The Hustler's Digest StaffYou might have asked yourself: what is marketing concept? Well, stay tuned because the answer is right here.
Marketing is at the heart of any business venture. Without marketing, one cannot hope to reach their intended audience or target niche. Marketing lays down the foundation to make sure your business reaches great heights and promises growth.
Every business venture has a marketing department that is responsible for reaching out to customers. However, even when it comes to marketing, a proper strategy ensures that you attract the right audience. Without a strategy or concept in mind, many business ventures fail.
Therefore, one should be fully aware of what marketing concept to use, what strategy to implement, and how to better their approach. To achieve this, we need to answer one crucial question: what is marketing concept? We shall explore the answer here in this article, so stay tuned for we will find out the details.
What is marketing concept?
Firms and organizations adopt marketing concepts to ensure tremendous and maximum sales. In doing so, they try to increase the customer’s needs while also keeping a close eye on their competition and sales. Each business’s marketing department is responsible for researching and developing a marketing strategy that would align with the marketing concept.
For this purpose, this is also called marketing philosophy, where businesses determine what marketing style and tools should be used, and why they are important. Many companies come up with a marketing concept before the basic strategy because they place great importance on the style. They believe that a marketing concept gives rise to marketing strategy.
One thing that differentiates marketing concepts from marketing strategies is their opposing orientation. The marketing concept aims to please the customer, which brings in more success and high profit. It is also the backbone of marketing strategy and the forum through which we decide to reach out to the audience.
Other than focusing on the needs and wants of the client, marketing concepts help the business to stand out from other competitors. They provide a different element in the form of goods and services while also looking at production and promotion. Terms that are at the forefront of marketing concepts are wants, needs, and demands, elements essential to understanding the consumer.
Customers’ wants are their wishes, products, and services they like and are enforced to like. Needs are essential for life, without which a human cannot survive. Lastly, demands are what we feel to be definite needs but are also wants.
What are the five types of marketing concepts?
Marketing concepts are not just determined as is. They require a lot of research and are backed up by five prominent and vital marketing concepts. Where each one of them is essential, not all are applied by the industry in their marketing concept. The five types of marketing concepts are:
- The production concept
- The product concept
- The selling concept
- The marketing concept
- The societal concept
Let us look at each one of them in detail.
The production concept
The production concept relays the idea that consumers enjoy products and services that are easy to access, find, and inexpensive. Therefore, a company that wants to promote a production concept would aim to increase its sales and decrease the overall cost. For example, companies that manufacture their products abroad employ the production concepts.
This is because manufacturing products abroad lowers the cost and helps provide the perfect product for the customer. The reason why many companies challenge each other on the basis of price per product is to increase their sales. Not only does this align with the customers’ wants and needs, but it also benefits the company.
As we further explore the production marketing concept, we will understand that they work on perfecting the art of sales by giving the customer what they want. The production concept is especially helpful in the scenario of bulk orders. This is when the demand would be more than the supply.
This production marketing concept aids in providing ready-to-use items for the general public. The customer demands no hassle and no extensive ideas. This adds an element of comfort because the customer knows where to buy the product. However, this can also be a disadvantage because there would be no variety of options to choose from, which would ultimately bore the customer.
The product concept
The second marketing concept is the product concept. As the name suggests, this concept aims to perfect the product in form, shape, tech, and quality. It seeks to attend to customers who are looking for innovative ideas and are high-end.
Either they refine the existing product or introduce a newer version that contains more details. For instance, many phone companies use product concepts as a way to engage with customers. They reveal and introduce a new phone model every year that has more high-end features than the previous one.
Oriented toward providing customers with high-quality products with unique details, this aims to give customers products that are expensive and on the higher end of the scale. The idea behind this product marketing concept is to reinforce quality over quantity. While they usually lead to promising outcomes and excite the customer for the next big thing, they have one major flaw. It raises expectations.
Expectations are an excellent way to challenge companies to better their product. Still, they can also be a substantial pressurizing factor. A customer might not enjoy the newest creation even after a new product is launched.
Apple and Samsung are two examples of companies that compete and implement the product concept.
The selling concept
The selling marketing concept was introduced to promote sales and promotions. It is implemented to understand that a customer wants sales from the company. Massive sales that take over an online shop or even clearances at the mall are examples of the selling concept.
