Concepts of marketing may be defined as a business idea by which organizational goals are achieved by identifying and satisfying the needs and wants of the customers. Business will not expand without effective marketing.
Concepts of marketing
Concepts of marketing includes the following :
- Consistency: Consistency is on the top list for small businesses as it is mostly overlooked by other businesses. Consistency lowers the marketing cost thereby increasing the effectiveness of branding.
- Planning: Planning is the major concept in marketing. It is an essential part of marketing any business either small or large. With effective planning, organizational goals are achieved successfully.
- Strategy: Strategy acts as a foundation for marketing activities. While planning, you should create your marketing strategy like: to whom will you target, how will you target and how will they be kept as customers.
- Target marketing: In small businesses, target marketing is an important concept. If you define clearly and exactly about the target, it may allow business owners to focus to keep focus on particular customers thereby reducing marketing waste.
- Budgeting: Budgeting is the most difficult part of marketing. Most of the owners of small businesses are inexperienced in dealing in marketing process. Establishing the market budget accurately will help the business to expand.
- Marketing mix: Marketing mix is defined as different ideas used by a firm to promote its product or brand in the market. It is simply called as 4p’s: product, price, place and promotion. This means deciding individually about the product, suitable pricing, how and where will be the products distributed and how will you make people aware of your product.
- Website: Every business whether big or small should have a website so that it may be convenient for the visitors in knowing more about you and your product. This website needs to be updated frequently.
- Branding: Every business must have a focus on branding. It comprises of designs, logos, pictures and image of the company and the products. On each step of planning and implementation, a special attention is needed to brand your product.
- Promotion and advertising: You must make fully aware of your products to the target market. Advertising and promotion if done in proper manner will lead to effective brand recognition thereby increasing sales.
- Customer relationship management: Customer relationship management if maintained properly will help in developing consistent customers. Many software and services are offered to help the business to handle customer relationship management.