Do you know how companies get you to buy their products or services? Like you preferring Android over iOS? Nike over Adidas? Jollibee over McDo? That's because they use clever #MarketingStrategies that influence you and your friends' #ConsumerBehavior
As a Mgmt Econ student, it's important for us to understand the marketplace and consumer needs so that we can apply our learned theories from marketing management in designing strategies that capture customer value as well as create profits and customer equity
When making value-driven marketing strategies, mastering the 5 marketing management orientations is a must. Since these philosophies will guide us with ways on how to effectively market our products and/or services
An easy way that companies can get sales is by making their product more available and affordable by optimizing production and distribution. This orientation is called the Production Concept. One example is how low-mid range smartphone brands dominate in less developed economies
A more nuanced strategy is to give consumers higher quality and featureful offerings, making companies focus on improving their products over competitors. This is called the Product Concept. And it is often incorporated in the strategies of computer hardware companies like AMD
What about employing an in-your-face strat? Some companies make this strategy their bread and butter, especially if their products aren't actively in the thoughts of consumers, such as life insurance, or— prior to COVID—vaccines. This is called the Selling Concept
Sometimes it's better to listen than assume, Which is what the Marketing Concept is all about. Companies design their products in response to the needs and wants of customers in their target markets. Eone used this strat by designing elegant wristwatches with blind people in mind
How about using the concept above, plus having more societal impact? This is the Societal Marketing Concept. It's a philosophy that makes marketers consider the wants of customers, company profits, and long-run interests of both consumers and society at large. Like companies...
that actually commit to the UN's SDG. While these examples are a couple of individual cases, most companies use a combination of these concepts. Now that you're familiar with these marketing management orientations, you're one step closer to making better #MarketingStrategies!
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