What is a Marketing Concept?

A marketing concept revolves around a company’s plan to target a market, address both its needs and wants to gain a competitive edge. The customer can express needs and wants verbally or they can be unspoken. It is up to the business to figure out through marketing how to satisfy customers by developing or providing the right products.

What is a Marketing Concept?

  1. It targets a market

    If a company is trying to discover new markets, creating a marketing concept is a great way to accomplish this. A marketing concept hinges on identifying and researching a target market based on what information or feedback consumers provide. Consumers are always looking for the Next Big Thing. Sometimes they know exactly what they want and sometimes they just want something different even if consumers don't know what that thing is. Through buyer preference studies, it falls on the company to discover what the market really needs and wants.

  2. It has four components

    A marketing concept contains a marketing plan with four components. Product, place, price and promotion guide companies in assembling a promotion strategy. The best marketing plans involve unique ideas and flawless execution. An effective marketing concept also provides information and analysis on which market will give the company the best return on its investment.

  3. It helps business meet customer needs and wants

    Once the market is targeted and the research results are known; the company can decide on what kinds of policies to put in place that will help customers find the products and services they need and want. At the same time, the marketing concept should yield great profits as well as bring in new customers over the long term.

Why Marketing Concepts Matter

  1. Businesses want loyal customers.

    With all the distractions hammering customers and the increasing competition between businesses for those customers, brand loyalty is critical if businesses are going to survive.

  2. It lets customers know how important they are

    Business needs satisfied customers. These customers appreciate when business takes the time to find out more about them. It means repeat business over the short-term, enhanced brand recognition over the long-term. Long-term customer satisfaction means businesses are profitable and able to provide the goods and services that customers want and need.

  3. It means business chooses customers over competition

    Businesses will always go head to head trying to outdo each other. But with a marketing concept, all of the effort revolves around pleasing and fulfilling the customer. As a result, the customer's needs don't get lost in the search for new products and services. Everything that a business does keeps the customer's value to the company front and center..