Marketing includes those businesses and organization that are intended to satisfy consumer or customer needs and wants through exchange process of products and services.
Marketing Concepts, it is how the businesses, company and firms applying strategy to satisfy, identify and fulfill the needs and wants of its customers or it is how giving satisfaction and delight by giving offerings and value, it is usually benefit both the customer and the company, or the buyer and the seller.
The marketing concept by itself indulge an organizational function in order to achieve its organizational objectives, an organization should do things that really sustain the needs and wants of consumers and that is how increase sales, maximizing profit and beating the competitors. The Core Marketing Concepts comprises needs, wants and demands of customers, products, value and satisfaction, exchange, transactions, relationship and market.
Identifying needs of the customers or the consumers it may physical needs such as food, shelter, clothes and safety, the belongingness and state of affection and needs individually. And wants of people that form of taken by human need as they shaping themselves while growing up or learning culture where they take part of, it maybe customer behavior, customer preference wherein they learning how to be specific on their wants, and connection to that people have unlimited needs and wants but limited sources, so they want to have a product that really suits to their money or worth in buying for, and their wants become demands.
Businesses produce products that really satisfy the people and willingness and ability that they will buy it, products that they may sell to the people is a form of goods, services and ideas that part of their offerings.
Products might be tangible and intangible, it can be a goods, services or an idea. It is anything that can be offered to a market, and from the start we all know that there are lot of things to know, to plan before to come out an idea and products.
The customer decides the value of both advantages and efforts, Customer values the belief that the price is not only matters but also the quality of it, and on that businesses should not only base on the prices instead of service and quality of their products because mostly people still valuing the quality and effort of the business.
Exchange and transactions are the act of offering something in return and when in business sales is an exchange of services. There is big transaction between the buyer and seller, owner and customers and so on. Transaction consists of a trading of sales and offerings between the contract of buy and sell. Relationship building of strong communication and agreement between buyer and seller by sustaining and constantly delivering products, good, service and idea.
It is core marketing concepts that can really connects in longing the relationship of the buyer and the seller, the business and the customers or the users. And market is not only the physical market but also a situation of buyer and seller transactions, and I learn by the core marketing concepts that there are market revolutions that happens on the past up to present.
RELATIVE SIGNIFICANCE
Relatively significance of marketing concepts to the current marketing operations is being oriented toward pleasing to the customers and end-user or the consumers by offering a product and services with a value.
Specifically, connecting to the current scenarios, businesses focus on the needs and wants of the customers so the business can distinguish its products that they offer to their competitors in order to get higher possibility that they might get their target markets and to increase sales in exchange of their service, they using marketing concepts so that they can achieve their long term goals rightfully and properly.
In connection to the marketing concepts where in being adopted by many businesses and firms today, it involves and really make satisfy the target markets in exchange of increasing sales and maximizing profit, in accordance of that it requires building long term relationship to the customers which can lead to repeat sales, reduced costs and stable profit.
MARKET BEHAVIOR
Marketers understood that if they know what really consumer behavior is, what causes of the buyer buying that said products, they can able or I should say that we can able to determine which and which products should have needed in market, which products should increase the number or lessen the number in the market, how it should be the best way to present it and how we inform the market in the particular goods and services.
Consumer Behavior refers to the actions and decision influence the purchasing behavior and underlying motives of the consumers to take the action as the buyer of goods and services. Where in usually the consumers takes play a vital role in the market.
The factors that influence on the behavior of the consumer: Cultural, Social, Personal and Psychological.
Wherein in these factors the cultural and social influence can be categorized as external factors and the personal and psychological factors are internal factors that can influence the consumer behavior. We all know that influences are the laying ground knowing the decision of customers or the consumer.
Under of the Cultural influences, the culture wherein all people has their own culture, subculture and social class (class A, B, C). In Social, the reference groups or friends, family and roles and status of the buyer it can be student, professionals and so on. In personal, the age and life cycle it can be an infant up to adult, occupation, economic circumstances, lifestyle and personality or the self-concept. And last psychological, it can be motivation, own perception, learning and beliefs or the attitude. And that is influence on consumer behavior of a buyer. Also one of the factors that consumer consider in influences is the hierarchy of needs by Maslow. The psychological needs, safety needs, social needs, self-esteem and self-actualization.
