Marketing plays a critical part in ensuring that an organization understands its customers. Also, it enables the organization to develop products to suite the customers’ needs and delivers the marketing message of availability of the given product or service. This paper will examine the various marketing concepts, ideas, and constructs used in marketing by firms this century to ensure one runs a competitive and profitable organization. Marketing concepts refers to the various strategies or approaches that an organization implements with an aim of satisfying and fulfilling its customer’s needs on a given good or service, strategies to increase sales, optimize profits and continuously ensure that the organization continues to improve its practices and processes to ensure it maintains a competitive edge.
The marketing concept states that the main method of attaining organizational goals is to ensure the firm understands its target customers and their needs. The company should thus invest in processes and operations that ensure it delivers goods and services that satisfy this needs better than the competitors. The marketing concept puts the customer first and thus can be considered customer centric requiring an organization to build its product portfolio based on the market needs. The marketing concept relies on implementing customer focus and customer value as the main foundations of a profitable and competitive organization. The marketing concept can be summarized as organizations that makes the products that satisfy the customer’s needs instead of one that looks for customers to purchase its products (Hunt 35). As a result an organization which relies on the marketing concept must first conduct an elaborate marketing research to understand its customers and their needs.
The marketing concept is an ideal and tested approach that is ideal and suitable for any type of product or market. This enables all types of companies to understand their market and thus makes it easier to market the products since the market already identifies with the products based on a given need. The marketing concept is a critical strategy that minimizes risk and uncertainty for the company since the organization can rarely produce unwanted products if it really understands the actual needs of a given market. The reduced risk and uncertainty is due to the strategy not relying on assumptions but rather market research to fully understand the needs of the market before taking action (Bagozzi 33). The marketing concept is thus a critical strategy for 21st century businesses who should put customer first and work with facts instead of relying on assumptions which increase risks.
The other marketing concept is the product concept which states that customers will usually opt for products that offer optimal quality, performance, and innovation when compared to its competitors. Organizations implementing this approach will thus need to create products that are top quality and ensure continuous improvement of product qualities. Unlike the marketing concept, the product concept is product focused and not customer focused. The marketing department of such products are thus required to sell and market the message of the continuous product improvement on the product (Hollander 35).
The other critical marketing idea I learnt in this class is the 21st century marketing changes. The advent of information technology, improved technologies and more communication platforms to deliver their marketing stages to an ever enlarging market availed by the internet and social networking. The first 21st century change is the increased communication channels that are available to the organization to enable it reach its target market. In this 21st century organizations have more options when it comes to choosing the right communication platform to sell their marketing message (Stanton 89). This includes traditional tools such as radio, television, newspapers and magazines, and other print media. The other communication tools available in the 21st century include internet options including online advertisement on company websites and other popular sites that customers visit and social media marketing (Church 121). The social media platform has increased market outreach enabling companies to sell their products globally to a social network market of over 1.5 billion daily social media users. Innovations in IT has also enabled organizations to implement targeted marketing on a given geo-location that they operate in and also implement direct customer marketing based on known customer preferences. The other 21st century change is development of increased creative options. This increased creative options have enabled business to increase their ability to share the marketing message and also provides several tools to produce a marketing message that encompasses graphics, sounds and animation. The liberation and freeing of the international market means that customers have more choices of given products to choose from. Global payment systems also means that a customer can buy and pay for a product online from any country and have it shipped to their destination (Zhang 30). The internet has created a balance in the business world which enables small, medium and large enterprises to establish a presence regionally, nationally or internationally. This means that all organizations can maximize their marketing processes to increase their market share and thus be at level even with the largest multi-nationals if they stay customer focused in their strategies.
Bagozzi, Richard. “Marketing as Exchange.”Journal of Marketing, vol. 39, no. 4, 2015, pp. 32 39.
Church, Roy. The Emergence of Modern Marketing. Routledge, 2014.
Hollander, Stanley. “Periodization in marketing history.” Journal of Macromarketing, vol. 25, no. 1, 2015, pp. 32-41.
Hunt, Shelby. “The nature and scope of marketing.” Journal of Marketing, vol. 40, no. 3, 2014, pp. 17-28.
Stanton, William. Fundamentals of marketing. McGraw-Hill, 2012.
Zhang, Dongli. “The Revival of Vertical Integration: Strategic Choice and Performance Influences”. Journal of Management and Strategy, vol. 4, no. 1, 2013, pp. 23-31.