What is a Marketing Concept?

What is a Marketing Concept?

What are the basic things you need to focus on while developing a marketing strategy? Well, one of the major objective will be to increase sales and revenue. However, marketing is not just limited to this. You’ll need to have a good marketing concept before moving on to developing a marketing strategy. Let’s get started with what a marketing concept means and how it has on digital marketing in Nepal.

“A marketing concept is the use of marketing data to focus on the needs and wants of customers in order to develop marketing strategies that not only satisfy the needs of the customers but also the accomplish the goals of the organization.”

Having said that, we will discuss the 5 important marketing concepts in the world of marketing and after you go through this you can also go through SEO Services in Nepal which can be beneficial as well.

5 Marketing Concepts

Production Concept

As the name itself defines, the production concept is related to operations and manufacturing of goods. This concept assumes that the buyers will have more tendency to buy the products that are easily available in the market and costs less than the competing products. Along with this, the production concept also focuses on increasing efficiency and thereby reducing cost and maximizing profits. However, while aiming to increase production, companies should also keep in mind the quality of their products.

Product Concept

The product concept contradicts with the production concept. Unlike production concept, the product concept focuses on quality, performance and innovation rather than on production quantity. This concept assumes that easy availability and price does not play a major role in buying behavior of the customers. With product concept, a company can give identity to the product and can add functional value and usability so that the intended customers can derive this benefit and eventually buy the product in the market.

Traditional and Modern Marketing Concept - Free B.Com Notes

Selling Concept

A selling concept is quiet a risky and costly concept. This concept focuses just on selling the product without regarding the expectations and needs of the customers. The main objective of this concept is just to sell the available products. This concept is considered to be costly as it does not usually result in repeat purchases. With this concept, business convince the customers to buy the product through aggressive marketing. Companies relying on selling concept assume that the consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort.

Marketing Concept

The marketing concept focuses on increasing the sales of the products by marketing the value their products provide to the customers. It also explains how their products are better than those of the competing products. Thus, the marketing concept involves identifying the target market, determining their needs and coming up with the products to meet those needs. Customer’s need is of utmost importance in this concept.

The job of the marketing concept is not to find the right customers for your product but to find your customers’ right products. This is why, the marketing concept and the selling concepts are two extreme concepts and different from each other.

Societal Marketing Concept

The societal marketing concept is very different from all of the other concepts. Unlike other concepts, the societal marketing concept focuses on the well-being of the society. This concept is based on the idea that marketers have a moral responsibility to market conscientiously to promote what’s good for people over what people may want, regardless of a company’s sales goals. The Societal Marketing Concept puts human welfare on top before profits and satisfying the wants. In addition, this concept believes that the companies should advertise their products with the best interests of their local community in mind.

The marketing strategy of your company can be based on one of these concepts or a combination of two or more concepts. Since the marketing world has been changed with the entrance of digital marketing, businesses must make sure to include digital marketing strategy in their marketing strategies. There has been a growing importance and usage of digital marketing in Nepal and all over the world.