Sales and marketing management have undergone a sea of change in recent years. The very basis of the process of manufacturing goods has evolved from producing only the goods that producers wanted, to now producing goods that the consumers want. This is because there has been an inclusion and implementation of various marketing management concepts. The very basis of these concepts show that production is now consumer centric and that without appropriate marketing strategies and tactics, there is no way that a business can survive.
Important Concepts of Marketing Management
The importance of marketing in the process of business activities has been increasing over the years. Where initially, goods were sold on the basis of whatever the producer wished to sell, today, the producer has to pay attention to the needs, demands, and requirements of the consumers. Else, his consumers will find someone who meets those needs and switch to him. As a result, he will suffer losses. Let us look into the basic concepts of marketing management that help the producer to gage what to produce and how much to produce.
The concept of mass production arises from the belief and evidence that one's goods are in high demand and will be purchased, no matter what. The basic idea is to identify which product is most widely used by the consumers. Conduct your research and through the basic steps of the marketing research process, find out what are the products that will always have demand and which are the ones that consumers will buy no matter what. Then, begin large-scale production of this item and begin selling it at low prices and accumulate profits through the large sales. Why low prices? It is true that there will always be a demand for the product, but remember the consumer will prefer buying the same product from another seller, who is giving it to him at a lower price. So while, there is demand, there is also competition.
From the above concept it is clear that a consumer will not buy something from you if he gets it at a lower rate elsewhere. In addition to this, remember that the consumer also knows about the quality of products. So, he will also be gaging the quality of your product, especially if he's getting it at a very low rate. So, ensure that the product you sell is durable, has good value for money and offers great quality features. The consumer is not a fool. If he feels cheated once, he won't return. So focus on the quality of the product.
Selling a product is one of the toughest jobs in a business. You can produce the item, market and advertise it successfully, but actually making the consumer pay the money and buy the product is a task. Hence, the heart and soul of the business must lie in vigorous sales promotion. Only when the consumers see your product will they think about buying it. So, implement different sales promotion methods so as to concentrate on selling maximum products in minimum time. This will lead to a quick turnover and profit earning.
The different promotion methods that business organizations adopt are their lifeline. If their marketing strategy fails, they have little to look forward to. For guaranteeing reasonably good sales and at least a marginal profit, business organizations have to follow one very simple and fundamental concept. They have to remember that 'the consumer is the king'. So the strategies that they adopt have to focus completely on making the consumer feel important and extremely special. The product should be marketed in such a way that the consumer should feel like it has been created especially for him and that it is the best one he'll get. Once you have the consumer's approval there's little else to do. You'll have the loyalty of your customer and he'll have the satisfaction of getting an excellent product. Profits will roll in.
Societal Marketing Concept
While designing and manufacturing a product, in order to give your product an edge and also to be on a safer side, always focus on the impact that your product will have on the general society. The welfare of society should be on the top of the list of the objectives of production, followed by the satisfaction of the consumers and then, the profits of the company. This is the order that should be maintained and highlighted through your strategy too.
Those were the basic five marketing management concepts that are widely followed by almost all business organizations. Hope they have become clear to you now.