Marketing is a core ingredient of every organisation. It’s an umbrella term that includes a whole range of activities targeted towards organising a marriage between consumers and their desired products. Strategic marketing management is a science and an art. The way marketing managers make logical predictions on consumer choices and preferences or draws conclusions based on survey sheets or past consumer purchase data makes it a science. The art is hidden in the way marketers conduct the speculation exercise and eye for the right consumers for their products.
Like any other professional discipline, marketing too has its own terminologies. Each of its terminologies is derived from certain concepts. While pursuing distance learning MBA/PGDBA in marketing management, managers must study the following five concepts to get more clarity on their study as well as their assignments:
- Production Concept
Most of the consumers have a bent on cheaper goods. According to the production concept, when companies want to penetrate the market, they need to increase their distribution channel. This means they have to incur higher expenses in distribution. Now, since they are eyeing for more customers, they are also increasing their production capacity. When more production is happening, cost per unit automatically decreases. In this way, companies save on production cost and can spend this amount on their distribution. This workable concept however holds true only when demand for a particular commodity exceeds its supply. However, if consumers develop a trend of bending over quality and not the price; this shall never work.
- Product Concept
In this case, organisations develop a greater emphasis and focus on the quality of the product. Such a concept is applicable for that group of consumers who consider product quality as a significant parameter for choosing their commodities. Therefore, to reach out to such targets, marketers ask the production team to improve the quality of product along with an attractive packaging. They also place the project with a superior image in the minds of its targets so that the latter fall for it and end up purchasing their desired commodity.
- Selling Concept
The real fun of pursuing Correspondence MBA/PGDBA in marketing management is when professionals come across this interesting marketing concept. Selling concept is based on the fact that products are not purchased but are sold. In other words, marketers somehow compel the consumers to purchase a product. It’s either through attractive advertising or attention-gripping campaigns or other selling tactics through which marketers captivates consumers within their products and finally sells the commodity.
- Marketing Concept
The aim of marketing is never to market one product to a single customer for one time only. In fact, the word “one” should be replaced by “many”. To achieve this, companies rely on the marketing concept. Accordingly, they focus on customer satisfaction. Hence, such organisations always identify their targets first and then make a product that can be sold to them. It never happens the other way round. Therefore, marketers make lot of effort in boosting marketing activities only to ensure higher mind share amongst the customers.
- Societal Marketing Concept
Now comes a more ethical concept on marketing. Here, companies stress on social welfare and benefit along with customer satisfaction. Therefore, the kind of products manufactured here always adheres to societal standards. It also has a strategic advantage, i.e. if a society accepts a product and it is for their welfare; there will be higher chances of re-purchase. People will discuss about that specific product and will never let it go out of their minds. In this way, the marketers need not make much effort in promoting the products to the mass. Once-a-while show is more than enough for marketers to tap on such consumer groups.