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The Concept of marketing that has evolved since the very beginning of the business world with the advancement in technologies and innovative thinking are collectively referred as the Modern marketing concepts.
In this digital era, Marketing is not just buying and selling. Buying and selling are just the tip of an iceberg. It has become a lot more than the traditional marketing concept. It’s about making a difference in people’s lives and creating an authority as a brand.
Businesses adapting to this modern approach are the ones making all the profits and those who are still attached to the traditional approach are missing out on a lot of things.
Let’s get to know what these concepts are and what’s changed during the multiple stages of the marketing world.
The consumer wants a product that is widely available and affordable. So, the availability and low cost are what they look for.
Demand and Supply go side by side-
There are 2 major aspects of the production concept
Businesses tend to focus on the production quantity. The more products that are being manufactured, the more profit the company is going to make. During mass production, the business can afford to lower the price of the product to make it more appealing.
Here the distribution network plays a huge role. Every billion-dollar company has reached its milestones by making its product or services available to millions of people.
E.g- Amazon, Uber, Netflix, Facebook, coca-cola, etc.
Highly populated countries like India and China are great examples of production marketing concepts. China uses its manpower to mass manufacture the products which make China the world’s largest producer of manufactured goods.
Similarly, India has an advantage of mass IT professionals making India the largest exporter of IT services across the world.
In both countries the abundance of manpower allows them to produce in bulk at lower costs.
Production marketing works great in a monopoly market but when there is a rise in the number of competitors, the production becomes less favorable because now the consumer has options.
This is where the product marketing concept comes into action.
The product marketing concept is about making a good perception of your product among the consumers. It also includes identifying the customer needs and wants and fulfilling them by providing better solutions than those which are already available in the market.
The better the quality of the product, the more will be the sales. You must have a strong USP (unique selling proposition) to show customers why your product is different from your competitors.
The managers in the organization tend to focus on making better quality products and making them available to the consumers in a similar price range. In addition to that, the product must be developed over time to stand out from the crowd.
The product concept generally gives birth to the Marketing Myopia where the marketing strategies are based on what the company wants and fails to deliver what a customer wants.
No matter how good your product quality is or how high your production is. Customers won’t buy it if you are not selling aggressively.
You need to come up with innovative strategies and creative elevator pitches to make sales. No wonder brands are spending millions on the selling concept of marketing. The sole purpose of this concept is to sell as many products as they can.
Most of the assumptions are really opposite from reality because there are many downsides to the selling concept of marketing.
This is a totally opposite concept to selling. It’s a customer-oriented concept where the target audience is identified, their pain points are identified and the marketing is done around fulfilling the customers’ needs.
Once you market the benefits of the products or services you’ll build a connection with your prospects and it will become easy for them to take out their wallet and make a purchase.
It focuses on the experience one gets when one buys the product. In the marketing world, this is known as future pacing which means when you tell people how it feels like when they buy your product they will choose you over your competitors.
Marketing genius Peter Drucker says-
“There will always be a need for some selling. But the aim of marketing should be to make selling more superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy.”
This concept is about fulfilling the needs and wants of the consumer while keeping the interest of society in mind. It creates a sustainable environment between the company, Customers, and the well-being of the society in the long run.
Lots of brands use societal Marketing concepts to deliver a message of trust and care to their audience. And it really works for them in the long run.
It is becoming common among brands as they try to prioritize environmental concerns and take a step forward in making the world a better place.
In the process, they acquire a huge customer base and make lots of profit using the societal marketing concept.
Smoking kills advertisements and road safety campaigns are some common examples of societal marketing concepts.
Modern marketing concepts are based on the main aspects of marketing. Every concept is centered around the following:
The 5 modern marketing concepts are:
The customer’s delight is the first concern in modern marketing. As a result, before giving clients any goods or services, the marketing manager conducts a rigorous study of their wants and desires. Customers are not satisfied only when things are matched to their demands. They also prefer to receive something a little extra.
Focus on a Scientific Mindset: Marketing encourages a scientific mindset since it is founded on the notion of marketing research. Furthermore, marketing pushes professionals in marketing management to be innovative and creative. New inventions, innovations, and technological advancements, to name a few.