Marketing Management Concepts
Marketing refers to the act an organization undertakes to engage its targeted audience, develop long-term relationships with these people, create value so as to capture value at later stages, and/or monetize the audience’s perceived need to be connected. It is a process that has evolved through the processes of innovation, discovery, and communication. Marketing has become an important driving force behind organizations, and it can help drive business development. The art of marketing has evolved with time, and marketing strategies can vary according to the nature of the product or service that an organization wishes to market.
Fundamental Concepts
Three basic marketing concepts have been with us for decades, and they are customer orientation, coordinated marketing, and integrated marketing. When dealing with customers, marketing must be aimed at satisfying consumers in terms of quality, service, and price. It is important for marketing to satisfy customers, for which a well-crafted and competitively priced product is essential. This is the reason why many organizations conduct product testing, to ensure that customers are satisfied by the products or services that they buy.
What Is Customer Orientation Marketing?
Customer orientation marketing management encompasses principles such as understanding and taking into account the needs of potential customers. It focuses on offering goods and services that appeal to and can meet the goals and objectives of targeted buyers. The marketing concept of providing a ‘value proposition’, or an offer that is valuable and beneficial, is at the heart of this concept. In addition, it also covers principles such as advertising and selling to attract buyers and to influence their buying behavior. For example, many marketing teams use content on YouTube to help change the consumer purchasing behavior according to their need. They may even buy youtube subscribers in an attempt to boost their results.
Understand Marketing Myopia
Another important concept is marketing myopia, which refers to a general weakness that prevents organizations from marketing their product concept effectively. Myopia occurs when the product concept being marketed does not match up with the company’s vision or its commitment to solving a problem. The flaw may be related to a limited view of the market, and/or a failure to incorporate enough of the customer’s needs and motivations into the marketing concept. The marketing myopia concept is at the heart of the concept of social marketing. It involves incorporating many different approaches to selling products and services to improve the overall quality of sales and profits for an organization.
Consumer Marketing Strategies
On the other hand, this concept refers to the various ways in which consumers reach out to buy a particular product. These strategies involve knowing where consumers are searching for a particular product, what consumers are searching for, how consumers find information about products and services, and how marketers can present this information to consumers. As well, marketing strategies apply to consumers, as they include the various actions consumers take to search for products and services. Marketing to consumers involves the creation of brand awareness, influencing purchasing behavior, communicating with customers, creating value for consumers, and so on.
Categories Of Sales Approach
Selling approaches are divided into three key categories: Direct selling, Indirect selling, and Multilevel selling. Direct selling is the most straightforward form of marketing, where a business provides goods and services to consumers. The emphasis is on the relationship between the seller and the consumer. This type of marketing has a strong influence on the success of the seller’s sales and profitability. However, the major drawback of direct selling is that it generally targets the young and inexperienced, leaving it open to criticism from marketers who feel that young people should be educated about the market before being sold items.
Consumer marketing strategies that involve developing a coordinated marketing strategy are also based on the concept of selling products and services to customers’ needs. In this concept, marketing activities are geared towards meeting the requirements of consumers. For instance, food products need to be packaged in attractive and appealing containers to attract consumers. Beauty products need to be advertised using attractive imagery to ensure that consumers will use them. The concept of meeting the needs of customers is prevalent in all types of marketing, but when it comes to marketing to customers’ needs, companies need to use innovative approaches to make sure that they meet the needs of the target audience.
Conclusion
On a broader scale, there is also the concept of value extraction marketing management. In this concept, marketing activities are directed towards achieving value for money to customers in the form of profit. Usually, this concept is implemented through the concept of return on investment (ROI). The marketing manager will look at the marketing activities undertaken by his/her company and will determine whether these activities are meeting the desired results or not. When it comes to valuing the results of the marketing activities, companies generally base this decision on the cost-effectiveness of the activity relative to the benefits that customers achieve through the marketing activities.
