While there are literally thousands of marketing concepts out there, and, we’ve added some of those here. There’s 5 basic every business must do right to make progress in the right direction. So, before jumping to what are the 5 marketing concepts, let’s understand what do we mean by the Marketing concept.
The Marketing concept in layman’s means fulfilling the needs of the customer in the best way possible. That is, making the right strategy to fulfill the needs and also take home some profit for your company. Not as easy as it sounds though.
Ever tried selling lemon juice? You cannot just squeeze the lemon in your customers’ mouth. There’s production, marketing, and selling that happens. Furthermore, things have evolved; which means just producing, marketing, and selling your products will not help. You have to attach yourself to the cause – also called cause marketing – to gain an edge over your competitors (aka, the dude selling lemonade next door).
The important 5 marketing concepts
The 5 concepts important to any business or a brand are the Production concept, the Product concept, the Marketing concept, the Selling concept, and the Societal Marketing Concept. Let us take these one by one and try and think about various brands as examples.
The production concept
Possibly the most “operational” of all the 5 concepts. It basically states that consumers will buy products that are available and affordable. The concept is nearly decades old and may not be applicable as widely today. It was based on the theory, that the cheaper the products, the more folks will purchase. However, given that we now have luxury shoppers, brand shoppers, there is no real “Regular shopper” like those times, the relevancy is fading. However, the discoverability and affordability still remain the key. You see “Jo dikta hai, vo bikta hai”
Related: Take a look at how the Marketing Funnels are created to spread awareness.
Anyway, let us head to the next one.
The Product concept
After the customer discovers your product via the production concept; about time you work on other important aspects of your product. The concept is still relevant today, stating that potential customers will favor the products that offer quality, performance, or innovative features. Could totally relate to this? Absolutely you can. This motivates companies to form superior products and keep evolving with time.
The Selling concept
Now, you have made the product available that is of superior quality by the use of the first two principles. Now is the time when you essentially sell the product. So, this concept states, that people will not buy your product unless you persuade them to. Take your lemonade stand. Will people actually come to your stall if you don’t make them realize that taking a sip of your lemonade will help them stay afresh in this horrendous heat? Nope. So, you got to persuade them by telling how your product fits their need.
The Marketing concept
Now, this is possibly the most important bit. You’re smart, you are now making customers walking near your stall realize that you sell lemonade that will quench their thirst. But there’s a problem. The next-door kid, Bunty, discovered that you’re selling well and so, he sets up a stall right next to yours. Doesn’t that suck? Anyway, he is now taking a few of your customers away. So, now, you market your product. You stick a few posters of your lemonade stall offering a rupee discount. And, In that sense, the Marketing concept states that the success of a business depends on the marketing efforts that deliver a better value proposition than its competitors.
The Societal Marketing Concept
Now here’s where one of the most important bit comes in. In very simple terms the concept states giving back to society. The success of TOMS in near 2009-2015 was directly attributed to the Cause marketing it undertook. It followed the BOGO model (Buy one Give one) the company had 300% (rolling growth rate) of 5 years.
So, this is possibly the best way to get ahead of Bunty, you post a lot of posters about how you decompose your lemon waste to fertilize plants. Which you actually do, while Bunty is noticed to have to toss the lemon waste in streets. Here, customers will choose you for supporting the bigger cause. And your stall will possibly live for years, like Unilever and Dabur today.
Have a good one!