This blog is very important for those who are pursuing their education in marketing or those who are interested in the concepts of marketing. In this blog, we will discuss the importance of marketing and basic marketing concepts. So, stay tuned and read the blog thoroughly to understand the basic concepts of marketing. You can also reach out to Marketing Assignment Help to get your marketing assignment done by a professional expert within the deadline.
Marketing is one of the most prominent fields of management which significantly helps the organization to get success in a competitive market. The level of competition in the market is so high. Hence, it is very important to look after the market and analyze them so that the organization can serve the target market better as compared to the key competitors. We have also gone so far to analyze the needs and wants of the customer. Every organization in the market is looking for an opportunity to kick out the competitors and rule the market.
Therefore, it is important for them to focus on marketing management effectively and efficiently. Marketing management helps in selecting the appropriate target market, analyze the demand trends in the market, identify the size of the market, and provide the goods and services according to the needs and demand of the market. Marketing management does not only deal with the taste and preferences of the potential customer, but it also helps the organizations to manage their promotional campaign. Thus, it can be said that the concept of marketing management includes overall activities of an organization related to designing and developing a product to launching the product in the selected market and thereafter promoting the product in the market with the help of suitable media channels. Without properly managing these activities, an organization cannot get success, and hence the competitors will outperform the organization.
So, it is the responsibility of the marketing manager to ensure the effective use of marketing strategies for the growth and development of the overall organization. There are several aspects of marketing management which should be considered by the marketing manager while developing marketing strategies such as target market, the potential customer of the organization, size of the market, number of competitors, level of competition, product and product range, taste and preference of the customer, marketing campaign, media vehicles and channels, messages of the marketing campaign, frequency of the delivery of the messages, etc.
Importance of marketing management
Marketing management has gained significant importance over time. As the level of competition increased over a period of time, the importance of marketing management also increased. It is important to meet the increasing need for improved methods of distribution in order to minimize the cost of the business and hence increase the profit margin. It is also important to meet or cope with high competition. Marketing management in the recent era has become the most important function in the business as well as a commercial enterprise.
Apart from this, there are several other factors which show the importance of marketing management such as; introduction of the new product in the market in order to serve the market as well as increasing the production of the existing products so that the organization can meet the increase in the demand of the product. Apart from this, marketing management is also important to reduce the cost of sales as well as distribution. Moreover, marketing management also helps in developing the means of communication as well as modes of transportation within the country and outside the country. Marketing management also helps the organization in increasing awareness about the product and services among the potential customer of the organization so that they can approach the organization to purchase the product.
Different marketing concepts
There are five major marketing concepts that are essential to understand in order to know the actual meaning of marketing. It has been found that people interchangeably use marketing as well as sales. But it is quite important to know the basic difference between marketing and sales before understanding the different concepts of marketing. Marketing deals with customer satisfaction while sales deal with increasing the sales volume without considering the satisfaction level of the customer. The following are the five concepts of marketing;
Product concept: The product concept states that the customers prefer the product which offers the best quality as well as performance. Thus, marketing strategies help in improving the quality of the product regularly.
Production concept: This concept holds that the customers accept the products which are available in the market and are highly affordable. It is one of the oldest marketing management orientations which guide sellers.
Selling concept: The selling concept holds the idea that the customer will not purchase all the products of the organization unless it undertakes a large-scale selling as well as promotion effort. Here, the main focus of the organization is to create sales transactions despite building a long-term relationship with the customer.
Marketing concept: The marketing concept states that the focus of the organization is on analyzing the needs as well as wants of the potential customer and delivers the product as per their needs and wants in order to make them satisfied. The marketing concept takes a “customer first” approach.
Societal marketing concept: The concept of societal marketing holds that marketing strategy must deliver value to the consumers in such a way that maintains as well as improve the well-being of both the customer and the society. The societal marketing concept calls for sustainable marketing. It also calls for socially as well as environmentally responsible marketing which meets the current needs and demand of the customer as well as businesses along with enhancing and preserving the ability of future generations to meet their needs.
It can be concluded that marketing management is a very significant concept for the success of the organization and hence it is very important for the organization to focus on marketing management. There are several advantages of marketing management to the business and hence the organization should always strive for developing effective and efficient marketing strategies. Effective marketing management helps the organization to gain competitive advantages over the key competitors and hence it can be said that with the help of effective marketing management the organization can sustain as well as survive in the market for a longer period of time. Thus, the organization must pay special attention to its marketing activities to enjoy the benefits of marketing management.
Hopefully, this blog has helped you in understanding the importance of marketing management and basic concepts of marketing. If you are struggling with assignments, you can get Assignment Help at the most reasonable price from Ph.D. level experts.