5 Marketing Management Philosophies You Must Study at the University
As complicated as it may sound, marketing management philosophies are mostly concepts businesses use in their marketing efforts. In other words, this is a set of ideas companies apply to streamline their marketing operations and reach targeted goals.
Of course, every business is different, just like every marketing philosophy. Even though commercial entities strive to improve cost efficiency and product quality and acquire more clients, the outcome is never the same.
Yet, various marketing concepts can be grouped into several big subfields. We are going to look into these concepts in greater depth to understand the specifics of each of the groups.
To do that, we will analyze the case of an essay writing company. These businesses are proficient in using different marketing techniques to make students inclined to buy their services. This mission has been largely facilitated by colleges and universities.
In 2021, the number of writing assignments students had to write doubled. Of course, most of them turned to an essay helper to handle such an enormous burden.
Yet, many students still feel hesitant about using these services. Some are afraid that their confidentiality will be violated, and others cannot afford additional expenses. These customer groups are the main targets of marketing management efforts essay writing companies make.
The first concept works for companies with a popular, widely available product. That means the demand for the goods is always higher than the supply. In this case, marketing efforts are minimal because the company already has a continuous pipeline of clients.
This concept is widely used by monopolies in the market. They tend to seek opportunities to decrease production costs, and the marketing budget is often cut drastically. However, no deviation in product quality is allowed.
Companies using this production concept benefit from the economy of scale. They create an excessive supply of the product, knowing that there is a demand to cover for it.
If the company chooses a product concept, it means that customers value product quality more than its affordability. They are willing to pay more for the product if there is a guarantee of its quality.
That implies that the company will invest in marketing enhancement. But the main goal of marketers will be to appeal to customers using a quality card. They will focus their attention on promoting the product itself rather than its affordability and availability.
This concept is largely taken by tech companies and those businesses that benefit from being a monopoly. Both abovementioned philosophies do not work for essay writing firms.
The selling concept is not focused on the product or production. Its main goal is to sell. That means marketers are the main sales driving force because their focus is on making the actual sale.
It does not mean that the product offered is of low quality. On the contrary, quite often, it is produced using the latest technologies. Yet, building relations with clients is based entirely on making them buy the products.
On the other hand, some companies deceive their clients to grow sales. This approach is very much myopic because unhappy clients often mean serious damage to business from a long-term perspective. Obviously, this approach fits companies whose goal is to make money and disappear. Businesses building a reputation won’t use this selling concept.
The concept focuses on making sure the product meets customer needs. For that reason, marketers study behavioral patterns and customer choices aiming to make an actual sale. However, the goal is to sell quality that is appreciated and build a connection with the client.
Essay writing businesses started using this concept a while ago. They care about retention and positive feedback a lot. Thus, the goal is to leave the customer happy and make money along the way.
This philosophy circles around customer individual needs. It puts a holistic approach to solving their problems at the core of new product development.
Societal Marketing Concept
This philosophy is an extension to a marketing one. Rather than focusing on individual well-being, the companies strive to fulfill the needs of the whole society. That means marketers always have the environment and community in mind when selling the goods.
Recently, many companies have started working on their sustainability. Eco-friendly and green philosophy is now dominant for many businesses. That makes this marketing management concept very much popular.
Essay writing companies are not using this concept much since they operate virtually and cause minimal damage to nature. Yet, they recognize the importance of social marketing and environmental awareness and support it.
These five philosophies are the main marketing concepts applied by companies. All of them are usually studied as part of the marketing program at colleges and universities. Even though they sound a bit theoretic, these concepts shape the marketing agenda for many businesses. All real-life marketing cases can be generalized to one of the philosophies discussed.