Marketing Concept and Its Types

The assignment provided is a comprehensive report on the marketing concept and its different types. It discusses various marketing issues and provides references to relevant books and journals. The report aims to understand how consumers and sellers interact with each other through marketing, using Vodafone Malta as an example of a company providing telecommunications services.

MARKETING
CONCEPT

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1) Marketing concept..................................................................................................................1
2) How to develop marketing......................................................................................................3
3) Current issues in marketing....................................................................................................4
REFERENCES................................................................................................................................8

INTRODUCTION
Marketing is an action or promoting and selling of services and products of business
consisting the advertising and market research. It is study of management as well as exchange
relationships (Almquist, 2014). It is used to develop, keep and satisfy needs of consumers. With
consumers as focus of its activities, it can regarded that the marketing is one of main component
of the business management. This present report is based on the Vodafone Malta company. It is a
mobile network operator and provide telecommunication services. Under this mention report will
be discussed about the market concept and develop the marketing. Current issue in the marketing
will be mentioned in this report.
MAIN BODY
1) Marketing concept
Marketing refers to activities of firm that associated with purchasing and selling of
service or product. It consists selling, advertising and delivering of goods to people. Marketing is
social process through which the people and organisations both obtain what they require and
want by developing as well as exchanging value with the others. It is a procedure through which
the organisations develop value for the consumers and develop strong consumer relationship in
context to capture value from buyers in return. Marketing is helpful for the organisations to gain
the attention of consumers and also maintain strong or positive relationship with them. In
addition to this, main objective of marketing is to match services and products of company to
needs and preferences of consumers to assure profitability. The Vodafone Malta business firm
use the different methods of marketing for promoting its services for an instance social media,
mobile technology etc. Marketing is a way through which company interacts to, engages,
connect with the target audience to convey value of as well as sell its products in an effective
manner (Armstrong and et. al., 2014). It is ongoing communication of exchange with the
consumers in a manner that informs and develop relationship over a period of time. Marketing is
art of exploring, developing and also delivering value to fulfil requirements and wants of target
market at profit. Under this, it identifies unfulfilled desires and needs of customers. It quantifies,
defines and measures size of determined market and profit potential. Marketing is business
function as well as set of the process included in creating, communicating and also developing
the effective value to the consumers and also develop the positive relationship with them.
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Marketing concept refers to philosophy that Vodafone Malta company should measure
requirements of consumers and then take decisions to fulfil those requirement better than
competition. It is strategy that Vodafone Malta execute to fulfil needs of consumers, enhance
sales, maximise profit and also compete with the strong competitors at market place. Under this,
succession through meeting requirements of consumers are most commonly held the ideas of
marketing concept (Baker, 2014). Concept of the marketing is fundamental piece of marketing
arrangements. Execution of marketing concept needs attention of three different elements of
marketing concept for an instance consumer orientation, societal welfare and long- range
customers. There are various kind of marketing concepts and each of them vary in function
which they deal with. Different marketing concepts are mention below as above:
Production concept- It works on assumption that customers prefer goods which are
widely available and inexpensive. Under this, consumers prefers those goods which are
affordable and available. In Malta, firms adopting this kind of orientation run main risk of
focusing on their operations and activities. It is more operations oriented as comparison to the
other concept. The main focus of managers on using this concept for attaining the high efficiency
of production, mass distribution and minimum costs.
Product concept- It can be regarded as one of most simple marketing concept. Its main
focus is on quality, cost, quantity of the products. In this preset time period, main focus of
consumers is on purchasing better quality of products at reasonable costs and from this large
number of consumers will be attracted. It works on assumption that consumers prefer the better
quality of products, availability and cost which do not impact their buying decisions. Consumers
do take care about the products cost, availability and many others but better quality goods and
maximum cost can upset budget of consumers (Baker, 2016). This marketing concept is helpful
for Vodafone Malta to make improvement in features of products in continuous manner.
Selling concept- Under this concept, customers will not purchase more products if firm
does not put its promotion as well as selling efforts. In Malta, main focus of Vodafone Malta is
on developing the sales transactions as comparison to developing long- term relationship with
customers. Consumers will purchase goods only if firm aggressively promotes or sells products.
The main focus of the selling concept is on making the actual sale of goods, requirement of
consumers and quality of product.
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Marketing concept- In this, consumers purchases goods which can satisfy their needs
and wants in an effective manner. In context to this, attaining goals of company is based on
knowing wants and requirement of the target markets and also delivering desired satisfaction as
comparison to the competitors. In Malta country, Vodafone Malta conducts the market research
to know about the preferences and needs of consumers. With the help of focusing on wants and
requirements of target market, firm can create better value as comparison to its strong
competitors at marketplace. It highlights pull strategy when brand is string that consumers would
prefer brand to the others.
