Marketing concepts are the strategies that organizations implement in order to maximize profit, increase sales, beat the completion and most importantly, satisfy the needs of the customers. To understand the concepts of marketing better, it is worthwhile putting it in perspective to review other strategies that were predominant once. As this concepts prevailed in different historical times, they are still used by some businesses today as they are not time restricted.
Production concept holds the ides that the consumers that customers like being associated with goods or services that are cost-friendly and readily-available. It is one of the oldest concepts of marketing that sellers use as a guide (Note, 2016). The firms that adopt this concept have a major risk because they lose sight of their real objective by focusing on their own operations. Hence firms’ management main focus is to improve distribution efficiency and production.
Product concept says that consumers like products which give them high satisfaction due to various factors such as being innovative and ability to perform well. Under product concepts, the marketing strategies used focuses on making products improvements continuously. Product improvement and quality are crucial parts of the strategies of marketing.
Selling concept holds that the customers purchase more when an organization value promotion and large-scale selling in their business. The management under this concept is focused more on the creation of sales transactions than they are on building customers relationships which are long-term and profitable. In other words, the aim of this concept is for the company to sell what they make rather making what the customers want. But this kind of selling program brings along very high risks. The marketer usually assumes that the consumers will be coaxed to buy the products and that they will like it and if they don’t, possibly they will forget the disappointment they had and buy the same product again.
Marketing concept which holds the idea that for a firm to achieve its goals, it has to have knowledge of the wants and the needs of the target tarstomers and should deliver the desired needs better than its competitors. Under this concept, customer value and focus are the routes to achieve maximum profits. Also, this concept is a customer-centered “responds and sense” strategy whose main idea is to sell the right products to your customers not to find your products the right customers.
Societal marketing concept questions whether the conflicts between customer long-run welfare and short-run wants are being overlooked by the pure marketing concept. It also affirms that the marketing strategy used should deliver value to the consumers in a way that improves or maintains both the society’s and the consumer’s well-being (Note, 2016). This concept calls for environmentally responsible, socially and sustainable marketing meeting the customers and businesses present needs while enhancing or preserving future generations’ ability to meet consumers’ needs. This concept puts welfare of the people first even before satisfying their needs and making profits.
Market research gives a firm an idea of what products and services will bring be profitable. If the products are already available in the market, market research informs the firm whether they meet consumers’ expectations and needs (Spencer, 2010). A good research plan shows who and where the customers are and also inform the firm when they are willing and most likely to buy their products or services. The results of a market research will help create a marketing and business plan or measure the current plan’s success.
Market segmentation can be defined as classifying the target consumers into different segments based the various features. These groups are made up of consumers who respond similarly to the marketing strategies which the company employ, and also share comparable business characteristics (Maven, 2017). If firms arrange their target markets into segments, they will realize high efficiency in terms of their finances, time and other important resources rather than when targeting consumers on an individual level. It also minimizes ineffective or unsuccessful marketing campaign risks.
Market targeting is the process where a firm selects a target market from an entire market (Jaideep, 2014). This targeted market comprises of groups of consumers whom the firm wants to full fill their needs or whom a particular price targets, the product is designed for, efforts of promotions are made, and a network of distribution is prepared.
Marketing positioning is a strategic process involving the marketing of a product or a brand in a unique way with the aim of creating an identity or appealing image in the customers’ minds in the targeted market (Wilkinson, 2014). For a company to succeed in its marketing, it should ensure the image which a consumer has towards its product is maintained. To attain this, continuous marketing initiatives are required in order to reinforce the customers’ perception of the brand or product in the targeted market.
Insufficient resources are one of the problems faced in marketing. This is because many small firms might experience shortage of funds when producing the products to sell to the targeted markets. This is because producing is consistent and requires finances and there is still running of the business (Shewan, 2018). Secondly, when promoting your products has become a problem especially for the firms who choose to do it rely only on organic social promotion on social media. This is because of the emphasis that is being placed on paying to get your products to your customers through other means where the prices could be high for some firms to afford.
