Marketing and consumer behavior origin from marketing concept. It is maintaining the essence of the marketing concept. Besides, it consists of –
- Satisfying the consumer’s needs,
- Creating value
- And retaining customers.
Before marketing concept, there were exist 3 other concepts. Let’s see-
- The production concept :
The production concept conceived by Henry Ford. He believed that consumers are highly interested in product availability at low prices. So, he implied it to his business to make marketing objectives is cheap, efficient production and intensive distribution.
- The product concept
The product concept assumes that consumers will buy the products that offer them the highest quality, performance, and features. In this concept, the company only focuses on product features rather than the consumer’s demand. So, it is called marketing myopia. However, Marketing myopia is a focus on the product rather than the needs of consumers.
- The selling concept
The selling concept is that the marketers focus on the selling of the company products. The marketer believed that they need to promote their products aggressively unless consumer will not buy the product.
- The marketing concept
The concept holds that achieve organizational goals. It is based on knowing consumers needs, wants & demands. Besides, it delivered the desired satisfaction that consumers want & fulfill it better than competitors do. Moreover, This concept mainly focused on building profitable customers relationship by delivering superior value.
The marketing concept requires consumer research, market segmentation, targeting, positioning, and marketing mix.
One consumers are differnt to others. they are very complex. However, they also vary from psychological and social needs. Consumer research helps to understand consumer behavior.
We can see in the present market. There are many customers, products & needs. Having this, marketers must determine which segment offers the best opportunities. Besides, There is demographic, geographic, psychographic & behavioral segmentation.
Market segmentation is a market dividing process in which different categories customers may found based on different needs, characteristics or behavior. It also identifies different individuals who might require separate products or marketing programs.
The entire market segments are not equally useful. That’s why marketers need to select a particular market segment. There all the customers respond in a similar way. Like the poor, rich, middle class etc.
After segmentation, companies should evaluate each market segment’s attractiveness & select one or more segments to enter.
Market Differentiation After completing segmentation & targeting, companies should try to differentiate themselves from competitors. Companies should develop a unique feature that distinguishes themselves than others. Besides, they try to offer some extra things for customers like-
- High quality,
- Unique feature,
- After sale service,
- Customer care service.
Positioning is the way of arranging product to occupy a clear, distinctive & desirable marketplace relative to competitor’s products in the markets of target customers. However, Companies make a distinguished position. But it gives them the greatest advantage in the target markets.
- Like BMW is “The ultimate driving machine”;
- Audi is “Truth in Engineering”;
- McDonald’s “I’m loving it’.
Developing an Integrated Marketing Mix:
The marketing mix is the set of tactical tools. It helps the firm blends to produce the response. Besides, it wants in the target market through product, price, place & promotion. However, It consists of everything that a firm can influence the demand for its product.
Product: Product means the goods & services that a firm offers to the target market. Like coca- cola, their main product is Coca-Cola, Sprite, Mountain Dew & many other products they produced. Besides, They’re concern about product quality, variety, design, features, packaging & services.
Price: Price is the amount of money that customers must pay to obtain any product. Coca-Cola set an affordable price for all so that target customers can easily buy this. They add list price, discounts, allowance, and payment period & credit terms.
Place: Coca-Cola selects its placed based on coverage, locations, inventory, transportation & logistics availability so that it can be easily visible to the target customers.
Promotion: Promotion refers to advertising their product all over the world communicating the merits of the product.
Promotion helps to persuade target customers to buy it. Coca-cola selects a brand ambassador for advertising their product. They also do the person selling, arrange a sales promotion event, sponsorship & make public relations.
- The societal marketing concept:
This concept is mainly based on companies overall marketing decisions should consider customers needs, wants & demands; companies goals; customers long-run interest & society’s long-run interests.