Welcome to today’s class!!
We are thrilled to have you in our class!!
In today’s Marketing class, we will be learning about Marketing Concepts
What comes to your mind when you hear about the word, “marketing concepts?” From our previous classes, we have come to understand how important getting a product to an end-user is. And one of the ways in which this can be achieved is through marketing. Marketing helps in ensuring that Mama Emeka in Anambra State has the same quality of product Mama Bola has in Lagos.
The term “marketing concepts” refers to a broad term that includes various approaches utilized to promote a product or service.
These concepts serve as basic principles guiding the marketing process. They form the basis for developing strategies and tactics to achieve marketing goals.
There are five key concepts that forms the foundation of marketing:
- The production concept
- The product concept
- The selling concept
- The marketing concept
- The societal marketing concept
In today’s class, we will be focusing on three
These concepts together form the basis of modern marketing. Therefore, it’s worth understanding all of them.
1. The Production Concept
The production concept suggests that people prefer products and services that are easily available and affordable, which is essentially the idea of mass production.
Focusing your marketing efforts on this concept means you’re looking to achieve a highly efficient production process, keep costs low, and aim to scale production.
Think KFC, Domino’s Pizza (or any of the big, fast food franchises), they usually use this approach.
Brands that focus on mass production keep costs low and sell to a large customer base. Each item sold attracts a low-profit margin, but selling at a very high volume ensures that profit remains high.
2. The Product Concept
The product concept emphasizes that buyers prioritize a product’s quality, features, and benefits. Product-focused buyers seek innovation and uniqueness rather than solely seeking the lowest price.
An example that exemplifies this type of marketing is Apple, the manufacturer of iPhones. Apple products are renowned for their exceptional user experience.
They are designed to be user-friendly, intuitive, and easy to set up and update.
Other companies that follow the product concept approach include Bose, a prominent manufacturer of audio equipment.
These brands operate based on both concepts, but their ingenious marketing strategies create an impression of exclusivity, enabling them to justify higher price points.
3. The Selling Concept
The selling concept is founded on the belief that customers will not purchase an adequate quantity of a product or service unless they are actively persuaded to do so.
This concept assumes that customers tend to be resistant and need to be convinced to make a purchase. Marketing strategies rooted in the selling concept involve pervasive and continuous advertising efforts.
In summary, marketing concepts serve as basic principles guiding the marketing process. They form the basis for developing strategies and tactics to achieve marketing goals.
What are marketing concepts?
List the marketing concepts you were taught in today’s class.
Using your understanding of these concepts, give two examples each of these concepts.
We hope you enjoyed today’s class. In our next class, we will be learning about Societal Marketing Concepts.
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