4 Marketing Concepts To Avoid At All Costs
Marketing describes the creative process by which an organisation undertakes to interact with its target market, build strong connections to generate value for itself, and then acquire more value for itself through the sale of a product or service. In simpler terms, marketing is a process through which people interact with one another to acquire something desirable from each other. Marketing is therefore, more than just creating a product or service to sell. It is a process of thinking and perceiving that produces outcomes.
The marketing concept includes three elements. The first element is to think about and identify what your customers want or need. The second element is to provide something unique or complementary to what your customers are looking for so as to make your product or service better or more useful to them. Lastly, you must be able to deliver your product or service on time or as close to it as possible, within the specified budget, so that your customers do not ever doubt that your company is meeting the needs of your customers. These three elements constitute the basic marketing concept of coordinated marketing practices.
Coordinated marketing concept is actually a very powerful marketing concept that should be used correctly. However, many small businesses and start-ups fail to use this concept properly, simply because they do not fully understand the benefits it can bring to their business and how it can help to build strong customer loyalty. Smaller businesses often do not take into consideration the fact that establishing and maintaining good relationship with the consumers is vital for their success. Without this crucial aspect, it is quite possible that consumers may doubt the honesty and trustworthiness of your company, which could prove to be detrimental for your business. It is therefore essential that you develop effective strategies that would help you build and maintain a level of consumer trust.
One of the best ways to achieve this would be through developing a coordinated marketing strategy that not only focuses on the development of new products and services, but also improve upon the strategies that you already have in place. By creating a well-rounded marketing strategy, you are able to reach out to the various consumer segments that you are targeting and address their needs. Through this way, you will be able to gain the loyalty of the most loyal customers and this will ultimately lead to increased profits. In addition to this, you also gain an edge over your competitors by being able to offer better prices and value to your customers. All of these things are crucial to your business success and you should take the time to ensure that your marketing myopia is not leading your business into a dead end.
The third factor that should be considered in effective marketing management is the development of a strong consumer community. This concept is often referred to as social marketing and it seeks to strengthen the ties between your company and its consumers. Consumer friendly marketing concepts such as giving out freebies or discount sales, frequent contests, and other similar events are examples of this type of marketing management technique. When conducting business in such a manner, you are ensuring the loyalty of existing customers as well as gaining new ones through the promotion of your products or services.
The fourth concept that should be brought up in effective marketing management is that of the overall effectiveness of the marketing plan. This is particularly important for the online industry. One of the biggest problems that internet marketers face is that of marketing research. Through this concept, you are in a position to gather valuable information that will allow you to effectively pinpoint which marketing concept is currently working and which ones are not working. This will allow you to conduct more effective campaigns in the future and will allow your business to grow.