Every marketer’s battle plan starts with a strategy, or else businesses would be executing campaigns blindly and missing their mark in the process. Since marketing extends to several aspects of a brand — from brand awareness to customer loyalty and ultimately making sales, taking the right steps to align your objectives with your goals is crucial in building an effective, results-driven marketing plan.
No doubt crafting a solid marketing campaign takes plenty of research, but what are the essential elements you need to cover to meet customer needs, stand out from your competitors, and make a profit? We’re here to break down the crucial concepts that make for a holistic marketing strategy.
Exploring the Five Marketing Concepts
1. Production Concept
One of the oldest marketing philosophies, the production concept focuses on producing products that are affordable and easily accessible. This sheds light on the operating costs of a business, allowing marketers to find ways to improve production efficiency.
Unfortunately, the production concept is largely outdated since it emphasizes increasing sales by appealing to a mass audience to buy cheap products. It doesn’t put as much value on the long-term benefits the product could offer to the market, but considering the production concept can help you think of money-saving solutions that don’t compromise quality.
2. Product Concept
On the opposite side of the marketing spectrum is the product concept, wherein it delves deeper into providing premium products to customers who are willing to pay top dollar for better quality, performance, and game-changing features.
Think of brands like Apple, who are acing the product concept in their marketing campaigns as they bring to light the importance of building a luxurious and lasting brand image.
3. Marketing Concept
Putting the limelight on your target audience, the marketing concept is all about listening to the market’s needs to offer better value that can trump your competitors.
The Bottom Line: Different Concepts to Shape a Strong Marketing Strategy
Every marketing plan needs to have a direction, and while businesses implement their unique strategies, there are crucial pillars that build an effective strategy for every kind of marketing pipeline. By implementing the five marketing concepts above, your campaigns can take on a more holistic, data-driven approach that is set up to succeed.
How Can New Business Centre Help Make Running Your Business Easier?
Spearheading your business involves wearing plenty of hats — from managing daily operations, acting as your own sales marketing team, and forming strategies to scale your new venture. Instead of wasting time, money, and resources with trial and error, we can provide all-around solutions to improve key aspects of your business. From sales, operations, marketing to your systems, New Business Centre strives to help aspiring entrepreneurs navigate the complexities of running a business