Societal marketing concept- It is relatively the new marketing concept. It highlights
wants and needs of target market and also provide them better quality of goods. The main focus
on this marketing concept is on well being of society (Burns, Bush and Sinha, 2014). Under this,
Vodafone Malta provide the better telecommunication and network services which can connect
to people without negatively impact an environment, harm society and natural resources. In
context to this concept, business is a part of society so it should take part in the social activities
for an instance illiteracy, control population growth, poverty and many others.
2) How to develop marketing
Effective and better marketing strategy begin with included and also informed the
marketing strategy. Under this, the Vodafone Malta should provide the products and services on
the basis of needs and demands of consumers. If the market will be developed in a proper
manner then sells, productivity and profit level will be enhanced. There are different steps given
below in develop marketing:
Know Your Business- It is a first stage and under this, Vodafone Malta should know
everything about its business in a detailed manner. In this, management should conduct SWOT
analysis to know about its weaknesses, strengths, opportunities and threats in an effective way
(Homburg, Jozić and Kuehnl, 2017).
Determine Target Market- It is second stage and in this, Vodafone Malta need to
identify its target market which can purchase its products and services. For this purpose,
organisation can conduct the research to know about the tastes, preferences, demands etc. of
consumers. Through this, Vodafone Malta firm will produce the products and services on the
basis of their requirement. It will be helpful in identifying the target market or audience along
with capture the large market share.
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Analyse Competitors- At market place, competition is high. So, it is necessary for
organisation to develop the effective strategy for analyse the competitors as well as strategies.
On the other hand, Vodafone Malta company can conduct the research to know about the
existing competitors, products and their marketing strategies. With the help of this, company can
easily compete with its strong competitors at market place and also gain the competitive benefits.
Set Goals- For developing the marketing, it is important to Vodafone Malta set the goals
in proper manner. Through this employees will focus on attaining the specific aims and
objectives in significant manner (Hunt, 2016). It is necessary that gaols should be clear and
properly understandable. The goals may be enhance awareness of brand, enhance sales, product
line, target more consumers etc. It is necessary to be realistic in setting the goals so that they can
be attainable in an easy manner.
Outline Strategies- Strategies plays a necessary role in business because they help in
attain the set targets with in given period of time and in an effective manner. In context to this,
organisations should make the better strategies so that there will be no issue faced by firm related
to achieving target (Verma, Sharma and Sheth, 2016). On the other hand, strategies will be
helpful to Vodafone Malta compete with the strongest competitors at market place and also gain
the competitive advantage sin a significant manner.
Set a Budget- It is necessary for company to develop the budget on the basis of
activities. Without fund, Vodafone Malta company can not conduct its activities in a proper
manner. On the budget, all marketing related activities are mention with the estimation cost.
Under this, funds will be require in purchase raw material, manufacturing, advertisement,
promotion, launching etc.
Get to work- It is a last stage in developing marketing. After determining all steps, there
is a need to Vodafone Malta to implement these all steps at workplace and monitor all the
activities in an effective manner.
3) Current issues in marketing
Marketing is trying to have what consumers wants and needs. Under this, Vodafone
Malta face the various challenges at market place Kim, Song and Lee, 2016). Firms share same
objectives, teams are perplexed on recruiting high talent, advanced technology etc. There are
different current issues in marketing mention below as above:
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Changing demands and needs of consumers- In this present time period, demands and
needs of consumers are changing with in short period of time. So, it is a main concern for
Vodafone Malta company in marketing because for this company will need to adopt the new
technology and it is not possible because in adopting the new and advanced technology, there
will be more fund required. It develops the negative impact on sales, productivity as well as
profitability of Vodafone Malta. In addition to this, Vodafone Malta organisation provide the
high quality of networking services which can not develop any issue in connectivity.
Misidentification of problems- It is an another issue that generate in marketing. Under
this, most business organisation do not develop simply because to creating the bad strategies
which are not following the proper and effective legal ethics. Without determine the issues at
workplace or in marketing,Vodafone Malta can not develop the strategies. If the problem will not
be determined in a proper manner then developed strategies will not be work and will negatively
impact on the business (Lallemand, Gronier and Koenig, 2011). So, in order to overcome from
this strategy, it is necessary for company to determine the issues arise at workplace and make the
strategies according to them.
E- marketing issues- Earlier, organisations use the traditional method of promotion for
an instance banners, holders, newspapers and many others. This method is more time taken as
well as expensive. In this present time period, Vodafone Malta uses the modern method for
communicating with people, promote services and products etc. and these are social media, e-
mails, mobile application etc. It is a time as well as cost saving method. But under this, main
issue is related to privacy because in E- marketing there is a more chance of hacking the data or
information of consumers. If data of consumers will not be secure and safe the they will be retain
towards company and reputation will be negatively impacted (Lucassen and Jansen, 2014). So, it
is a main marketing issue which organisation mostly face.
