The Hottest Marketing Concept for Your Industry
What is a marketing concept? Is it the same as marketing?
In essence, a marketing concept comes from “the belief that companies must assess the needs of their consumers first and foremost.” They are becoming increasingly popular among marketers who are focusing on reaching their target demographics, rather than marketing to the masses (e.g. billboards). Companies that hold this philosophy believe that their consumers are the driving force of their business.
Are there different types of concepts?
There are five marketing concepts, according to Phillip Kotler’s 2000 book, Marketing Management:
- Production concept – Companies believe that customers primarily want products that are affordable and accessible.
- Product concept – A company believes that the top priorities for a customer are quality and functional characteristics of a product.
- Selling concept – The selling concept is essentially companies who have one goal in mind; sales. Their plan is to make a product and sell it to their market while doing little to no research and disregarding what the consumers need or want.
- Marketing concept – This concept relies heavily on the company placing the consumer as the main focus of the organization.
- Societal concept – While this concept zones in on the needs and wants of a target market, it also places importance on the wellbeing of customers and society as a whole.
I’m in the hospitality industry. Which concept suits us best?
In our opinion, the marketing concept fits the hospitality industry the best because of its focus on customer experience. By concentrating on the needs and wants of a target market, a company can deliver better value over its competitors.
I’m a new real estate agent. How can I use the product concept to get more people to buy?
Though price is important for many buyers, ultimately, it’s the product quality (the house you either build or sell) that makes or breaks the sale. You can focus on the home’s specific qualities such as a good floorplan, solid construction, or how unique it is.
I work for a giant healthcare company. Which marketing concept will help us outshine our competitors?
This one is a bit tougher, but we think the healthcare industry would thrive by using the production concept. Since there are many competitors in this market, we believe consumers are looking for the most affordable and accessible option out there. Advertising the service that you provide at an affordable price will attract more customers up front.
Not sure which marketing concept your industry falls under? Contact us! We’d be happy to discuss how you can implement your new strategy today.