A marketing concept is a strategy an organization uses to create awareness about products or services, satisfy the target audience’s needs, boost revenue for a business, and beat the competition. Marketing experts use these concepts to foster better relationships with clients and increase profits. There are five major marketing concepts. Some may benefit your business, and others may do more harm than good. It’s advisable to familiarize yourself with all these concepts so that you can use which seems more ideal for your brand.
1. Production Concept
This concept is based on the idea that clients will prefer products/services that are readily available and affordable. This narrative has been around for decades, and for some brands, it has been successfully used. There is, however, the risk of not satisfying the client’s needs. A company that opts for this marketing concept will try and reduce production costs to make the goods readily available and lower production costs.
There are scenarios when the production concept works perfectly. And that is when the demand is more than the supply. In such a situation, consumers will only be interested in owning the product and not it’s quality or features.
2. Product Concept
The product concept is the exact opposite of the production concept. It works on the principle that clients will prefer products or services with the best features and highest quality. This is one of the best marketing concepts to help modern businesses achieve success.
This concept encourages businesses to develop innovative products that have a better quality in the hope that clients will prefer them. This strategy has worked for many companies, Apple, for example. There are plenty of phones out there that work precisely like iPhones. But its target audience prefers to stick to this brand because they know they are getting the best.
It’s important to note that marketing plays a very shallow role in this concept. Most of the focus is on developing the product.
3. Selling Concept
Regarding the selling concept, marketers believe that clients won’t purchase their services or products without engaging in aggressive and large-scale promotions. This concept mainly attempts to sell what the company is making instead of what the market needs.
This one is least likely to bring a positive outcome out of the five marketing concepts. The idea here is that consumers will grow to like your product or service the way it is. And even if they don’t like it the first time, you assume they will rebuy it.
The selling concept only works when a company has a surplus of products or has already established dominance in the market. This selling concept has worked successfully for some brands, such as Coca-Cola. People know that soda isn’t good for their health. But it has been advertised repeatedly to the point that consumers think of it as a necessity. It’s the same story for fast foods.
4. Marketing Concept
There is a reason it’s called the marketing concept. It is centered on businesses researching and satisfying the needs of their target audience. This concept takes on a customer-first approach where everything is done to please the client. With the marketing concept, you are assured of a return on investment since clients will be inclined to get a product that meets all their expectations.
5. Societal Marketing Concept
This type of concept aims to offer value to clients in a manner that is beneficial to both society and consumers. The societal marketing concept calls for sustainable living. It may push for the rights of humans, animals, and the welfare of the environment at large. Societal marketing calls for a balance in business profits, public and individual satisfaction.
Consult a Marketing Expert on Which is the Best Concept for Your Company
You should have identified which concepts are ideal for your business by now. It’s evident that marketing has evolved from profits to customer satisfaction. Some of the ideas that worked decades ago are no longer effective. Figuring out which concept is best for your business is the easy part. Marvel Marketing can help you implement the best marketing concept that will steer your business to success. Contact us today.