It invites a lot of customers because they might find what they need at a lower price, but with the quality intact. The selling concept invites a lot of customers into the fold because they understand it to be a way to buy the product. Moreover, it makes the product look desirable because they buy the product they want at a lower and more convenient price, which would not have been a possibility any other day.
The disadvantage of the selling concept is the pressure it builds. The company is focused on making sales, and overusing this exceptional tool might put them in jeopardy. Chances are the customer would not make frequent visits unless and until there is a clearance sale or promotion. Moreover, consistent sales automatically communicate that the company has created products in bulk which undermines their quality.
The marketing concept
When a company envisions inviting more people and customers to their platform, they adopt the marketing concept. The marketing concept allows the company to tally its customer growth as well as assess its competitors’ strategies.
In turn, they would want to introduce ideas and promote the product, providing more value than their customers. To understand your competition and align with your consumers, you need to know how to market your content, advertise it, and use influencers to boost your product’s reach.
The marketing concept is the backbone of any start-up business. It helps the entrepreneur gauge an idea of what they need to do to promote their product or service. Moreover, you are able to introduce more products that would help reach a wider audience and bring about a positive change. Lastly, it gives you insight into possible market trends and how to market your business idea.
Because the marketing concept aims to provide products and services that customers want, need, and demand, it can leave one wondering. Chances are that the company might not be able to understand what the customer wants fully, and deciphering it would take a lot of time.
The societal marketing concept
As the name suggests, the societal marketing concept does not solely focus on the sales or the number of customers entering the domain. It focuses on creating an atmosphere and environment that promotes better living. The impact is global and works for the betterment of society while also boosting sales.
Naturally, companies that focus on implementing better ideas that would leave a positive global impact aim to create sustainable products and services. This customer-oriented concept makes sure that no short-term profits are stated as their primary goal. Rather, create better customer services and provide them with their needed products. Many companies focus on societal marketing concepts and work for the better of the environment and climate change.
Importance of marketing concept
Marketing concepts are at the forefront of every business. Without it, a company cannot prosper to the high grounds it is destined for.
Thus, the importance of the marketing concept is that it is the driving force of the business’s establishment and foundation. It helps the company flourish and reach great heights by satisfying various customer needs, wants, and demands.
Understanding Holistic Marketing Concepts
In the realm of marketing philosophy, a recent addition known as holistic marketing concepts integrates all aspects of a business under one cohesive strategy. Unlike market segmentation, which divides focus, this approach unifies departments and employees towards singular, overarching goals, fostering robust organizational growth.
Holistic marketing ensures that all business activities align seamlessly, promoting a unified customer experience. By cultivating shared objectives across departments, this philosophy encourages cohesive communication and integrated processes. This concerted effort enhances operational efficiency and reinforces the business’s market presence.
Furthermore, companies adopting holistic marketing philosophies prioritize integrated activities that reinforce product promotion and elevate customer satisfaction. This strategic alignment not only drives internal synergy but also strengthens external engagement, propelling sustained business success.
In essence, holistic marketing concepts unify organizational efforts, aligning activities towards shared goals while enhancing customer-centric strategies. This approach transcends traditional segmentation, fostering a unified front that maximizes business impact and customer satisfaction.
What are four types of holistic marketing concepts?
We have discussed the different types of marketing concepts, where a company adopts one or more than one. Similarly, there are several types of holistic marketing concepts, and each one of them is essential on its own.
These are the four types of holistic marketing concepts:
- Relationship marketing
- Integrated marketing
- Internal marketing
- Societal marketing
Let us look at each one of them in detail to gauge a better understanding.
Relationship marketing
As the name suggests, relationship marketing is a holistic concept that focuses on creating, establishing, and promoting relationships. With proper research, relationship marketing focuses on customers, employees, and the competition of the business. The customers can be existing and new ones as well.
Relationship holistic marketing focuses on creating a cooperative and comprehensive business plan that benefits the business as a whole. The goal is to create an environment where the focus is primarily on marketing and attracts an emotional bond. Through this, loyalty and brand awareness becomes inevitable.
Because it is relationship-oriented, the goal is to promote customer flow and satisfaction rather than selling the products. When the customer is satisfied, loyalty is a natural response.
Integrated marketing
Under the holistic marketing concept is an integrated marketing, which focuses on making sure that a unified and cohesive message is sent to the consumers. Because holistic marketing aligns all parts of the business and unifies them through one goal, integrated marketing ensures that goal is practical.
