What sort of marketing strategy has Nike used to achieve and maintain this level of market dominance? Each ad is carefully crafted to evoke particular feelings and needs in the consumer that can only be satisfied by Nike products. Nike takes the analogy to a level far more relatable:
This concept is one of the oldest Marketing management orientations that guide sellers. Companies adopting this orientation run a major risk of focusing too narrowly on their own operations and losing sight of the real objective.
Most times; the production concept can lead to marketing myopia. Management focuses on improving production and distribution efficiency. Although; in some situations; the production concept is still a useful philosophy. Product Concept The product concept holds that the consumers will favor products that offer the most in quality, performance and innovative features.
Here; under this concept, Marketing strategies are focused on making continuous product improvements. Product quality and improvement are important parts of marketing strategies, sometimes the only part. For example; Suppose a company makes the best quality Floppy disk.
But a customer does really need a floppy disk? She or he needs something that can be used to store the data. So that company should not look to make the best floppy disk.
Here the management focuses on creating sales transactions rather than on building long-term, profitable customer relationships. In other words; The aim is to sell what the company makes rather than making what the market wants.
Such aggressive selling program carries very high risks. This is usually very poor and costly assumption.
Typically the selling concept is practiced with unsought goods. Unsought goods are that buyers do not normally think of buying, such as insurance or blood donations.
Under the marketing concept, customer focus and value are the routes to achieve sales and profits. The job is not to find the right customers for your product but to find the right products for your customers. The marketing concept and the selling concepts are two extreme concepts and totally different from each other.Five Marketing Concepts Explained with Examples.
The marketing concept is the strategy that firms implement to satisfy customers needs, increase sales, maximize profit and beat the competition. There are five marketing concepts that organizations adopt and execute. Focus of the selling concept starts at the production level.
The early Nike marketing strategy succeeded by selling benefits, not products. Learn how to apply that same strategy to your own content marketing today. The marketing strategy of Nike embraced by many organizations can either provide them a market frame or make them insulate the market frontrunner.
The more reliable the distribution of the product is improves the sales and in consequence more profits. The selling concept holds the idea- “consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort”.
Here the management focuses on creating sales transactions rather than on building long-term, profitable customer relationships. The marketing strategy of Nike rested completely upon a product image which is favorable and allowed it to develop into one of the best multinational companies after a while..
Nike’s favorable product icon has been kept optimistic because of the strong relation with the company logo that is quite distinct and unique as well as the product slogan that . In traditional concept emphasis was on only selling the product. marketers would not bother about customers wants and wo uld think that customers would buy whatever is offered to them.
marketing research was not given any importance. emphasis was only on production and selling the product. marketing concept is the modern concept of.