Market Concept

Examples of Market Concept in the following topics:

• The Marketing Concept

  • The marketing concept states that an organization achieves goals by knowing the needs and wants of target markets and delivering the desired satisfactions.
  • The marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions.
  • The marketing concept centers on market orientation.
  • The attempt to define the concept of market orientation has led to a number of arguments in the academic field.
  • Market orientation is implementation of the marketing concept, which is a particular business philosophy.

• The History of the Marketing Concept

  • The marketing concept has evolved through many different definitions over time.
  • One marketing standard chronology (Bartels, 1974; Dawson, 1969; Keith, 1960; Kotler and Keller, 2006) subdivides marketing history as follows:
  • Throughout history, marketing has changed considerably in conjunction with consumer tastes.
  • Marketing: needs and wants of customers 1970 to present day; the marketing orientation is perhaps the most common orientation used in contemporary marketing.
  • It involves a firm essentially basing its marketing plans around the marketing concept; and thus supplying products to suit new consumer tastes.

• Introduction

  • As you read this chapter, you should develop an understanding of the following key marketing concepts:
  • the important role marketing can play in the success of an organization
  • understand the primary tools available to marketers and how they are used

• Digital Marketing

  • Digital marketing – Pull versus Push Two different forms of digital marketing exist Pull digital marketing in which the consumer must actively seek the marketing content often via web searches or the recipient has given permission to receive content that is sent to the consumer by email, text message and web feed.
  • Push digital marketing technologies are more proper when done with the prior permission, the concept called as permission marketing.
  • This enables a marketer to benefit from both types of digital marketing.
  • The modernization and mobility of the consumer has forced marketers to innovate, spawning the direct digital marketing concept.
  • Direct digital marketing is an addressable digital marketing method.

• Modern Trends in Marketing

  • Modern trends in marketing include relationship marketing, business or industrial marketing, and societal marketing.
  • The marketing concept is the philosophy that companies should focus on and strive to satisfy customer needs while also making profits.
  • Modern trends in marketing include relationship marketing, business or industrial marketing, and societal marketing .
  • Companies are looking beyond traditional assumptions and adopting new frameworks, theories, models, and concepts.
  • Modern trends in marketing include relationship marketing, industrial marketing, and societal marketing.

• Market research to determine the potential market for funeral services in Monterrey, Mexico

  • To illustrate these concepts in a live situation, we have included a discussion of how a market research study was performed to determine the potential market for a new concept for funeral services in Monterrey, Mexico.
  • Market research to determine the potential market for funeral services in Monterrey, Mexico
  • Concept of the project: The company will offer funeral services to people of socioeconomic level A and B+.
  • Thanks to this market study, the investors could corroborate the idea that a funeral service enterprise in Monterrey may be a good business opportunity.In addition they could delineate the concept according to the market.
  • Read the case about the Market research to determine the potential market for funeral services in Monterrey, Mexico?

• Digital Marketing

  • Internet marketing, also known as web marketing, online marketing, webvertising, or e-marketing, is referred to as the marketing (generally promotion) of products or services over the Internet.
  • Internet marketing is considered to be broad in scope because it not only refers to marketing on the Internet but also includes marketing done via e-mail and wireless media.
  • Email, text messaging, and web feeds can also be classed as push digital marketing when the recipient has not given permission for the marketer to send the marketing message.
  • Push digital marketing technologies are more proper when done with prior permission—a concept called permission marketing.
  • This enables a marketer to benefit from both types of digital marketing .

• Marketing Environment Research

  • Example of Marketing Research: Concept Testing Concept testing is the process of using quantitative methods and qualitative methods to evaluate consumer response to a product idea prior to the introduction of a product to the market.
  • These methods involve the evaluation by consumers of product concepts having certain rational benefits, such as "a detergent that removes stains but is gentle on fabrics," or non-rational benefits, such as "a shampoo that lets you be yourself. " Such methods are commonly referred to as concept testing and have been performed using field surveys, personal interviews and focus groups, in combination with various quantitative methods, to generate and evaluate product concepts.
  • The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes.
  • They make decisions about potential opportunities, target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control.
  • Marketing research helps the marketing manager link the marketing variables with the environment and the consumers.

• Addressing Market Needs

  • Examples of markets include: Physical retail markets, such as local farmers' markets, shopping centers and shopping malls Non-physical internet markets Ad hoc auction markets Markets for intermediate goods used in production of other goods and servicesLabor markets and international currency and commodity markets Stock markets, for the exchange of shares in corporations Artificial markets created by regulation to exchange rights for derivatives that have been designed to ameliorate externalities, such as pollution permits.
  • Illegal markets such as the market for illicit drugs, arms, or pirated products
  • In mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services, and information.
  • Market trends are the upward or downward movement of a market during a period of time.
  • Concept testing, which evaluates reactions to a film idea and is fairly rare,

• Word of Mouth

  • Positive "buzz" is often a goal of viral marketing, public relations, and of advertising on Web 2.0 media.
  • An important area of marketing is called word-of-mouth marketing, which relies on the added credibility of person-to-person communication, a personal recommendation.
  • Word of Mouth, verbally or electronically, is the most powerful marketing tool.
  • Concepts Buzz Marketing buzz or simply "buzz" is a term used in word-of-mouth marketing—the interaction of consumers and users of a product or service serve to amplify the original marketing message.Some describe buzz as a form of hype among consumers, a vague but positive association, excitement, or anticipation about a product or service.
  • Viral effects Viral marketing and viral advertising are buzzwords referring to marketing techniques that use pre-existing social networks to produce increases in brand awareness or to achieve other marketing objectives (such as product sales) through self-replicating viral processes, analogous to the spread of virus or computer viruses.