Technology change- Rapid change in the technology is also a main issue in marketing. It
is not possible for the organisation to purchase and use the new technology in business with in
small period of time. It will be costly for business and firm will not able to perform in a better
manner. In context to Vodafone Malta organisation, it need to adopt the advanced technology for
enhancing its network range. Vodafone is communication organisation which provides their
services in all over the world. The best method of marketing for their services is to use digital
platform. But due to emergence of technologies there are many issues are arise regarding with
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the usage of different plat forms. They also have to face employee resistance as they don't have
adequate knowledge about the new technology and doesn't want to change their working
approaches.
Lack of resources- It is a main issue because lack of resources such as time, manpower
and budget all develops negative impact on the marketing activities. If company will not have
adequate money then it will not use the new technology and make change in its existing
products. On the other hand, manpower plays a necessary role in business and if they are not
present there they firm can not perform its marketing operations (Kim, Song and Lee, 2016).
Packaging Issues- As environment is dynamic, the preferences, choices and colour of the
consumers vary day by day which is the significant issue for the marketing. Vodafone Malta
organisation should keep in mind about the customers needs and choices and accordingly bring
rapid changes in the packaging of product (Lucassen and Jansen, 2014). The creative ideas and
eco- friendly packing should be done. The packing plays great role in attracting more and more
number of buyers which ultimately increases the profit, growth and sustainability of the firm.
For the survival innovative packing consistency should be maintained.
Ethical issues of pricing- Sales of a product and goods depends upon their price. If the
price is less as compared to other brands selling same product. There is more chance of sales
growth for that particular item. Manufactures and retailers have ethical pricing techniques which
leads them to generate profits without swindling the customers and their rival competitors. When
a retailer buy some product at wholesale he marks high price at it which includes the profit
margins of company.
Change in market trends- Supply and demand plays an important role in marketing. It
has a major impact on financial market. Along with financial market it also effects consumers
and individuals. For example if some product is popular among consumers due to changing
trends. Its demand will increase suddenly which leads to decrease in supply. As market trends
change, the needs of the consumer also change (Verma, Sharma and Sheth, 2016). The market
value of the product also increases due to this.
CONCLUSION
It has been recommanded from above mention report that marketing is a method through
which consumers and sellers can interact with the each other. The Vodafone Malta provides
better telecommunication and networking services to consumers so that they can connect with
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the each other. In this mention report studied about the marketing concept and its different types.
Different marketing issues have been discussed under given report.
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REFERENCES
Books & Journals
Almquist, A. J., 2014. The innovative academic library: Implementing a marketing orientation to
better address user needs and improve communication. Journal of Library Innovation.
5(1). p.43.
Armstrong, G. and et. al., 2014. Principles of marketing. Pearson Australia.
Baker, M. J., 2014. Marketing strategy and management. Macmillan International Higher
Education.
Baker, M. J., 2016. What is marketing?. In The Marketing Book(pp. 25-42). Routledge.
Burns, A. C., Bush, R. F. and Sinha, N., 2014. Marketing research (Vol. 7). Harlow: Pearson.
Homburg, C., Jozić, D. and Kuehnl, C., 2017. Customer experience management: toward
implementing an evolving marketing concept. Journal of the Academy of Marketing
Science. 45(3). pp.377-401.
Hunt, S.D., 2016. Controversy in Marketing Theory: For Reason, Realism, Truth and
Objectivity: For Reason, Realism, Truth and Objectivity. Routledge.
Kim, J. S., Song, H. J. and Lee, C. K., 2016. Effects of corporate social responsibility and
internal marketing on organizational commitment and turnover intentions. International
Journal of Hospitality Management. 55. pp.25-32.
Lallemand, C., Gronier, G. and Koenig, V., 2015. User experience: A concept without
consensus? Exploring practitioners’ perspectives through an international survey.
Computers in Human Behavior. 43. pp.35-48.
Lucassen, G. and Jansen, S., 2014. Gamification in Consumer Marketing-Future or Fallacy?.
Procedia-Social and Behavioral Sciences.148. pp.194-202.
Strauss, J. and Frost, R.D., 2016. E-marketing: Instructor's Review Copy. Routledge.
Verma, V., Sharma, D. and Sheth, J., 2016. Does relationship marketing matter in online
retailing? A meta-analytic approach. Journal of the Academy of Marketing
Science.44(2). pp.206-217.
Online
Concepts of Marketing, 2018. [Online]. Available through:
<https://www.marketing91.com/concepts-of-marketing/>.
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