Marketing refers to all those activities of the individuals and organisations which are designed for the identification, anticipation and mutual satisfaction of the needs of all the parties that are involved in the exchange. Marketing only takes place there when some exchange occurs. One party always exchange a product or service with another party for some form of payment. This is the process involving exchange having the central focus on the marketing activities.
What are the concepts of marketing management?
There are four major concepts of marketing management utilised by the companies for the marketing objectives. The major aim is to achieve the maximum profits at the least cost, but the means and the modes differ majorly. These are the four major concepts to be followed:
Concept of product
This management orientation says that if you build a quality product and set a reasonable price for it, it needs a very less marketing effort to sell it and promote it. The product itself generates the demand.
Concept of selling
This management orientation says that consumers will not normally buy enough of a product unless it is aggressively promoted to them. If something appears in front of us, we will try it and attracted to it automatically.
The major purpose of the organisation is to identify the needs and the demand of the consumers and then work for the satisfaction of their needs more effectively and efficiently.
Concept of society
This orientation of the management focuses on satisfying the needs of the consumers by demonstrating long-run concern for the welfare of the society to achieve the objectives of the company. The main idea is to find a balance between social welfare, consumer needs and profits of the company.
What are the main principles of marketing?
Begin with your clients
A client is buying the product or service for the satisfaction of his or her needs. On average, regular customers spend 67% more than the new customers. Thus, we must focus on the new clients for making them our regular customers. You need to study your product for this purpose and how much does it provide satisfaction to the customers. There can be the quality of the product or the price of the product that needs to be modified for the better and to increase the clientele of the product. There can be the promotion of the product that needs to be done. So, you have to analyse this part for increasing the sales.
Target the market
Knowing your target market is one of the most critical marketing principles. If you are targeting the wrong audience, your business will suffer. To figure out your target market, you need to think about your customer base, and the type of the customer would be perfect for your product. Then, you have to look at the competition and the target market of your competition. Even if you do not want to copy them, but it will let you have an idea about their targets and the market they are overlooking to. Then, you can focus on that part and enhance your business. The analyses of the product should be there so that you can list down the benefits and how it can be helpful in solving the problems of the customers.
While targeting your market, you should not forget about the demographics. When applying demographics to your marketing strategy, think of the age, marital location status, education level and income level of the group you are targeting. These are critically important because they get you in tune with your customer.
Divulge the value
People see the value in something only before they commit to a purchase. Most of the companies do not focus on how they should communicate their values and go straight to launch their business and to flood the advertisements to the customers. If you want to show your true value audience, get creative. You can also offer the customers some tutorials or the advice relating to the product to clear their doubts. Additionally, you can also add some blog and keep it updated on a regular basis with information relevant that could be helpful for the audience. Adding the testimonials on the social media can be a help to you for the marketing strategy. Video testimonials are a major plus and are more realistic.
Increase your network
Growing the network is always a good deal for the business. You should always have prospects in the pipeline. Maybe you offer a service and do not want more than five clients at one given time. That is fine, but you should never stop marketing. If you do not make marketing a consistent strategy in your business, you will lose prospects and not have any potential clients when one or two decide they do not need to work with you any longer.
A marketing goal should aim to gather the information from prospects so you can market to them, and get them subscribed to your email list. Consider providing articles and other helpful information through email, your website and social media to keep these prospects connected.
When the customer is buying something, they trust their product. They are more apt to purchase. Your prospects likely receive an overwhelming amount of marketing emails every day. Make your marketing strategy stand out.