Core Concepts of Marketing

 

Before introducing a product to the markets, there are lots of phases that a product goes through. The phases are determined by keeping the client preferences and psychologies in mind. These stages are known as the core concepts of marketing. Keeping the profits, sales and customer satisfaction things in consideration, lets elaborate the varied concepts of marketing.

  • Phase One: Product development
  • Phase Two: Distribution
  • Phase Three: Pricing
  • Phase Four: Promotion

 

Product development to sustain competitive advantage

 

In order to stay ahead of the competitors, the basic need is to come up with a product that has unique and exclusive traits. The product development phase is used to gain the competitive edge and it can be done by bringing forth a premium quality product in either of the two ways:

  • Development of product with great values at the same price
  • Development of the same product at lower price

 

Distribution arrangement for customer convenience

 

Another core concept of marketing is to ensure that the product is reaching to the consumers with total convenience. For instance, the core concepts of marketing are followed successfully by Tesco which is one of the largest retail stores focusing on distribution arrangement for customer convenience. The retail chain has opened lots of store to reach to a wide consumer base offering them convenience to pick their favorite products.

 

Price reflecting Tesco objectives and market condition

 

The strategies and objectives behind pricing are the most important concepts of marketing. The basic pricing strategies are made on the basis of:

  • Fixed and variable costs
  • Goals
  • Competition
  • Objectives
  • Market Share

 

Promotional activity integration with marketing objectives

 

Be it pricing, competitiveness or reaching to a large set of customers, the concepts of marketing that include promotional activities can be integrated with marketing objectives. A wide variety of promotional activities can be carried out to reach the objectives, such as:

  • Advertisements
  • Sales Promotions
  • PR Promotions
  • Sponsorships
  • Personal selling

 

Conclusion

 

A company can win competitive edge over others by following the core concepts of marketing like keeping the price low, integrating promotional activities and focusing on distribution arrangement.