There are 5 marketing management concepts that focus on the actions of companies around the world. These concepts, when applied and combined correctly, can generate excellent results in terms of sales and brand positioning.
Marketing management today is not only extremely changeable but also requires being highly organized and planned. To help you in this task, we have prepared these 5 marketing management concepts that will be very useful for you.
What is Marketing Management?
Marketing management is the process by which decisions are made pertinent to business objectives, under a planned organization and that allows control of the different aspects of marketing, all focused on satisfying market demands.
In the development of marketing management, different aspects come into play, both economic, labor, and conceptual, which, ordered in an appropriate way, generate benefits for brands and companies.
5 marketing management concepts to guide your efforts
Marketing management concepts, on the other hand, are the approaches organizations take to managing their strategies. It is a focal point in which they strategically direct their efforts to outperform their competition, maximize their profits, and satisfy the needs of their customers.
These marketing concepts are 5: production, product, sale, marketing, and socialization. Next, we explain what each one deals with and how you can use it as a compass for marketing management in your digital agency or business brand.
The production marketing management concept asserts that consumers favor products that are readily available and affordable. That is, the cheaper and easier to acquire, the more sales will be produced.
This approach can be useful in fast-growing industries, where it is necessary to acquire product positioning at certain times. Companies like Amazon, for example, have followed this type of approach with success, although it has also caused them some problems.
The danger of this type of management approach is that they can lose sight of the needs of the client, and reduce the market to a "spend less to have more". Despite the fact that this method intends to scale and position itself through low prices and wide distribution, reality has shown that it can be a factor of failure in many markets due to not meeting customer needs.
Recommendation: if you have a strategy of low prices and easy acquisition, make sure you don't neglect the product and the opinion that your customers have about it.
This approach is completely different from the production approach. The previous concept indicates that a product at a low cost and with wide distribution gives good results. But, in this case, it is pointed out that a product of higher quality, innovation, and improvement, will have greater availability in its purchase and acquisition despite its high value.
This is Apple's approach. Your customers always look forward to your innovations, even though launch costs are always higher than post-distribution costs, and even if there are products on the market that match many of their features at a lower price.
Recommendation: working with this principle exclusively can mean that sales do not fully cover the market, losing the opportunity to make more sales and satisfy the needs of a market sector with less economic availability. Therefore, unless you want to be an Apple-type company, make sure that you adapt the product and the price in the best way to your market niche and the nature of your consumers.
The concept of selling seeks to lead the consumer to the purchase action without taking into account their needs or the quality of the product. The dominant belief of this model is that aggressive sales and persuasion techniques are the key to success. Therefore, consumer needs or online loyalty strategies are usually ignored.
The danger of these strategies is to exhaust the market and tire consumers, in addition to the high probability of leading the company to failure in a short period of time. In this concept, the idea is to sell a product despite its almost non-existent benefit to the final consumer.
Recommendation: avoid selling so aggressively and directly. These types of approaches worked a few years ago, but in recent decades these attempts have been rejected almost immediately. While paying attention to sales persuasion techniques, try to empathize with the customer and develop a long-term relationship.
The marketing concept (also called the customer service approach) is based on maximizing the capabilities of the company to meet the needs of consumers. To achieve this, the company uses actions to know the target market, identify unresolved needs and satisfy them in the best way.
In this approach, the customer is at the center of marketing actions, being the customer who determines the guidelines so that the offers, products, and communication strategy are consistent with him. The advantage of this type of approach is that you maintain a good relationship with your customers, being the most efficient way to have recurring sales.
Recommendation: this concept is what characterizes marketing today and is highly recommended because of the type of consumer that predominates in today's market. However, in the midst of executing this concept, don't forget about sales and being intentional about finding clients that represent a significant monetary gain.
Finally, the social or socialization concept implies making brands and companies socially responsible. This means that the marketing approach is not only for the benefit of the company itself, but also contributes to the welfare of society. The social concept seeks to impact not only the market but also society and culture, alleviate the ills of its environment, and favor those most in need.
According to this concept, the delivery of products and services should be regulated in a way that generates the greatest amount of social welfare. In this way, to give an example, companies with chemical uses try to reduce their pollutants as much as possible and thus benefit the environment.
Recommendation: try to distinguish how your company can contribute to society, join a cause with which it is consistent and take action on it. Make sure you are consistent with the cause, there are many brands that, wanting to apply the social concept, remain hypocritical. Don't let it happen to you.