The concept of marketing refers to the activities of a company whose main goal is to satisfy the needs of consumers. Essentially, it is a business’s responsibility to provide a superior value proposition to its consumers than the competitors. To succeed, companies must develop and deliver the best possible product and service, as well as target the appropriate customers. The following is a brief overview of this important concept. Read on to learn more. Once you’ve understood the concept of marketing, you can better execute your marketing strategy.
The concept of marketing was developed after World War II, when the selling concept was no longer able to generate sales. People became more discerning, so companies started marketing departments that focused on satisfying their customers’ needs and expectations. Some companies today have extended sales departments, but the focus of marketing organizations has become much broader. The Coke-Vs-Pepsi war is a perfect example of the power of advertising. Consumers are either Pepsi or Coke fans. Advertising has many different forms, and the most effective advertising campaigns educate consumers about what they are buying.
Marketing has evolved to be a strategic process, focusing on customer needs throughout the entire business. As a result, the entire organization strives to provide a better experience for consumers. But, to effectively implement this concept, it’s crucial for companies to conduct market research. Unless you’ve done your homework, you’re unlikely to achieve your marketing objectives. That’s where the concept of marketing comes in handy. It’s an essential piece of any marketing arrangement.
Product-centric marketing, on the other hand, has a more pragmatic approach. Product-centric companies focus on the performance and quality of their products, while those that put an emphasis on cost-effectiveness focus on the lowest cost. Often, this is not true. Customers are increasingly looking for the best-of-the-best products. If they can afford to pay more for a higher-quality product, consumers will likely stay loyal.
A marketing concept will help you achieve these objectives by coordinating various departments of an organization to provide value to consumers. In addition, all departments should understand the objectives of the organization and target market. Market research will help you pinpoint this target market. Moreover, it will help you better understand the type of product or service your customers are most likely to buy. Once you know the target market, you can then develop a marketing strategy that will serve that market.
In a way, the concept of marketing is similar to a salesman’s role. In traditional retailing, a salesman is the only person selling a product or service. However, consumers are more likely to buy a product that is free or easy to purchase than one that costs a lot of money. A selling concept that ignores these factors will only harm a business’s reputation and make it unattractive to the consumer.