Marketing is one of the fastest-growing industries. Companies cannot survive without this department. The financial aspect is also good enough as it provides Rs. 3,00,000 per year for entry-level positions, while most experienced workers make up to ₹ 1,500,000 per year.
Various potential candidates are confused about this field and are stressed if they can ace their interviews in big companies such as Infosys and Wipro.
Here we focus on understanding what is marketing and what are the main concepts one should know to ace in order to ace your interviews:
What is Marketing?
According to the AMA, marketing is a method of "creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." A combination of the five marketing principles is used by marketing practitioners in a variety of ways to gain the trust of customers and establish beneficial, long-lasting connections with them. However not every idea works as well as another.
To put it simply, marketing can be defined as the activity of drawing customers to a given product or service.
What are the Marketing concepts?
Marketing consists of five fundamental concepts that every marketing professional or aspiring marketer should understand. The primary five, which have been developing for decades are:
1. Production concept
2. Product concept
3. Selling concept
4. Marketing concept
5. Societal concept
Here's a quick and effective chance to find out more about each concept as not each one is favourable to every kind of organization.
1. The Production Concept
The production concept is built on operations and is formed on the theory that people are more interested in products and services that are easily available and are relatively cheap than existing competitors of the same kind.
This idea includes a risk but might be helpful when a business markets in a sector that is seeing rapid expansion. Even though their products are affordable and available, companies who are entirely focused on inexpensive production may easily lose focus of their customers' demands and eventually go out of business.
This theory suggests that raising production will raise the possibility of sales.
2. The Product Concept
Contrary to the production concept, the product concept assumes that consumers usually value quality, innovation, and efficiency over cheap cost, and also that availability and cost have no impact on consumer purchasing decisions. Therefore, ongoing innovation and commodity enhancement is the main objective of this marketing strategy.
This idea is best shown by Apple Inc. The targeted audience always looks forward to the firm's fresh launches. Despite the availability of cheaper off-brand devices that complete most of the same tasks, many people won't make a sacrifice only to save bucks.
However, if a marketer totally depends on this theory, they may be unable to draw in customers who are also driven by availability and cost.
3. The Selling Concept
In comparison to the previous two, the selling concept is significantly different. This approach is based on the view that one must use aggressive marketing strategies to persuade clients to purchase goods or obtain services.
In this kind of marketing, the advantages or excellence of the products are irrelevant. To sell the most goods and services to clients, one must advertise their brand on a higher level. The cost spent should be higher on advertising in this marketing concept.
4. The Marketing Concept
This is the fourth concept anyone can use to launch and manage an e-commerce platform. By implementing various strategies, one must improve the company's capacity to win the market, make revenue, and hold a strong position.
These methods would be designed such that they prioritize clients and their requirements. If companies regard their customer's demands and desires, they would be working toward this idea.
5. Societal Concept
A developing idea in marketing that focuses on societal well-being is called "societal marketing." It is based on the principle that irrespective of a company's sales objectives, marketing professionals have a moral obligation to sell ethically and support what is beneficial to individuals over what they may want.
A company and its employees should promote with the best interests of their society in mind because they live in the societies they market to.
Various types of marketing exist for specific work, some of them are Affiliate Marketing, SEO, Social Media Marketing, and Email marketing. One should explore their interests and search for similar types. Even a stressful job can be fun when the person loves it.
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