In any business, the main goal is to design a product/service that satisfies customers’ needs, increase sales, maximize profit and beat the competition. As a business owner or business enthusiast, you may be wondering… how can I accomplish all that through marketing? Well, that’s where the marketing concept comes in. The marketing concept is a business philosophy that encourages brands to analyze the needs of their potential customers and make an effort to satisfy their needs.
There are 5 key elements when it comes to the marketing concept and each one has its own specific goals that can help a business maximize profits.
- Production concept
There is a common trope in the business world that believes consumers want things fast and cheap, therefore businesses produce cheap products in large quantities to maximize profits. However, many of these companies are undermining the quality of their products which can lead to customer dissatisfaction. The production concept is focused on how to make superior products and how to improve them over time.
- Product concept
The product concept is more about the quality, performance, or innovative features of the product. What differentiates your products from others? Creating a product that is revolutionary can attract the attention of consumers by luring them into something they never realized they need.
- Selling concept
Nowadays, the selling concept is not commonly used in marketing. However, it is still essential in the marketing concept. The selling concept is more directed towards finding potential customers and connecting with them emotionally to sell a product or service. For example, when you open a gym membership, a trainer tries to connect with you on a personal level and let you know that with their help, they can help you achieve your fitness goals.
- Marketing Concept
The marketing concept focuses on the competition and how they can market their products/services to focus on the needs and wants for their customers. Based on your company’s marketing strategy, the marketing concept will attract customers from conception to sales.
- Social Marketing concept
The social marketing concept is relatively new to the marketing concept. This concept deals with how the brand/company is impacting society by producing quality products/services. By creating a brand that cares about the environment and the community, people will become loyal to your brand and company because of the social awareness the company is building.
When it comes to choosing which marketing concept to implement, there is no right or wrong choice. What’s important is to have a clear understanding of what the marketing concept is and what each one means. The philosophy behind each concept is to create and produce products that will guarantee loyalty and value to your customers.