Marketing Management Concepts
If your company is new, in the beginning, it is very crucial to focus on brand building. Brand building is the fundamental building block of your company's future success. Marketing is one of the cornerstones of all types of businesses and plays a vital role in how far your business goes. Many people fail to realize the importance of marketing when they start their companies. In this article, I will share with you some of the important marketing tips.
The Various Activities Of Marketing
Marketing involves the use of a variety of different communications including marketing research, advertising, and sales and marketing activities. There are many kinds of strategies used by businesses in marketing activities such as surveys, product launches, PR campaigns, public relations, promotions, and publicity. When conducting marketing activities, the objective is to identify the need, the competition, and the marketplace and then plan the strategy to meet the needs of the market. For example, if one were in the gaming industry, they may find that marketing through channels such as Twitch would be a great way to reach their consumers. Also, many use a Twitch viewer bot to enhance the efficacy of their live stream marketing on the platform.
Marketing is designed to create awareness, sell products or services, develop new markets, obtain new customers, build loyalty, and develop long-term relationships with current customers.
Concepts Used By Marketing Managers
A marketing management consultant uses various marketing concepts to help organizations effectively sell their products or services to their customers. The various marketing concepts include social marketing, brand marketing, market segmentation, behavioral marketing, and media marketing. Social marketing is the art of using consumer behavior to promote the sale of products and services. Social marketing concepts like brand marketing, social learning, and societal marketing are at the heart of how successful marketing programs are carried out. Marketing research is conducted by professionals who understand the importance of using consumer behavior to drive business.
Brand Concept
A brand concept is a way of thinking about a business that helps it perceive itself in the minds of consumers. It can be based on history, geography, tradition, or it can be a combination of several different concepts. For example, McDonald's has a popular selling concept of selling Big Macs to their customers. By using a well-defined brand concept, McDonald's is able to sell its products in a way that makes them memorable to consumers. The same concept can apply to any other product or service.
Segmentation
A market segmentation concept is used to look into the specific needs of a group of people. An example of this concept would be the car/bike market segmentation. An automobile dealer may find that there are specific features and benefits that make car buying much easier for people who are buying their first car compared to people who have experience in buying cars. A market segmentation consultant will use consumer research data to help a market segmentation consultant find ways to improve the selling experience for its customers.
Myopia
A marketing concept known as marketing myopia is when a business or organization does not fully recognize the needs of its target consumers. A prime example of this would be the soda and energy drink market. An energy drink is a high sugar product that is marketed towards teens and children. Because of this marketing myopia concept, energy drinks often fail to gain the target market that they are meant for. With the concept that energy drinks are high sugar and marketing myopia, adults do not enjoy the high sugar content that these products offer. This is why many adults opt out of purchasing these products.
Keeping Customers Satisfied
Another concept that is very important in helping organizations create a coordinated marketing plan is that of customer satisfaction. When an organization has a clear understanding of their customers' needs and desires, they will be able to better serve those customers' needs. The core concept behind customer satisfaction is that satisfied customers are loyal customers and that a business that provides satisfaction to its customers will experience an increased rate of loyalty from these customers. In a market segmentation analysis, a market segmentation consultant will find out how to make its products more appealing to its target customers' needs.
Summary
The creation of marketing strategies will require the coordination of these different marketing concepts. For example, if the organization does not understand the core concept of marketing, it will be difficult to utilize simple marketing strategies. On the other hand, by understanding the core marketing concepts, it will be easier for organizations to market their products effectively to their target consumers. This marketing management concept also ensures that marketers are able to create a unified marketing strategy that will work across various channels and reach the target consumer base. All of these marketing strategies will then form the basis of effective marketing strategies that will improve the overall quality of service provided to consumers.
