Three Components of Marketing Concepts

by Miranda Brookins; Updated September 26, 2017

As a business owner, you know the importance of creating a product or service that satisfies the needs or wants of your target market. Marketing concept focuses on this idea by encouraging business to think about their goals and customers as they create products that will stand up to the competition in a given marketing environment. There are three components of the marketing concept that help ensure this happens.

Company Goals

Defining your company's goals is one of the primary components of the marketing concept. Make a plan for what you'd like to achieve for the year, whether it's to increase sales, introduce a new product to the market, explore new media for advertising, open an online store or retain customers. Your goals help give your business direction and focus. They should be specific; stay away from making general statements about what you'd like to do. Achieve this by assigning a timeframe and a dollar amount to each goal, where applicable. These tactics ensure that your goals are timely and measurable. The goals you set should also be realistic and attainable. Use previous sales and your knowledge of the market to help you.

Customer Needs and Wants

Without customers, your business will see a decline in sales and may eventually be forced to close its doors. For this reason, marketing focuses on identifying your target audience and then identifying their needs and wants. Relate their needs and wants to the products and services your company offers or plans to offer.

Find out customer needs and wants by conducting research. You can email them surveys, ask questions on your social networks or company blog, hold focus groups or call them to conduct brief surveys over the phone.

Deliver Product or Service

With your goals and your customers' needs and wants solidified, create and deliver a product or service that will enhance their lives in some way. Your product might help them relax, save time, save money, restore their energy, be more productive or decorate their homes.

In accordance with the marketing concept, the product or service you deliver should bring members of your target market a level of satisfaction.

Feedback

While feedback isn't a component of the marketing concept, it's important in determining whether you've incorporated each component in your business. In the same way you conduct research to find out your customers' needs and wants, get back in touch with them to find out if you fulfilled their requests. This information can help you develop additional goals for your business as you revamp old products and produce new ones.

About the Author

Miranda Brookins is a marketing professional who has over seven years of experience in copywriting, direct-response and Web marketing, publications management and business communications. She has a bachelor's degree in business and marketing from Towson University and is working on a master's degree in publications design at University of Baltimore.