Before using any marketing technique, you must have a good understanding of the basic marketing concepts. These concepts are the fundamentals of marketing that define what marketing involves, what consumers want and how to market. The goal is to fulfill customers’ needs, increase sales, increase profit and keep ahead of competitors. Both the company and customers should benefit from the marketing initiatives. Marketers now use a variety of marketing channels, including an influencer marketplace like Ainfluencer.
Basic Marketing Concepts to Know
1. Consumer Needs and Demands
People have some basic physiological needs like food, clothing, and shelter. They have different types of needs, wants, and desires. To fulfill these requirements, they need products and services. Once the basic needs are fulfilled, people want to go for products with more features. People have wants after their needs are fulfilled. Now they start using things they do not need for basic needs, but these items satisfy their other expectations. More options are available when people move from needs to wants. Basic foods may be sufficient to satisfy hunger. After that, people look for food varieties. These demands are fulfilled mostly with processed foods. The needs and wants of people create demands for products and services.
2. Product Identification
This concept identifies products that potential consumers need. A lot of research is needed to identify the product and the features that potential customers want. They are ready to pay for it if it meets their expectations. In a competitive field, product manufacturers have to differentiate their offers to stand out in the crowd. They offer features that other product manufacturers are not offering. Here the term product includes a service plan as well. A service has features that potential users need. A product that meets the expectations becomes successful. Sometimes, new products or new features in a product are offered even when no one asks for those items or features.
Companies are always trying to make affordable products. Even when a product costs very high, it mostly has only the features that its intended users need. A manufacturer can bring down the cost of a product by increasing its supply. The sales figure also depends on the demands. It is not necessary that a product offered at a very low price will sell more. After a point, its sales will not increase and no extra profit will accrue. Product makers try to fulfill demands and increase profit with economies of scale where the production cost per unit is lowered. Efficient production methods are used to maximize profits.
4. Product Features
Consumers will pay for a product or service only when it has functional and quality characteristics. Prospective buyers first look for basic functions. Once they know the product has all basic functions, they look for other features that improve both…