INDIVIDUAL DIFFERENCES IN BUYING PROCESS
First individual differences are the Innovators, they are venturesome they tend always try new ideas at some risk. For example, if there are new unit of cellphone that released in the market they are the ones who tend always to be the first buyer of new products comes on the market. Next is Early Adopters are guided by respect, they are opinion leaders in their community and adopt new ideas early but carefully. In the scenario of new unit cellphone released in the market, they seek first the reviews of the products from the one who buy first the said product before they try to buy that cellphone and to make sure that it has a good quality and specs. Third one, Early Majority are deliberate although they rarely leaders, they tend to adopt the ideas before the average person. They will buy if the number of buyers was high to make sure that they will buy the same new products, if there are large number buying a new unit of phones they also buy it. Next, Late majority are skeptical they adopt an innovation only after majority of the people have tried it. They always wait to some buyers and then they will buy. The last one, Laggards are tradition bound they are suspicions of changes and adopt the innovation only when it comes and become something of tradition self. They don’t want new and they always seeking for a good services and good quality.
SEGMENTATION, TARGETING, AND POSITIONING
Segmentation involve finding out what kinds of consumers with different needs exists. In the auto market, for example some consumers demand speed and looking for great performance, while others are much more concerned about safety. An organizationally important partitioning of the market in terms of demographic variables, Geographic, behavioral and psychographics variables. While on the targeting, it has identification of segment and specific opportunities such as segment size and growth, structural attractiveness and company objectives and resources. While in positioning, a communication strategy and must evolve as market changes. Involves implementing our targeting. The strategies of product attributes, usage occasion, classes of users, against competitors and lastly away from the competitors.
To effectively know the positioning, it is important to understand how one’s brand observed. Segmentation involves identifying meaningfully the different groups of customers to Targeting, wherein selecting which segments needed to serve and goes to positioning, implementing chosen image and appeal to chosen segment and it has under the product, price, promotion and distribution that need to be consider.
MARKETING CHANNELS
Marketing channels are the ways that goods and services are transfer and distribute for the consumers. All products go through channels of distribution, and your marketing will depend on the way of goods how it is distributed. The flow that the product takes on its way from production to the consumer and so on. It is important because a marketer or the business must decide which channel is best for the offerings and value. They are also known as distribution channels. These channels used by firms and company to reach their end customers. As well as, these channels are depending on each other and interact so as to make sure that the products reach from the buyer to the seller.
There are four major types of promotion that usually used in promoting products, services or ideas of the business. The advertising, sales promotion, public relation and personal selling.
Advertising or advertisement that usually paid form of non-personal presentation or communication, promotion of products, services and ideas. For me I’ll consider the Media as the best promotion tool that can be under by advertising. Because Media is can be form of Social Networks such as Facebook, Twitter, Instagram and so on, that mostly suits to the generation todays as well as the TV advertisement because every house has their own Television and every family using it that advertising really effective through commercial and not only for products but also for institution or services and campaign during elections. And for me media is really the best form of advertising because not only for my co-generation z but also everyone can watch and see this.
Sales Promotion, it consists of incentive tools, mostly designed to help get a quicker and greater purchase of particular product or services by the consumers. For me the best under of it is the Consumer. Because consumer today or people today are really fun of free tasting, or buy 2 and take 1 free or in the other restaurants the first 30 are 20 percent off and usually this promo are using for new or starting a business to get a consumer, and greater number of purchase. Example of it is Milk tea that really enjoy by the teenagers and some adults.
Public Relations, it is another promotional tool that utilized for public. Public relations help build a positive public image for a company or for certain products and services, supports new product launches and have a greater sale. Best practice on it is the products publicity that mostly can be saw or watch in a certain program in television for example in ABS-CBN they have “Kabuhayang swak na swak” hosted by Dimples Romana and they show some new products and new businesses that really helps the business can be known by the public.
Personal Selling, it is direct selling promotional practices by the business and it can be a way of getting personal relationship between the buyer and the seller. And I thing for me all under of it such as Deliverer, Order Taker, Missionary, Vendor or sales personnel are still the best practices in promoting products and services because they can interact and communicate personal to their buyer to discuss and tell some information about their products.
There are lots of significance of markting concepts in our life. Let us deal with it.
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