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October 28, 2021
Business

Marketing Concepts That Can Make Or Break Your Business

  • October 1, 2021
  • 4 min read
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Marketing Concepts That Can Make Or Break Your Business

The term marketing can be defined as the use of communication with the public, specifically with the intended target public. Marketing involves the use of communication media to promote products and services of a business or organisation. It is the process by which organisations attract customers and build a reputation for their company.

Marketing generally refers to the act or process by which an organisation undertakes to engage its specific target market, build rapport with them, create value in exchange for money, and make money from selling the product or service. The marketing activities of a business are carried out through print, electronic and promotional media. Print media includes newspapers, periodicals, brochures, postcards, catalogues, promotional and other catalogues. Electronic media includes emails, websites, TV broadcasts and the likes. These mediums of marketing activities typically influence buying behaviour and help build brand loyalty, which are  the objective marketing trends 2022 has shown. 

Researching And Understanding Customers’ Needs And Buying Habits Is The Core Aspect Of Effective Marketing

For a company to properly market itself, it must understand what it is trying to achieve and how. This enables marketers to establish a targeted marketing strategy that focuses on fulfilling a customer’s need or expectation and then providing them with something that matches those requirements. A key component of coordinated marketing is identifying and addressing customer needs or expectations before selling a product or service to them. Therefore, a sound strategy will take into consideration the key attributes of the product or service to be marketed so that it can fulfil the needs identified and address the expectations of the customers.

The Marketing Concept

Nowadays, there are many strategies and concepts that are utilised in the field of marketing. One of these is the marketing concept. This concept basically states that marketing involves creating and establishing a specific image in the minds of the potential buyers; this image is established by way of a well thought out marketing program. There are two aspects to the marketing concept – one is the selling concept and the other is the selling process.

In order for a marketing concept to be effective, both aspects must work hand-in-hand to create an image. Selling processes involve the creation of the product concept, the development of the marketing campaign using the concept and the actual selling of the product. Although there are many marketing concepts being used today, there are some concepts which have been proven to be more effective than others. Some marketing concepts such as brand positioning and creative branding have been found to be more effective than others. Below are some of the marketing concepts which have been found to be more effective.

Social Marketing Management

One of the most effective marketing concepts is social marketing management. This concept revolves around building brand awareness through a network of consumers, which is facilitated by the involvement of the various stakeholders. An example of a participating stakeholder in a social marketing management program is a local small business that wishes to promote a new product offering to the local market. The stakeholders might include the local government, local retailers, and other organizations within the local business community.

Another successful marketing concept is known as customer orientation marketing concept. This concept is also commonly referred to as boutique marketing because it targets small-scale businesses within a specific industry sector. Customer orientation marketing programs are designed to satisfy consumers by providing a range of products and services from a limited number of suppliers at competitive prices. They accomplish this by providing a better deal, value and service compared to the other similar suppliers available in the market. This is achieved by providing customers with a better choice and more choices than what they can get anywhere else.

What Is Market Research?

Market research is a research method that involves collecting information on potential buyers and suppliers to formulate strategies for selling the product. A number of organizations conduct market research on a regular basis for the purpose of selling a particular product. Examples of organizations that conduct market research include marketing companies, consulting firms, government agencies and consumer organizations. There are some other organizations that conduct market research but their reports are usually biased in terms of promoting one type of product over another.