Marketing is a very broad concept, encompassing a plethora of activities. Marketing is not just about creating new products or services and marketing them. It is also about how an organisation develops and implements its marketing strategy, communicating with customers, identifying prospects, defining customer needs and identifying opportunities. Marketing is about much more than creating a product or service, but it is also about using those products and services in a manner that maximises their potential for return on investment. Marketing therefore is more than just about creating new products and selling them.
The three main activities involved in marketing are research, development and selling. Research is done to gain an understanding of what consumers need, where they are looking for these needs and what motivates them to buy. Development is done to develop a solution to a problem that has been identified. Selling is performed to make available the solution, either through packaging and marketing, or via sales and distribution. Marketing research, development and selling are closely related, but each has its own part to play.
Marketing managers use marketing concepts to determine what their products or services are offering consumers in terms of cost, quality, service, social acceptability, appeal, and other factors. These are then translated into specific marketing strategies based on consumer perceptions. This marketing management concept is known as societal marketing, as it relates to the selling practices of consumers within a society or community, rather than advertising in a single market.
Another related concept is the product concept. Product concepts are designed to identify a core set of products that a company manufactures. These core products are usually made up of a core group of services, or a core group of areas that the company focuses on. The marketing manager will then identify which of these core products or services are the most in demand, both by customers and by other companies. This marketing myopia can be identified by looking at products in a similar market segment, rather than trying to sell them something different altogether.
Marketing research is a crucial aspect of product development. The purpose of marketing research is to gain knowledge of the customer’s buying behavior so that changes in product design or service are appropriately effected. For example, a marketing research company may carry out a study on the public’s attitude toward fast food chains. If the attitude toward these chains is negative, companies may need to alter their strategies accordingly. It is important that the marketing research company has valid, well-defined criteria in order for them to conduct a successful study.
In conclusion, marketing concepts, like product concept and marketing research, are very important aspects of effective selling. Marketing myopia causes many marketing managers to choose products and services that are not in line with the company’s marketing strategy. This leads to ineffective selling techniques that often result in a loss of profit to the company. A good marketing concept will help you to identify the customer’s right products and in turn provide a solid profit margin.