Marketing Concepts and Philosophies Lecture 2 Lecture Outline

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Lecture 2 Risk And Return - part 1 october 15 (3), profitability and market

Marketing Concepts and Philosophies

Lecture 2

Lecture Outline

  • Marketing Management Philosophies
  • The New Marketing Realities
  • Marketing Entities
  • Types of Demand

Marketing Management Philosophies

The Production Concept

  • The production concept is one of the oldest concepts in business.
  • It holds that consumers prefer products that are widely available and inexpensive.
  • Managers of production-oriented businesses concentrate on achieving high production efficiency, low costs, and mass distribution.

The Product Concept

  • An inward approach that focuses on making products that can be made- or have been made for a long time- and then trying to sell them.

The Selling Concept

  • The selling concept holds that consumers and businesses, if left alone, won’t buy enough of the organization’s products.
  • It is practiced most aggressively with unsought goods—goods buyers don’t normally think of buying such as insurance —
  • Also when firms with overcapacity aim to sell what they make, rather than make what the market wants.

The Marketing Concept

  • This approach is an outward looking approach that focuses on current and future consumer demands. The business will attempt to produce what consumers want rather than try to sell them a product they may not really want to buy.
  • Increasing consumer awareness of competitors’ products, prices and image can result in significant fluctuations in popularity of goods and services

Marketing VS Selling

The Societal Marketing Concept

  • This approach adopts a wider perspective than previous forms of orientation. It focuses on other stakeholders as well as the business and its customers.
  • Social responsibility is becoming increasingly popular among organizations and can be regarded as an important strategic marketing tool.

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