Thirdly, when firms are struggling with the lead generation, at the same time they are losing the ability to attract future clients or prospects. This could also mean that they are losing sales when they focus too much on the lead generation (Olenski, 2014). This problem might be caused by the ineffective measures that are used to engage the target audience. Fourthly, product prices pose another challenge to the marketers when competitors offer lower prices than the firm might lose the market share unless they lower their prices as well. This could hurt their profits in turn.
Creating faith-based strategy of marketing founded on the perspective of the Christians provides a good method of compelling and connecting with customers, and in some cases, it leads to the creation of brand loyalty in different consumer generations. One of the strategies is not to alienate the believers’ faith and believe when marketing to them (Owen, 2017). For instance, trying to change the name of a product that Christians believe is biblical can trigger a backlash which would lead to losing many potential customers which will, in turn, reduce profits.
One of the elements would be serving without profits sometimes. By doing this you would be giving back to the community. By doing these, the company’s brand will strengthen and attract more customers due to the nice gestures done to the society. Engaging in healthy competition is another element that could work for both. This is to prevent customer exploitation by the firms when trying to outmuscle each other in business (Kuhn, 2011). This also extends to fair pricing by the firms so that the customers can afford their products. Another element would be all employees take time for socializing with each other which will, in turn, impact the business positively due to the conducive working environment created.
Various theories such as economic theory, public choice theory and several others have been helping human beings to comprehend the roles and limitations of the market, state and themselves in promoting human flourishing. Marketing being one of the factors that influence a market may influence human flourishing in the fact that it influences consumers in attaining some of the essential needs. According to Kuhn (2011), marketing can work against human flourishing because it makes goods that are essential for human beings to be competing in a market. Making goods to be competing in the market can influence emotions and psychological functioning of people.
References
Ohulip, K. (2012). Marketing /? Philip Kotler, Linden Brown, Stewart Adam, Suzan Burton, Gary Armstrong. Frenchs Forest, N.S.W. : Pearson Education Australia
Spencer, L. (2010, September 23). How to Do Market Research–The Basics. (accessed on 19th September 2018) available at <https://www.entrepreneur.com/article/217345>
Kuhn, E. (2011, May 25). How To: Faith-Based Marketing. (accessed on 19th September 2018) available at <https://www.huffingtonpost.com/eric-kuhn/how-to-faith-based-market_b_209919.html>
Jaideep, S. (2014, January). Market Targeting: Introduction, Definition, Procedure and Methods. (accessed on 19th September 2018) available at <https://www.yourarticlelibrary.com/economics/market/market-targeting-introduction-definition-procedure-and-methods/48609>
Wilkinson, J. (2014, July 23). Market Positioning. (accessed on 19th September 2018) available at <https://strategiccfo.com/market-positioning/>
Olenski, S. (2014, September 2). 6 Marketing Challenges And The Shortcuts To Solve Them. (accessed on 19th September 2018) available at <https://www.forbes.com/>
Note, E. (2016, December 6). Marketing Concept – 5 Concepts of Marketing Explained with … (accessed on 19th September 2018) available at <https://iedunote.com/marketing-concept>
Maven, T. (2017, April 27). Market Segmentation. (accessed on 19th September 2018) available at <https://trackmaven.com/marketing-dictionary/market-segmentation/>
Owen, L. (2017, September). Faith-based marketing. (accessed on 19th September 2018) available at https://profitworks.ca/blog/marketing-strategy/530-faith-based-marketing-strategies-chapter-1-the-business-case.html
Shewan, D. (March 21, 2018.). 11 Big Content Marketing Challenges (and How to Overcome Them). (accessed on 19th September 2018) available at <https://www.wordstream.com/blog/ws/2015/03/16/content-marketing-challenges>
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download