The emphasis is on the customer, not making profits. When a company employs modern-day marketing techniques, it should realize that it measures success on its ability to identify what consumers are likely to want and then provide services that meet these desires/needs.
Achieving this goal is the main reason behind all marketing strategies for businesses, and making the customer happy is the ultimate objective.
Importance of Modern Marketing Concepts
The modern marketing techniques are not only beneficial to consumers, but they can also be beneficial to businesses that provide these consumers. Businesses can assess their operations in a comprehensive manner to see if various areas and processes, including marketing and sales, collaborate effectively in analyzing the results and data from marketing plans.
This underscores the importance of having integrated interactions between departments as well as the capability to analyze and collect consumer data to ensure flawless customer service.
5 Modern Marketing Concepts
- The concept of production
Before a business is able to offer products to customers, it must first make or create the product. This stems from the premise that the more a product is manufactured in the process, the less expensive it will be for consumers. Additionally, if the business is able to figure out the best way to make an item on a large scale (factories), this reduces their costs too. If this idea can be best described using just four phrases, they could be increase profits and reduce costs. - The concept behind the product
However good an item is, the customer primarily considers price as well as accessibility and effectiveness prior to deciding whether or not to purchase a product. If a company produces products that cost a lot and are expensive, then the number of people willing to purchase them will be higher, but the item may be less than the average, which makes it a niche item. - The concept of selling
The process of selling an item, this notion highlights the necessity to sell as many as you can, regardless of whether the requirements of the customer are satisfied, or if it is a good quality product or service is maintained. This alone will make for long-lasting customer relations, satisfaction, or continuous sales of an item. - The concept of marketing
As we have mentioned, marketing concepts place consumers as the top goal of any business operation. The motives behind creating an item and implementing an effective marketing strategy to connect with potential customers are geared towards satisfying their needs and wants to enhance their satisfaction. This may result in the business becoming the top option among competitors by putting consumers first. - Social marketing concept
While it’s similar to the marketing idea in focusing on the needs of consumers but the idea also encourages companies to think about the well-being of consumers and society in general. A good example would be a company looking at the eco-friendly method of making its products to lower carbon emissions, thus making the air cleaner and enhancing the quality of air for the consumers.
Social marketing can boost revenues from the sale of goods by:
- A product must be useful enough to satisfy consumer demands
- Insisting on the health of the population at large
- Improving the quality of life
The most recent marketing concepts are:
- Understanding who your ideal customer is
- Understanding and analyzing the needs/wants of the customer via online interactions
- Making products that satisfy the requirements of the intended consumer
- The leader in customer satisfaction
- A business must ensure that its efforts are profitable for the business
4 Characteristics of Marketing Concept
- Customer orientation
The process of marketing starts with being aware of the desires of the customer, until a company can develop products or a service that will please them. Happy customers result in more profit. - Integrative approach
Collaboration between different departments of a company (marketing, production, finance, and more) is vital to satisfy the demands of customers. - Long-term view
Building long-lasting relationships with customers by providing consistent quality and service that they can count on guarantees profit, keeping customers as well, and attracting more customers for a long time. This transforms a company into a well-known and trusted brand. - Profitable sales volume
Profits that are earned over a long time are an indicator of whether marketing efforts have been successful. Businesses do not just seek to boost profits; however, they also wish to see it happen consistently in the long run.
Implementation of the Marketing Concept
- Customer orientation and the adoption of a customer orientation
In essence, the customers should be the main driver of how a company’s operations are conducted. Through conducting market research and tracking the behavior of customers, online companies can keep abreast of market trends and the changing preferences of consumers. - The formulation of goals
The creation of goals that help determine the direction of operations in order to meet the needs of consumers should be an important aspect for a company looking to increase profits. It also means that companies together must be a unit, even if they have different departments that have different roles to accomplish those objectives. - Integrating business processes
After establishing what the main goals are, businesses must implement a process of streamlining their operational departments or business units in order to work together and achieve the objectives. Every employee and department within them must be aware of the primary purpose, which is to ensure customer satisfaction.
The benefits of marketing concepts
- More employment opportunities
When a company expands due to the acquisition of customers who require professional services that satisfy their needs and requirements, it will need to add more staff to support the expansion of operations. - Recognizing and acknowledging the importance of social and consumer well-being
If consumers are happy, this leads to society overall doing well. Businesses can ensure that this happens by prioritizing its needs above the products and services it provides to its customers by improving production and processes. - Concentrate on the scientific frame of thinking.
To allow a company to be able to think strategically about ways to benefit society in general, the company must be founded not just on market research but also on scientific research. - Improved production quality
Understanding the needs of consumers will allow a company to modify its products within the manufacturing process to exceed expectations, which in turn increases the quality of the products it can provide. - The motivation behind the business operation
What’s the point in running a company and providing products and services when the business does not know what customers would like or require? - It creates a healthy environment for competition.
Different people have different needs and wants. This allows multiple companies (regardless of size) to succeed in the same industry by catering to different requirements. - A rising status for consumers
If a consumer is pleased with a business’s services or products, the more they’ll purchase. As new consumers grow and, as they purchase more, they will eventually be the company’s most specifically targeted and loyal customers. - The goal of streamlining social and business goals
The teamwork effort of businesses that attempt to match their objectives with social desires can lead to greater satisfaction throughout the board. - Career in marketing
Making effective marketing strategies that reflect consumer needs is a certain method to build an extended and prosperous career in the field of marketing. - A force that balances society
A good business can make people content. When more people are content then the more prosperous the society.
Differences between traditional marketing and modern-day marketing:
Traditional marketing’s principal goal was to sell the product and earn an income while decreasing the costs of production. This was the way of thinking for traditional capitalist values, especially during the 1950s, when the capacity to produce mass quantities was the main factor determining which company would come out the most successful.
Today, marketing is based on the demands of the consumers should be the top priority, and the business’s operations are based on the needs of consumers.
Final Thoughts
We’ve heard of the phrase, “The customer is always right.” When you learn about modern marketing strategies, this statement is broken into strategies and philosophies that aid readers in understanding the reason why companies are currently following this general rule of thumb.
In the current climate of global epidemics and a national outcry against police brutality, a company needs to sell products. They should also help make the world more hospitable for their clients and society as a whole.