Working together toward a similar purpose and mission is the defining moment of integrated marketing. From advertisement or reaching out to influencers and inviting people into the fold, all fall under the integrated, holistic marketing concept.
The integrated marketing concept makes sure all the activities are aligned and working toward one common goal. This brings a consistent approach that ensures all the activities surrounding the business’s plan are easily achieved and acquired. With unbreakable and constant communication, the company’s image grows to great heights,
From promotions and digital marketing to even sales and creating public relations, all fall under integrated marketing.
Internal marketing
Because holistic marketing carries the whole business as one entity, it focuses on its customers. As a result, it has internal and external customers. External customers are the ones who companies deal with, that is, customers we sell the product to. You might be wondering who internal customers are. Internal customers are our employees who are responsible for dealing with external marketing.
Internal marketing thus focuses on keeping the employees satisfied and keeping their needs in check. They are kept not only satisfied but also aware of the company’s policy and goal. Caring for their employees is imperative for the business. Internal marketing is a holistic concept that invites more external consumers. Your employees are as important as your
Customer. If you cannot care for your employee, then you cannot reach out to your customers, who are vital for your business growth. Therefore, customer growth largely depends on taking this holistic approach where you focus on your employees as much as you can.
Societal marketing
One primarily focuses on societal marketing as a holistic approach to benefit society and promote it on a larger scale. Because the business is working in society and directly interacts with its members, they try to make specific rules and regulations followed. The more the business orients and focuses on making the community a better place, the more it reaches out to its customers.
Taking a philanthropic approach, the business can boost its reach and approach, leaving a positive and hopeful impact on the growing society. Customers want to be a part of a company or business that gives goods and makes a positive difference. Therefore, a societal marketing approach has holistic undertones because it regards the world as a place that needs growth and assistance.
When a company contributes to societal changes by helping the environment, making charities, and even standing against discrimination, it leaves a good impression. It propels the consumer to go for a company and acquire its services. Everyone wants to be a part of something great, which can be achieved and promoted with the help of a societal holistic marketing concept.
Importance of holistic marketing concept
We are aware of the importance of marketing concepts in a business, and we shall now discuss the importance of holistic marketing concepts. We know holistic marketing and the four types that fall under this domain. It is of the utmost importance that we understand why this rising marketing concept is important and how it continues to grow with every passionate moment.
Many companies have started to adopt the holistic marketing approach because it tackles many ideas and concepts at the same time. Once we are able to understand its importance, we can dissect what needs to be done and how.
We shall list down the five essential roles of the holistic marketing concept. A holistic marketing concept promotes:
- A focused and detailed approach
- A cohesive plan
- Builds the brands image and awareness
- Effective approach
- Efficiency within the firm
Keep on reading to find out why holistic marketing concepts are essential for a growing and existing business alike.
Focused approach
A holistic marketing concept assists a focused approach. When you have a shared and common goal, as in the holistic marketing concept, the customer will be able to focus on the core values. This helps the customers to associate with the brand, their values, and their products.
Cohesive plan
Holistic marketing concepts are helpful because it brings the brand’s concept and idea under one umbrella. It welcomes consistency and introduces a cohesive plan which would leave a good impression on the business’s customers as well as help them enjoy it.
Build the brand
Your values and ideas increase your perspective and the customers as well. This is exactly why you need to work on creating your brand’s awareness. You would need to have to work constantly in order to stay updated with customer wants and needs. Building your brand awareness also means keeping in touch with customers’ wants, needs, and demands.
Practice effectiveness
Long-term and shared goals are the heart of holistic marketing, which is why it is extremely important you use an effective plan. An effective strategy would make the business flourish in a way that keeps the customers satisfied and uses the resources perfectly.
Be efficient
Holistic marketing encourages efficiency. This is a standard practice because people working for a similar goal will naturally work efficiently and together.
Conclusion
We’ve thoroughly explored the marketing concept, delving into its types, holistic approaches, and significance. Each facet is crucial for businesses aiming to thrive in competitive landscapes.
A solid marketing concept drives strategic success for businesses. It ensures organization and clarity in operations, paving the way for achievement. Our exploration underscores the pivotal role of the marketing concept in business strategy.
From the production concept to the societal marketing concept, each type plays a vital role in business ventures. Understanding these concepts is imperative for businesses seeking sustained growth and market relevance.
Research is key to comprehending goals and markets effectively. By grasping the nuances of marketing concepts, businesses can align their strategies with market demands, fostering long-term success.
