Marketing Concepts
Marketing is known as the practice of promoting and selling goods and services. Companies look at marketing efforts as a must-do activity in order to boost sales, attract customers, and achieve long-term business objectives. While marketing is seen as an activity, marketing concepts are described as the set of ideas and theories underlying a company’s marketing philosophy. This article will look at some of the core concepts of marketing and how they have been described by experts.
The 4Ps of Marketing
The 4Ps of marketing are product, price, place and promotion. This concept of marketing was developed by Philip Kotler, a marketing consultant and author. The idea of the 4Ps is that one of them must be used to define a company’s marketing strategy. The 4Ps can be seen as the most important elements of the marketing mix, as they work together to create an overall marketing strategy.
Product – This is the offering that the company will make to consumers. This can be tangible (a physical product) or intangible (a service). Companies need to be aware of the needs and preferences of their target market in order to ensure their product will be successful.
Price – This is the cost that consumers will pay for the product. Companies need to decide on the most effective pricing strategy in order to attract customers while avoiding overpricing or underpricing.
Place – This refers to the place where customers can buy the product or service. This could be a physical store, online platform or a combination of various purchasing channels. Companies need to be aware of the locations of their target market and make sure the product is easily accessible.
Promotion – This is how the product and company are presented to the target market. This could be in the form of advertising, PR, branding or any other type of communication. Companies need to be able to identify their target audiences and decide on the most effective way to present the product or service.
The 4Cs of Marketing
The 4Cs of marketing is a newer marketing concept, developed by Robert F. Lauterborn in the early 1990s. It is based on the 4Ps concept but with a customer-centric focus. The 4Cs are product, cost, convenience and communication. Like the 4Ps, the 4Cs must be taken into account when creating a marketing plan.
Product – This refers to the offering that the company is providing to the customer. Companies need to consider the needs and preferences of their customers when creating the product and ensure that their offering will meet those requirements.
Cost – This is the cost of the product to the customer. Companies need to consider their product pricing and ensure that this is competitive and attractive to the customer.
Convenience – This refers to the ease of purchasing and using the product. Companies need to ensure that their product can be easily purchased as well as used.
Communication – This is the way companies communicate with their customers and other key stakeholders. Companies need to make sure to use effective communication and ensure that their message is clear and delivered in a way that resonates with the customer.
The 7Ps of the Marketing Mix
The 7Ps of the marketing mix is an extension of the 4Ps marketing concept. The 7Ps includes the original 4Ps as well as three additional elements – people, process, and physical evidence. This concept of the marketing mix is used by marketers to create an integrated and comprehensive marketing plan.
Product – This refers to the offering that the company is providing to the customer. Companies need to consider the needs and preferences of their customers when creating the product and ensure that their offering will meet those requirements.
Price – This is the cost of the product to the customer. Companies need to consider their product pricing and ensure that this is competitive and attractive to the customer.
Place – This is the places where consumers can purchase the product or service, such as a physical store, online platform, or a combination of various purchasing channels. Companies need to be aware of the locations of their target market and make sure the product is easily accessible.
Promotion – This is how the product and company are presented to the target market. This could be in the form of advertising, PR, branding or any other type of communication. Companies need to be able to identify their target audiences and decide on the most effective way to present the product or service.
People – This refers to the people who will be involved in purchasing and using the product. Companies need to consider their target customers and identify their characteristics and preferences.
Process – This refers to the process of buying and using the product, such as online purchasing or customer service. Companies need to ensure that their process is efficient and easy to use.
Physical Evidence – This is the tangible evidence that a company provides to the customer. This could include packaging, design, or any other type of tangible items associated with the product. Companies need to make sure that the physical evidence reflects the overall brand image.
These are some of the most widely used marketing concepts that companies use to create an effective marketing strategy. It is important to understand these concepts in order to ensure that the company’s marketing efforts are successful. By considering the 4Ps, 4Cs, and 7Ps of the marketing mix, companies can create an integrated marketing plan that will target the right customer and help the company achieve its business goals.
