The Concept of Marketing

The Concept of Marketing

Marketing Concept

The concept of marketing connotes the researching, identifying and meeting of customers’ needs effectively.  Marketing plays a vital role in every business process and should be studied and understood properly.

Whether you’re a business person who has just started a business and looking for how to grow or a business owner who is looking for key information on how to scale your business, the simple marketing concept knowledge that we are going to be sharing here is exactly what you are looking for.

Marketing is not a one way street.

Before going into the meat of the discussion, I want to call your attention that marketing is not a one way street. It involves the partnership and understanding of both the consumer (client) and the producer (business owner).  It is important to note that marketing becomes easier when a product is actually solving a problem. Like I always advice business owners, do not try to market the solution of a problem that does not exist. No matter how intelligent or smart you are, this move may become a futile exercise. Rather, discover a problem that exists and market the solution. If you do this, your growth and success is guaranteed.

Less I forget, I made mention that Marketing is not a one way street; what I mean by this is that, for every marketing to succeed, there must be robust feedback from the target clients. No business should proffer any solution, or provide any service without getting feedback from the target clients. It’s very risky for any business to assume that they understand the true situation of a problem without feedback. This is why I like questionnaire; reaching out to the target individuals, asking and noting their opinions on the issue that is to be addressed. This process helps in the formation of a better product or services that actually has relevance, and will not require too much stress to market. For me, this practice is actually the basic concept of marketing.

Objective of marketing concept.

In a nutshell, marketing concept objective is to research, anticipate and understand the needs of consumers and satisfying it in the best way. It is safe to say that though marketing concept may have basic steps, the subject is also subjective, as the producer or business organization can introduce and blend their own ideas and innovations in this journey to beat their competitors.

Having said that, let’s look at the basic concepts of marketing which are the Production Concept, Product Concept and Marketing Concept.

Production Concept

The first thing that should come into the mind of every marketer is to understand the product that he wishes to market and his target consumers. But most times so much research is not required in this step, and this concept basically works in countries with low per capita income. In such countries, they may not have enough resources to afford expensive products even though they may love to. So, majority would go for cheap products. Trying to reinvent the wheel here in terms of producing quality products may not work, and may definitely result to huge losses for the marketer. What I’m saying is that in this concept, it is  important to mention that consumer spending should be paid attention to in the production of product as you do not want to spend so much resource producing a product that is way beyond target consumer spending. During production, cost of product, target market and demography should be an important factor. Produce a product that is not overly expensive by exploring cheaper labour while ensuring moderate quality product with good performance.

One of the problems that this concept suffers is that the business organization may end up building a bad reputation, and their product may suffer on the long run. Exit plan must be clearly determined before making entry when adopting this type of marketing concept.

Product Concept

Product Concept

Product is an essential ingredient in the success of marketing, so determining and creating a product that serves consumers need in an effective manner should be taking very serious. To achieve this, the marketer must understand his product in the best way. This he can do through research and comparison. The idea behind this is to understand the quality of the existing product (if there’s any) and devising a better way to make a good entry. Also this process involves the understanding of the value of the product, its features, and performance and at the same time structuring the best way it can be produced to satisfy consumers demands or expectations. This step is very important because consumers like quality product that has excellent features that can perform maximally. If your product does not provide these features, then you may have started on the wrong footing.

Marketing Concept

After the study and understanding of the product and eventual production, the next thing to be paid attention to is the marketing concept. This is very important because each and every one of us may have seen excellent products that offer massive features and performance that struggled to succeed and eventually failed. I personally have seen many of that. When I was younger I didn’t understand the power of marketing concept and would blame consumers for being dumb and not understanding, and patronizing a product that I knew was of good quality and provides needed solutions. But as I grew up, I understood that consumers are most times driven by what they see and hear. This is very true. No matter how excellent your product is, if it is poorly presented, it may not achieve its potential.

Marketing Concept

But if you can pay attention to branding, packaging and effective promotion, you’ll catch the attention of many who would want to give your product a try. And when they do, of course you know what would happen. Your product will sell like hot potatoes.

Marketing concept story.

Let me tell you a story! There is this big restaurant in my city that is patronized by the high and mighty. The name rang so much bell that I decided to try it out. Unfortunately, I was disappointed when I did. Their food was not as good as their branding, packaging and promotion. I thought maybe my taste was bad and decided to ask some friends who have also patronized this so called big restaurant and their response was the same as mine; their food does not taste that good. Then we have tried out what many would refer as mushroom restaurants, and wow you’d be amazed at how great their food tasted. But then even with their cooking recipe and how super their meals taste they don’t have up to 1/10th patronage of the other restaurant. What’s the difference? Branding, packaging, and promotion.

Don’t ever make the mistake of assuming that the success of a product is guaranteed by its quality only. Most times it is not. Rather branding, packaging and effective promotion helps in the success of products.Therefore explore scintillating packaging and branding and all kinds of digital marketing especially social media marketing and SEO to maximize your visibility and sales.

CONCLUSION

If you are desiring to break-even or drive sales with your product, paying attention to this three marketing concepts should be of great help. Don’t make the mistake of developing a product without understanding what your consumers need as this will offer you a better view of execution. Don’t limit yourself to the common practices, introduce your own ideas and innovation and create an effective execution strategy. Don’t assume that your product and marketing model is the best, but invest time to research your competitors and find a way to provide what they are not providing. Like I always tell marketers, every profitable product space is mostly tight but the good news is that there is always an opening. Find that opening and explore it, and you’ll be glad that you came across this piece on the concept marketing.

Modest Nwawudu

Mr. Modest is a serial entrepreneur with deep understanding in the business landscape. His experience spans through Commodity Trade, Real Estate, Hospitality, Project Management, Internet of Things (IoT), Business development, Digital marketing, and Ecommerce. Mr. Modest is the founder and Chairman of zimbooz.com a subsidiary of Icorp Global Partners limited. His love for identifying and creating businesses of great value and impact stands him out as an entrepreneur per excellence. He possesses the rolodex of entrepreneurship with the know-how, capacity and drive for results.

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