Social Marketing Concept Production Concept This concept works on an assumption that consumers prefer a product which is inexpensive and widely available. Hence companies focus on producing more of the product and making sure that it is available to the customer everywhere easily.
And if even one element is off the mark, a promising product or service can Marketing concept summary completely and end up costing the company substantially. The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering.
Price, Product, Promotion, and Place. But the 4Ps serve as a great place to start planning for the product or even to evaluate an existing product offering. All products follow a logical product life cycle and it is vital for marketers to understand and plan for the various stages and their unique challenges.
It is key to understand those problems that the product is attempting to solve. The benefits offered by the product and all its features need to be understood and the unique selling proposition of the product need to be studied.
In addition, the potential buyers of the product need to be identified and understood. Price Price covers the actual amount the end user is expected to pay for a product. How a product is priced will directly affect how it sells.
This is linked to what the perceived value of the product is to the customer rather than an objective costing of the product on offer. If a product is priced higher or lower than its perceived value, then it will not sell. This is why it is imperative to understand how a customer sees what you are selling.
If there is a positive customer value, than a product may be successfully priced higher than its objective monetary value. Conversely, if a product has little value in the eyes of the consumer, then it may need to be underpriced to sell.
Price may also be affected by distribution plans, value chain costs and markups and how competitors price a rival product. Promotion The marketing communication strategies and techniques all fall under the promotion heading.
These may include advertisingsales promotions, special offers and public relations. Whatever the channel used, it is necessary for it to be suitable for the product, the price and the end user it is being marketed to. It is important to differentiate between marketing and promotion.
Promotion is just the communication aspect of the entire marketing function.
Place Place or placement has to do with how the product will be provided to the customer. Distribution is a key element of placement.
The placement strategy will help assess what channel is the most suited to a product. How a product is accessed by the end user also needs to compliment the rest of the product strategy.Introduction to Marketing Concepts Read on to get a quick introduction to marketing: definitions, basic concepts, sales vs.
marketing, marketing plans. Definition of marketing. Marketing is a buyer-oriented process involving the creation, communication, and delivery of value even as it strives to build and retain lifetime customer loyalty.
Five Marketing Concepts Explained with Examples The marketing concept is the strategy that firms implement to satisfy customers needs, increase sales, maximize profit and beat the competition.
There are five marketing concepts that organizations adopt and execute. Five Marketing Concepts Explained with Examples The marketing concept is the strategy that firms implement to satisfy customers needs, increase sales, maximize profit and beat the competition. There are five marketing concepts that organizations adopt and execute.
Summary Definition of Marketing Marketing is not manipulating consumers to get them to buy products they do not want and it is not just selling and advertising. Summary Definition of Marketing Marketing is not manipulating consumers to get them to buy products they do not want and it is not just selling and advertising.
Marketing is a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas. Marketing Management (Summary) 1.
Chapter 1 Defining Marketing for the 21st century What Is Marketing? Marketing deals with identifying and meeting human and social needs. Societal Marketing Concept The Societal Marketing Concept holds that the Organizations task is to determine the needs, wants and interests of target markets and to.