Marketing Concept
The components of the modern marketing concept
It is common knowledge today that marketing is one of the most important ways of how a company attracts customers, makes the sales, and gains a profit. Economist Piiro Srafa was one of the first economists to suggest that in today’s modern capitalist markets the main determinant of value and price are not the production costs but the costs of promotion and marketing. But how has the marketing concept itself evolved over time? And is this marketing concept a part of the new industrial revolution? This article will explore these questions, and it will give you an understanding of the modern marketing concept which works!
Basic marketing concept
The first and foremost part of understanding the marketing concept is to see what is in its core. The core of the marketing concept is about knowing what are the needs and wants of your prospected customers. This first, basic step of any marketing concept is sometimes the hardest one to do well, although some marketing strategies have better ways to finding this out than others. There are many different methods of finding out the needs, wants, and expectations of your customers. Your method of obtaining this data will depend on the kind of product that you are selling. Thus, a large part of each marketing concept consists of doing good market research, compiling the most important questions to ask, and evaluating the results well. It takes a critical, analytical, and creative mind to come up with a good marketing concept.
Internet marketing concept
Nowadays, a lot of the companies are doing online marketing. In terms of costs, this type of marketing could prove to be a quite cheaper alternative. When it comes to online marketing, a large part of the marketing concept will be designed by Internet marketing specialists, while the main marketing concept and idea of what the prospected customers see will still be done by the marketing team in any company. Basically, there are two different online marketing strategies. We will use the terms Internet Marketing for one, while the other is called Search Engine Optimization.
Internet Marketing is done by marketing your products or services on a well-known, highly-trafficked website that is frequently visited by their target audience. For example, if you are selling your service as a tutor you can advertise it on some news website popular with students. With Internet Marketing, the marketing concept is made by the marketing team/ the head of marketing within a company. There are not much technicalities involved, the marketing concept is the same as with advertising on TV, radio, billboards, and so on.
SEO is another type of online marketing which involves the promotion of a company’s official website. The aim of SEO is to make a website more popular, more trafficked, and thus more profitable. The marketing concept is made by SEO specialists who use a lot of strategies and tricks to make your website appear in the top 10 when somebody would look for the product or service which you offer in a search engine. That concludes the basis of the online marketing concept.
