Approaches to MarketingOctober 12, 2021
Do you know what the five key concepts of marketing are? For anyone looking to promote their business or seek out an agency to help them with this task, understanding the key concepts will go a long way towards getting the marketing strategy right first time. Here is a breakdown of these core marketing ideas:
This concept looks at the desires of the consumers in terms of products that are easily available and not too expensive. The concept was born during the 1950s and the birth of capitalism as theories about supply and demand became more widespread. The basic concept is that businesses want to produce as cheaply as possible in large volumes so as to increase profitability. It focuses primarily on consumers wanting cheap and available goods but doesn’t address consumer wants any more deeply than this. This approach works well in sectors of high market growth but can lead to consumer dissatisfaction in terms of quality.
This approach is more focused on the customer and not so much the production. It is an approach that states the customer desires good quality, innovative products that offer improved performance. The loyalty that a customer feels towards a brand is more to do with how that product improves their lives and the quality of that product.
This is probably the core element of marketing ideas – that a business won’t sell enough of their products so must persuade and convince consumers that they should buy their goods. In the past, there were aggressive marketing campaigns against the buying public but today, most businesses realise that this isn’t the only way to operate in a competitive market. Companies adopting this approach often have too much stock or are particularly good at evoking an emotional response in a customer to buy a product they don’t actually need.
This covers all aspects of competition. The theory states that a business must be better at offering value to consumers than its closest competitors. By offering targeted marketing and better value, the aim is to gain that competitive edge over others in the market offering similar products. A good example of this can be seen in the relationship between Pepsi and Coca-Cola, for example. They both target slightly different sectors of the market and compete with their value propositions to gain further shares of the market. For assistance from a Brand Strategy Agency, contact a site like https://www.reallyhelpfulmarketing.co.uk/specialist-services/brand-strategy-agency/
This is the most modern marketing concept and involves the idea of creating products that give something back to the environment or the community, thus trying to make the world a better place. More and more consumers have been demanding that organisations do more to tackle societal issues like poverty, the environment and racism, for example. Companies are being made to look at the health of their products, the waste that they produce and how their practices are impacting society and the environment.