept. The idea was based on the idea that people want things that are easy to get and don’t cost too much. This idea came about at a time in the history of business when output was the most important thing. It states that a company will be able to reduce its costs by increasing the number of things it manufactures, often known as “mass manufacturing.”
Also, if the company’s exclusive concentration is on the production of goods, there is a chance that it will stray from its primary mission.
#2. Product Concept
This is also one of the types of marketing concept that assumes people want products that are high-quality, new, and work well.
In the context of this form of marketing strategy, a company focuses on producing high-quality goods and enhancing those goods with each passing iteration. This is done so that a better and more advanced product can be made.
#3. The Selling Concept
Whereas the first two concepts were mostly concerned with production, the selling concept is primarily concerned with sales. It is of the opinion that the only time people will purchase a product is when the corporation makes a concerted effort to advertise said product. It does not place a priority on developing consumer relationships. Also, it doesn’t think it’s important to keep an eye on customers and make sure they’re happy.
#4. The Marketing concept
When developing a marketing strategy, it’s important to keep the end user in mind. The end user, or client, is always kept in mind when an organization does anything. The organizations are more worried about developing core competencies for their clients, since this will distinguish them from other businesses in their industry.
This particular iteration of the marketing concept is the sixth and most sophisticated one. In this situation, the most important thing is to meet the needs and preferences of the consumer. This is done while keeping them and everyone else safe and healthy. It holds the belief that one should give something back to society and work to make the world a better place for all people.
#6. Content Marketing
Content marketing is one of the types of marketing concept that focuses on enlightening your audience. This is done to get them interested in your products and let them learn about them at their own speed. “Inbound marketing” is another name for this type of marketing. In most cases, this entails publishing material consistently in order to continue being useful to your target market and to notify them of discounts, new items, or other opportunities from your organization.
Hence, to effectively employ content marketing, you must first have a comprehensive grasp of your customers and what it is they want to learn from your products. Next, you must consistently provide material such as posts, emails, and other forms to maintain the audience’s interest.
#7. Email Marketing
This is also one of the types of marketing concepts that makes use of emails and journals to provide your audience with daily updates about the products and services offered by your firm, as well as notifications to purchase them. Email marketing also allows for the creation of opt-in mailing lists.
In addition, email marketing initiatives that are successful provide potential clients with information that motivates them to buy products from the firm. This is done with emails that the business gets from its website. This strategy is effective for e-commerce sites and other types of businesses that sell digital goods.
Marketing Concept Example
Below is an example of a marketing concept:
Example 1
Lamborghini Automobile Company is a good example of the marketing concept in action. Customers place orders, and the firm then builds vehicles to those specifications, including color, style, and any other customizations they may like. Hence, all of its 2022-2024 manufacturing has been pre-sold by 2023.
Example 2
Pepsi and Coke are two companies that offer essentially the same products to consumers. On the other hand, their respective value propositions are distinct. Some businesses thrive thanks to marketing. While Pepsi concentrates on adolescents, Coke relies on a thorough strategy. Coca-Cola’s recommendation has also been superior over the years in comparison to Pepsi’s, proving that the company does especially well when utilizing the marketing idea.
Product Marketing Concept
According to the product marketing concept, people are more likely to buy goods and services that they perceive to be superior in quality, functionality, and design. In order to provide the highest quality product to the consumer in accordance with their needs and expectations, it is essential to have a thorough understanding of the product marketing concept. Product development does not depend solely on the product’s level of quality itself, but also on the promotion, production, sales, customer service, etc. that surround it. Product marketing is based on the concept that people will want and buy an item only if it is better than other options and gives them real benefits for the price they pay.
What Is the Importance of Product Marketing Concept?
With the help of the product concept, a corporation may give a product a name, personality, and unique set of features that will appeal to the target audience and encourage them to purchase the product.
The concept of a product is one of many market orientations and marketing tactics that a business can employ. The other ideas include sales, labor, marketing, etc. The quality of the products a brand sells has a lot to do with how well it does in the marketplace. Through innovation, you can get new things with good qualities.
