Marketing models and frameworks are used to achieve business goals effectively. Based on the goal of an organisation, you have to go for relevant marketing models and frameworks. It is the best way to display the milestone of an organisation. Many aspects are required to increase the revenue of an organisation.
1. What are the Main Models of Marketing?
Following are the main marketing models and frameworks:
- PESTLE Analysis
- Porter’s Five Forces
- SWOT Analysis
Let’s discuss these marketing models and frameworks briefly.
PESTLE analysis is one of the most frequently used models of marketing. It stands for Political, Economic, Social, Technological, and Legal. These are the external factors that contribute to creating impacts on a business. The purpose of using PESTLE analysis is to access the business environment. Furthermore, it identifies the impacts of the business environment within the company. In PESTLE analysis, you can evaluate different aspects linked with your business. First of all, you can identify all of the factors associated with the business.
Furthermore, you can learn about the duration of a particular project and its impacts. Similarly, the severity of the impact can also be identified through PESTLE analysis. If still, you face any issues in the analysis, you can get PhD dissertation help.
Porter’s Five Forces
From the list of marketing models and frameworks, it is considered one of the best methods to determine the competition of any organisation within the market. Following are the porter’s five forces:
- The threat of new entrants
- Threat of substitutes
- Bargaining power of customers
- Bargaining power of suppliers
- Competitive rivalry
These five forces work well to determine the competition in the industry. For the better survival of any organisation, it is very important to have a clear idea about its strengths and threats. By having an idea of strengths, you can get to know about the attractiveness of your company. On the other hand, a clear idea about threats can help you develop possible and beneficial solutions. Furthermore, it helps you highlight the new entities. You can determine the power of each entity. Apart from all that, the best thing about porter’s five forces is that you can identify different ways to expand your business. It can be in the form of a national and an international extension of the business.
SWOT analysis has great importance in the business sector. It includes the identification of internal as well as external factors. In internal factors, strengths and weaknesses are included. On the other hand, the external factors focus on opportunities and threats linked with them. With the help of SWOT analysis, an organisation’s present and upcoming dealings can be made better.
AIDA is another model that aims to grasp the potential customer’s attention. For any organisation, its products are the real asset. The quality of the product is not everything, but its excellent advertisement also has great importance. AIDA covers four stages that are used to prioritise marketing activities. AIDA stands for Attention, Interest, Desire, and Action. It helps in providing the services that are required to the potential customer.
2. What are the Five Concepts of Marketing?
Following are the five concepts of marketing:
- Production Concept
- Product Concept
- Selling Concept
- Marketing Concept
- Societal Marketing Concept
Let’s discuss each concept briefly.
The oldest marketing concept is production. In this concept, the core focus of any organisation is to come up with products that have high quality and reasonable cost. While designing the product, the demand of potential customers is prioritised. For using the production concept, you have to see some situations. The first situation is about demand and supply. In general, demand and supply have direct relation. If demand increases, then supply is also supposed to increase. Here, the situation is that when supply is less and demand is more, the organisation needs to increase its production rate. Another situation is that the high cost does not let customers buy it. In this situation, an organisation needs to work on low-cost strategies.
Another marketing concept is about a product. The quality of a product can be on top of the list of objectives, or it can be a part of it. This is the aspect that you cannot ignore at all. The high quality and innovative products always get the attention of the customer. Manufacturing a new product will be of no use if it lacks quality. No one wants to spend money on trash. So, marketing strategy highly focuses on product concepts.
As per the selling concept of marketing, organisations are more inclined toward their sales rate. In some organisations, the strategies are made to develop long-term relationships with clients. It takes a long time. Here, the organisation prioritises its benefit on market trends.
Ads have become an unavoidable part of the online world. On TV, mobile, and laptop, you can watch bundles of ads. These ads are taken as a way to advertise your brand. You can see that there is a long list of products that have very few benefits. With the least benefits, some brands get more worth. This is just because of their marketing concept.
Societal Marketing Concept
The societal marketing concept is considered the most beneficial concept. In this concept, all three sectors contribute to sustainable marketing. It includes customers, organisations, and society. The societal marketing concept is more inclined toward the welfare of human beings. The strategies are made to stratify the customer, which causes efficiency in society. By working on customer satisfaction and the well-being of society, the company’s profit increases automatically. The overall impact of the societal marketing concept is positive and beneficial.
By clearly understanding all of the marketing models and frameworks, you can better evaluate which one is best to use. Before using any model or framework, make sure if it fulfils your objective or not so that you can get more profit out of your business.