Modern marketing concepts that every CMOs should know.
The concept of modern marketing can vastly improve marketing management. When marketing management is operating at full capacity, marketing campaigns are the most successful. Modern marketing concepts help marketing managers create better, more effective marketing campaigns.
Modern Marketing Concepts
There are a few modern marketing concepts that can help marketing managers be successful. The first is the production concept. This concept suggests that customers will respond to products available to them. The problem with this concept is, that while it boosts sales in the initial stages, it is impersonal and ignores consumer interests. The next concept is the product concept. This concept suggests that customers will respond to products of the best quality at the most reasonable price. With this concept, the primary focus of management is to improve the quality of the product to attract and hold customers. The third modern concept is the sales concept. This concept suggests that consumers will not purchase enough of the product unless interest is gained through major selling and promotional activities. The set back with this concept is that it ignores consumer interests and the company may face difficulties in the long run. The last two concepts are the marketing concept and the social marketing concept. These concepts benefit customers the most by delivering the highest satisfaction.
Modern Marketing Concepts CMOs Might be Overlooking
There are three major modern marketing concepts CMOs could be overlooking. The first is the fact that they might not be receiving the entire picture. When marketing and sales platforms are not integrated, CMOs are not able to fully track the returns on inbound marketing efforts. Without the complete picture, CMOs are essentially just shooting in the dark and have no way to measure any performance or make any improvements.
The next modern concept a CMO could be overlooking is the fact that they must partner with their sales team. Too often, it seems marketing and sales teams are competing with each other and butting heads. To guarantee an organization succeeds, marketing and sales teams need to work together. These two teams need to also work with the customer service team because to ensure the customer and the organization is benefitting, all three teams need to work together as one.
The last modern concept CMOs could be overlooking is the importance of hard to measure metrics. Most marketing efforts today are measured easily but some aren’t and get overlooked. These marketing functions are harder to measure but are just as important. Community building, relationship development, and branding aren’t as easy to measure and tend to get shoved to the end of a priorities list. While these functions are harder to measure and more long-term in scope, they help ensure long-term success.
Importance of Modern Marketing Concepts
- Employment opportunity generation
- Social media welfare increase
- Emphasis on marketing research
- Better production quality
- Business enterprises reason for existence
- Healthy competition encouragement
- Consumer status upgrade
- Enterprise objectives and societal objectives integration
There are many important factors of modern marketing concepts for organizations. While a few are listed above, there are many others like how modern marketing concepts are a regulating force in society.
Modern marketing concepts are important for CMOs and organizations to follow. Marketing trends are constantly updating and recent trends in marketing are no different. This is especially true when it comes to new trends in digital marketing, email marketing, and marketing automation. When CMOs and organizations are up to date with the most modern marketing concepts, the consumers, and organization as a whole both win.