Marketing Concept
Question 1
According to Jobber & Ellis-Chadwick (2012), marketing is the process by which companies create value for customers and build strong customer relationships to capture value from customers in return. The marketing concept can be defined as the strategy that companies implement with the aims of satisfying customers’ needs, increasing sales, maximizing profits and overcoming competition in the business environment.
The marketing concept is a function of the marketing. Marketing can thus be said to be a department of management that is charged with the responsibility of trying to design strategies that will build profitable relationships with the target customers. Marketing is essential to every firm as it defines how well a firm will conduct its business to succeed. It shows the manner and way in which the firm is willing and able to go to fulfil the needs of their clients.
The product concept is one of the marketing concepts. This concept is mainly focused on the design and quality of products. With this concept, it is believed that customers will automatically buy products that are of high quality. Consumers are known and believed to favor products that offer the most quality, performance, or innovative features. With this concept, research and development is an essential element.
It is important for firms to invest in research and development to ensure that they sell the products that are believed to be the best to the consumers. Firms do not bother to study the market and consumer in depth. The main belief with the product concept is to the consumers. The consumers are believed to more likely be loyal if they have more options of products or if they get more benefits from the products of the firm.
Marketing concept: Limitations
Despite the advantages of product concept, it does have its limitations that may hinder the efficiency of the firm in trying to satisfy its customers. The first limitation arises from the fact that firms rely on the product to “sell itself” based on its quality, performance, and reliability. This, however, can result in negligence of some audiences from the advertising. In the market, there may be some potential consumers who would have bought the product.
Failing to advertise this product to the real potential consumers means that they will not be aware of its launch or availability. This reduces the firm’s consumer reach, market share, revenues and overall profitability. Another disadvantage arises if the firm fails to carry out a detailed research about its target audience. This means that the firm will miss the essential advertising opportunities. Additionally, the firm will not be able to supply the product specifications for the audience’s desires and needs.
Question 2
The current business environment is changing, and this means that marketing is changing too. Some of the reasons that lead to a change in the business environment are globalization and technology. Currently, a successful marketing strategy is where a firm lets its customers find them through strong search engine presence or through discovering the value of the firm’s service.
With the changes in the business environment, there is the rise in international marketing and firms need to keep up with is to be sustainable and competitive. According to Jobber & Ellis-Chadwick (2012), international marketing is defined as identifying needs and wants of customers in different markets and cultures, providing products, services, technologies and ideas to give the firm a competitive marketing advantage, communicating information about these products and services and distributing and exchanging them internationally through one or a combination of foreign market entry modes.
The modern market is characterized by inbound marketing. With the increase in technology and globalization, consumers are searching for and purchasing services and products online. The firms have thus shifted their focus on content creation, social media, search engine optimization and landing pages. Currently, marketing is centered on content, and this means that firms are required to attract and maintain customers with information and content.
With technological advances, there has been the increase in the use of social media as a marketing strategy to influence consumers and customers. Several firms are on social with Facebook accounts, twitter handles, Instagram as well as LinkedIn accounts. The reason behind social media is that it is a great tool for cultivating relationships with customers and sharing contents. Firms effectively distribute their content to potential clients through social media as it allows them to immediately see if people like, commenting or sharing its content. The better the content of the firm is, then the more likely the firm will gain new customers.
In the modern marketing environment, marketers combine inbound marketing with the outbound promotion. Despite the fact that inbound marketing is cost effective, it cannot however fully substitute outbound promotion. Additionally, modern marketing strategies leverage iterative execution and optimization by exploring new channels as well as adopting innovative tools and technologies. The best way to maximize marketing efficiency is through technology and optimization in the modern market.
Efficiency is enhanced through elimination of manual tasks, the establishment of communication workflows, centralization of data reports as well as facilitation of events. Additionally, modern marketing enables firms to adapt to market shifts as well as to outdo the competition by improving creative strategies and solutions. Finally, it is important for firms to measure and analyze their performance. This will enable a firm to determine the marketing strategies that are working and improve them.
REFERENCE
Jobber, D, and Ellis-Chadwick, F., 2012. Principles and practice of marketing (No.7th). McGraw-Hill Higher Education.
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