If you are interested in management and marketing, there is a great chance that you have come across different management and marketing concepts. There is hardly any business that can’t succeed without having the right management and marketing concepts.
Marketing concepts when used in business, no matter the type of concept it is, are important to consider. Businesses should try and look at the needs of their clients and look for ways to satisfy them. Marketing is an aspect of management that is interested in satisfying your clients and ensuring that they come back for more.
Marketing involves a business satisfying the needs of their clients, improving the sales of the company, ensuring that the profit goals are met ,and getting a greater market share than competitors.
A lot of business owners wonder what type of marketing strategy is the best for their business. Keep reading to learn more.
The Production Concept
This is one of the management and marketing concepts. This one is more operations-oriented when compared to any other concept out there. This concept relies on the fact that we want products that are affordable and readily available.
It was created in the mid-1950s when early Capitalism was upon us. Here, businesses were solely interested in creating products and efficiency problems. This was the time that the popular “Say’s Law” of supply and demand came into being. Businesses were looking for cheaper means of production to sell more and make more profit. This is what the marketing concept is interested in it.
The Product Concept
This concept is more interested in the customer than sole production. It is no news that a lot of clients prefer those products that have high quality and innovation. Here, there is more emphasis on brand loyalty, the benefits that accrue to clients, as well as quality.
You can see this a lot in Apple products. A lot of clients can’t wait to get the news products immediately they drop. Here, businesses are interested in creating better products and heightening the qualities as time goes on. If you go for this, it is important to note that there is a thin line between paying absolute attention to your clients and stating your role in that industry.
The Selling Concept
This marketing concept believes that clients won’t buy a lot of a business’ products unless the business persuades them to buy the products. Here, the business is interested in convincing clients to purchase the products.
If you want to succeed in the world of marketing today, depending solely on the selling concept might not work.
Which management and marketing concepts does your business use?