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With all products having such immense competition in the market- with their lookalikes and substitutes, it is important to focus on unique advertising that would engage your customers. An idea that the audience may relate to (Byju’s – make kids interested in studying on their own), an activity where they can participate (Saffola- if your heart rate remains stable while climbing the stairs multiple times, you get the product free for an year) or even innovative advertisements (Spotify- railway announcer singing songs) would make the audience remember your product for a long time.
Marketing concepts can be conceived and put to implementation through any medium and can be of various types. This article would further focus on :
Basics of a good marketing concept
Types of marketing concepts
A good marketing concept can help a business to engage its customers in ways that creates customer loyalty. It eventually would lead to higher sales and profitability and a good market niche. To achieve all these benefits, it is imperative that the marketing concept formulated should be good and relatable to the customer.
Basics of a Good Marketing Concept :
Clarity : The marketing concept should be clear of what they want to put forward. The idea they want to communicate to the customer should be clear.
Future Target : Set the ultimate marketing goal that you want to achieve through the concept – is it higher sales, customer satisfaction or higher visibility in the market. Set your strategy accordingly.
Goal Congruence : Having identified the idea that you want to convey and the marketing target that you have, make sure that it is in accordance with the objectives and goals of your organization.
Target Audience : Study the audience that you want to target, their preferences and needs and what strategy would convince and persuade them the best.
7 P’s : After deciding everything, it is important to use the 7 P’s of marketing effectively – Product, Price, Process, Promotion, Positioning, Place and People.
All the marketing concepts can be categorized into 4 types, based on the focus they have. Every concept has a different area of focus and an organization can follow just one or a combination of some or all of them.
Types of Marketing Concepts:
Production Concept : This concept is followed when the focus is to reduce cost and achieve higher efficiency in production, in order to achieve mass distribution and availability of the product.
Product Concept : Having a superior quality product and improving on that quality being an on going process, can be another concept to be followed. Here the market niche can be made by satisfying customers and having the quality that none of your competitors can match.
Selling Concept : Making yourself get noticed by having out of the box, stand out and unique advertisement and promotion strategies can help with this concept.
Marketing concept as a whole aims to target a market and make sure that the customers are satisfied and their needs are met. It concentrates on making the marketing (visibility, approach and availability) of your product so relatable that it leads to your higher sales and profits which would eventually make your organization a good competitor in the market.