Since the world economy involves the products and services, Marketing in business is very important to make them (product & service) reach the targeted audience and as such, increase sales.
What is marketing in business
From the American Marketing Association, “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”.
You can also define marketing as a Persuasive communication or strategy used in helping consumers to choose your product or services as the best over your competitors in the market.
So in marketing, after your goods must have been produced, you identify those who are likely to be in need of them, you then promote it using several means for your customer to see it and then buy.
When it comes to marketing, three things must be done
- You need to capture the attention of your targeted customers
- You persuade your consumer to buy and
- Making sure you provide advice for better experience
What are the Marketing Strategies
In other to for our business marketing to be effective, There are things we must do and do it effectively. This in marketing is called marketing strategy
Now let us look into the Marketing Strategies in business and reasons we meed to input the strategy.
From the period of product ideation, how to get it to the consumers and make them buy it, that is marketing in business, must be taking into consideration.
So before your product or services is sent to the Market, you need to think of what your consumer really need, the form (packaging) he needs it and how he needs it (presentation).
Research and testing
The marketing department in your firm needs to carry out marketing research and test on the product before it is sent to the Market.
This marketing research will help you analyse your competitors and see what you need to change or improve to reach to the heart of your intended customers and the appropriate cost.
Testing to will help you see how the products work and made the necessary adjustment before taking it to the consumers.
From the information you gather during your research and testing, you can create an advertising campaign best for your brand. These advertising Campaigns can come in different forms either, direct advertising, paid partnerships, public relations, and more.
It is advisable to set concrete benchmarks that you can use to measure how effective that advertising campaign is before the campaign starts.
In this business marketing strategy, you are to determine how and wher your product is to be sold to your targeted customers. Are your product to be sold directly to the consumers or you sell to wholesalers.
The market the product is going can be online or offline through physical shops, all this need to be taken care of.
You will also determined if your product is globally accepted which can make it tk move to other countries or only within the local market.
Your distribution and sales channels impact who buys your products, when they buy them, and how they buy them. This must be managed well.
Marketing Management in business
You might be wondering what is Marketing Management and how important it is in the business world. We are going to see what it entails in different views.
Marketing management is the process of decision making, planning, and controlling the marketing aspects of a company in terms of the marketing concept.
So Marketing Management carries out the managerial functions in the marketing field.
Marketing Management identifies market opportunities and comes out with appropriate strategies for exploring those cost effective opportunities profitably.
Philip Kotler definition of Marketing Management
According to Philip Kotler, “Marketing Management is the art and science of choosing target markets and building profitable relationship with them. Marketing management is a process involving analysis, planning, implementing and control and it covers goods, services, ideas and the goal is to produce satisfaction to the parties involved”.
Also the England Institute of Marketing Management, defined it as “Marketing Management is the creative management function which promotes trade and employment by assessing consumer needs and initiating research and development to meet them. It co-ordinates the resources of production and distribution of goods and services, determines and directs the total efforts required to sell profitably to ultimate user”.
Marketing Management philosophies or concepts
Marketing concepts or marketing management philosophies are the philosophies used by the businesses to guide their marketing efforts.
Furthermore, marketing concepts can also be those philosophies business organisations used in the identification and carrying out the needed things to make the consumers buy which in turn benefits the company.
These marketing management philosophies differs so what works for one company may not work another, so the need for making choice in marketing in business.
Marketing Management Philosophies
There are five marketing management philosophies (concepts). A company should choose the right one according to their and their customers’ needs.
- Production Concept
- Product Concept
- Selling Concept
- Marketing Concept
- Social Marketing Concept
Now let us see how we can use this marketing concepts in our different business organisations to drive sells or subscriptions.
1. Production Concept
This Marketing Management philosophy works on an assumption that consumers prefer a product which is inexpensive and widely available.
This viewpoint was encapsulated in Says Law which states ‘Supply creates its own demand’.
Because of this, companies focus on producing more of the product and making sure that it is available to the customer everywhere easily.
As the company increase its production, they will benefit largely due to the economy of large scale production. So because of this productions in large quantity, it reduces the production cost and rhis will reflect on the final price of the products.
So having a product with low price, this rends to attracts new customers and this moves focus from quality to quantity. This also may have negative impact.
This particular marketing concepts works mainly when demand is greater than supply.
Examples of Production Concept
- Companies whose product market is spread all over the world may use this approach.
- The Companies having an advantage of monopoly.
- Companies whose product’s demand is more than its supply.
2. Product Concept
This Marketing Management concept works on the assumption that customers prefer products of greater quality but price and availability do not have any effect on the quantity they buy.
Because of Customers delight on quality, the firm focusses then mainly on producing the best quality then making the product expensive.
knowing that some people buy goods depending on its price, availability, this company will not target them but only those who like quality.
Examples of Product Concept
- Technology industries falls in this category
- Companies with an advantage of monopoly.
3. Selling Concept
Selling concept focusses on making product sale unlike the former product and production concept. Not minding the quality of the products or what the customers want, selling management philosophies focus on selling the goods.
Furthermore, since the main purpose os this concept is selling, customers company relationship is not improveed leading to reduce repeated sales.
Companies which follow this philosophy have a short-sighted approach as they ‘try to sell what they make rather than what market wants’.
Examples of Selling Concept
- Companies with short-sighted profit goals.
- Fraudulent companies.
4. Marketing Concept
Since the selling concept do not improve company-customers relationship which is needed in current economy, then the marking concept comes in.
The Marketing concept works on an assumption that consumers buy products which fulfil their needs. Businesses following the marketing management philosophy conduct researches to know about customers’ needs and wants and come out with products to fulfil the same better than the competitors.
Note: By so doing, the business establishes a relationship with the customer and generate profits in the long run.
5. Societal Marketing Concept
The societal marketing concept philosophy focuses on society’s well-being as well. The business focuses on how to fulfil the needs of the customer without affecting the environment, natural resources and focusing on society’s well-being.
This philosophy believes that the business is a part of the society and hence should take part in social services like the elimination of poverty, illiteracy, and controlling explosive population growth etc.
Many of the big companies have included corporate social responsibility as a part of their marketing activities.