What Is an Example of a Product Marketing Concept?
Examples of this product marketing concept include refinishing furniture specifically for a customer and delivering it to their door, shopping online, and serving regionally specific dishes. Thus, with these methods, the requirements and desires of the client are prioritized.
The social marketing concept asserts that people’s well-being is more important than making money and getting what they want. The social marketing concept emphasizes corporate social responsibility and proposes that to achieve and sustain prolonged success, Businesses need to come up with a marketing plan that gives customers more value than what they’re paying for to keep growing and help society as a whole.
As a result of tension between consumers’ immediate wants and the greater good of society, the concept of “social marketing concept” emerged. Other names for this idea include “human concept,” “intelligent consumerism,” and “ecological imperative.”
The social marketing concept has gained traction in the modern day as companies try to foster lasting ties with clients while also bettering the community. So, businesses must strike a balance between societal objectives, profit maximization, and customer satisfaction.
Social marketing was first coined in 1972 when it became clear that several major corporations had engaged in unethical marketing tactics. To combat materialism and advocate for a more moral approach to advertising, Philip Kotler first proposed the idea in 1972. Some businesses to enhance their standing in the community have adopted a strategy known as “social marketing,” which has its roots in corporate social responsibility (CSR) and economic development. Regardless of where the idea came from, it has become popular in the business world as a way to improve the world around us.
Social marketing was first coined by Philip Kotler and Gerald Zaltman in the 1970s. The purpose of social marketing was to develop local brand recognition and familiarity among consumers. Certain initiatives fall under this category, like the funding of health fairs and anti-smoking programs. Although the phrase has since taken on a more technical connotation, many marketers and strategists still employ the term in their work.
The concept of social marketing concept is being widely adopted by businesses nowadays. Long-term customer relationships, a more positive public profile, and greater public understanding are all outcomes that can be expected from implementing this strategy. A company’s success depends on its ability to see the big picture and respond to the demands and desires of its customers. They can rest assured that their money is going to good use thanks to societal marketing.
- It contributes to the improvement of the company’s image.
- It gives you a competitive edge over your rivals.
- Utilizable for customer retention and long-lasting partnerships.
- Both revenue and market share are increased.
- Long-term growth and development facilitation.
- Merchandise and corporate practices should promote social wellbeing and society as a whole.
- Uses economic resources effectively.
- The social marketing concept improves the living conditions of society’s members.
- It enables a more substantial and productive industrial policy for society.
What Is the Societal Marketing Concept in Marketing?
Businesses, according to the social concept in marketing, should produce goods that not only meet consumers’ demands but also contribute to or improve their well-being. This means that companies shouldn’t just care about making money. They should also care about making their consumers’ lives better. This requires companies to think about how their goods will affect the world around them and take steps to ensure that they won’t be harmful.
The concept of social marketing is used by businesses for several purposes. Why is this so important? because it gives them a leg up on the competition that will last for the long haul. That helps them connect with influential people and organizations, such as policymakers and green activists. Furthermore, it aids them in establishing a credible brand name for the business, which in turn might bring in more clients and capital.
What Are the 7 Concept of Marketing?
They include:
- Product
- Pricing
- Place
- Promotion
- Physical evidence
- People
- Processes
What Are the Four Stages of Marketing Concept?
The marketing concept includes four stages: strategic marketing analysis, marketing-mix planning, marketing implementation, and marketing control.
What Are the 4PS and 7PS of Marketing?
At first, there were four of these elements: product, price, place, and promotion. Subsequently, people, packaging, and process were added. However, In 1981, Booms and Bitner proposed a concept of 7 Ps, which included the initial 4 Ps plus process, people, and physical evidence, as more appropriate to marketing management.
What Are the 4 M’s in Marketing?
They include:
- Market
- Message
- Method
- Money
References
- byjus.com
- indeed.com
- bokastutor.com
- hubspot.com
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