Marketing is one of the most important elements of business and one that any business person will work on day in, day out. Marketing is simply the act of creating awareness of a product or service to potential customers. The reason why marketing is so important is because it allows a business owner to identify his/her target market. Marketers determine the marketing strategies and techniques to reach out to these potential customers. Hence, marketing is also known as the process of building brand awareness.
Branding Is One Of The Basic Concepts Of Marketing
Branding refers to the concept that a particular product or service has established a particular reputation in the market. It is the reputation of a particular product or service that allows customers/clients/users to make a decision whether or not they should do business with a certain company. For a product or service to have a successful brand identity, marketers consider the following factors: the strength of the brand image, the recognition of the product or service, and the level of user trust. Branding is the first step towards creating a successful marketing strategy.
Social Marketing Concept
Another very important concept of marketing is social marketing. In this concept, marketing is done by effectively using the various social marketing concepts. Examples of social marketing concepts are participation, engagement, conversation, and community. For example, creating a podcast for marketing is engaging the consumer. Many businesses also use StreamOZ to help boost this type of engagement.
Through these concepts, marketers believe that they are able to attract potential customers/clients/users and persuade them to buy a certain product or service. The reason why social marketing is very popular among businesses is because it allows them to become active participants in promoting their products and services.
This marketing concept is done by ensuring that the selling point of a product or service is clearly understood by the prospect buyer. When a prospective customer is not fully aware about the features of a certain product or service, they will be less likely to purchase it. This means that the first step towards effectively selling customer orientation is clearly explaining all the features of the product or service. This allows people to understand the benefits of purchasing the item.
After understanding the product or service, the marketing team should conduct a marketing research to understand the target consumers or audience. During the research, a marketing concept called consumer insight study should be conducted. This concept determines the response rate to different marketing efforts. By determining the response rate, marketers know what type of marketing is more likely to attract consumers. Some examples of marketing research that may be carried out include:
The concept of value creation is also an important part of marketing management. In this concept, a company would create the value of the product or service before selling it. The way in which the company creates value will directly relate to its success in selling the product or service to the customers. A good example of creating value would be providing customers with a free sample. The customer is then given another sample of the same product or service to test its quality.
Your Consumers Are The Most Important
Another aspect of organized marketing is satisfying consumers. Satisfying consumers should be defined as customers who are satisfied with the products or services that the seller is trying to sell to them. Most businesses that sell items to consumers face stiff competition these days. Companies therefore should concentrate on providing consumers with excellent customer service. Consumer satisfaction marketing concept is about satisfying consumers to ensure positive feedback and referrals.
Marketing managers should focus on using the concepts mentioned above to sell products and services to their customers effectively. It is very important for a business to be aware of its competitors. If the company can identify its competitors before selling its products and services to them, it would have greater chances of succeeding. This is where the use of a marketing concept strategy like competitor analysis is crucial.