The marketing concept holds that ________. Marketing Management Chapter 1 MC Flashcards 2022-10-27
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The marketing concept holds that the key to achieving organizational goals consists in determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors. This concept suggests that an organization should not focus solely on its own needs and desires, but rather on the needs and desires of its customers.
The marketing concept is a customer-centric approach to business that involves understanding the needs and wants of the target market, and developing products and services that meet or exceed those needs. This concept recognizes that customer satisfaction is the key to long-term success and profitability. In order to achieve customer satisfaction, organizations must understand their customers and be able to anticipate and respond to their needs and wants.
The marketing concept is based on the premise that an organization should strive to deliver value to its customers in order to capture value from them in return. This requires a deep understanding of the target market, as well as a focus on building long-term relationships with customers.
One way that organizations can deliver value to customers is through innovation. This involves introducing new products and services that meet the changing needs and desires of the target market. Innovation can also involve improving existing products and services in order to increase their value to customers.
In addition to innovation, the marketing concept also emphasizes the importance of effective communication and promotion. Organizations must be able to effectively communicate the value of their products and services to customers in order to persuade them to purchase. This requires a strong understanding of the target market and the use of appropriate marketing channels and tactics.
In summary, the marketing concept holds that the key to achieving organizational goals lies in understanding and meeting the needs and wants of target markets through the delivery of value, innovation, and effective communication and promotion. By following this customer-centric approach, organizations can build strong, long-term relationships with their customers and achieve success and profitability.
What is Marketing Concept?
Demands : Wants are unlimited but resources are limited. To increase profits for the growth of the business: The marketing department is the only department which generates revenue for the business. The Societal Marketing Concept puts the Human welfare on top before profits and satisfying the wants. Needs, Wants and Demands 2. At this stage marketers began to feel the limitation of the sales-orientation stage. The marketing concept rests on four pillars: 1.
Marketing should emphasize use of environment friendly products which are bio-degradable. As a consequence, principles namely the value, cost and satisfaction are critical to the concept of marketing. In other words, performance of marketing activities should also enhance social well-being. What is Marketing Concept — Role in the Economy The concept of marketing and its influential role in the transformation of market, consumer and Indian economy is increasingly felt. This has raised environmental issues and concerns. . By the 'middlemen' is meant those persons who send the products from the producer to the consumer.
Marketing Management chapter 1 practice test Flashcards
To sell the goods, different methods of sales promotion were adopted. D It is more important for bigger organizations than smaller ones. Marketing is also referred to as the process of discovering and translating consumer needs and wants into product and service specification, creating demand for these products and services and in turn expanding this demand. The thinking is that consumers would automatically buy products of high quality. It is a continuous process till the costumers demands fulfilled. Their products are carefully designed to meet customer requirements and the entire focus is on achieving customer satisfaction.
What are the 5 Marketing Concepts Explained with Examples
Management focuses on creating sales transactions rather than on building long-term, profitable customer relationships. Wants : Needs are limited in nature and human wants are unlimited. A market orientation means that management builds its future profits on seeking better ways to satisfy needs. Marketing Concepts used in Marketing Management includes concept developed by Philip Kotler What is Marketing Concept? Thus, a firm may totally satisfy its customers, achieving handsome profits but in the process of doing so, they might also be polluting the air and water in the environment or damaging the cultural environment. Consequences of the Marketing Concept: Marketing concept will have an appreciable effect on the company whose management is customer-oriented and whose organisation is customer-centred.
Each party is free to accept or reject the offer. Promotional activities include advertising, selling, public relations and sales promotions. D In order to succeed, the main focus should be on having an efficient production process in place. The only difference between the product concept and the production concept is the change in the emphasis—through product excellence— improved products, new products and ideally designed and engineered products. She doesn't mind paying extra for goods and services that use sustainable processes to help control pollution. Managing the marketing process B.
However, in doing so it neglects the quality control and efficiencies in production process. Market intelligence relating to current and future customer needs is important. Firms primarily focus on developing a product and fine tuning its features. The owners ensure that all communication channels deliver a common message to prospective customers. In this case, the company will look to maximize its profit with promising quality products. Production Concept The production concept is one of the earliest marketing concepts where the company focuses on the efficiency of its production processes. When you compare the marketing concept with the sale concept, then you find a huge difference between both of these strategies.
The concept emerged as a belief that consumers will buy only those products that are superior. These organizations support a particular issue or a charity and create awareness among the general public towards these issues and try to obtain financial and non-financial support. Marketing is the function and process of building, managing and maintaining an exchange relationship, where you start with attracting the customers, establishing a relationship with them and finally maintaining it by satisfying their needs. C It helps to build a loyal customer base but has no impact on a firm's intangible assets. This will further enhance the reputation of the business. For instance, there is the need of the middlemen, the godown owners, the traders, the owners of transport companies, etc.
What is Marketing Concept — Modern Concept The modern or new marketing concept replaces and to some extent reverses the logic of the old one. The idea of the marketing concept is to anticipate and satisfy the needs and wants of customers better than the competitors. A child when born is not feed well he will never be motivated to focus on fulfilling other needs. They also maintain an excellent distribution network that ensures wide availability of their products. Transfer is also a kind of exchange where one person exchange a product in terms of a gift, a donation, or a help with another person but it is different from transaction.
A creative marketer discovers and produces solutions that customer did not ask for but to which they enthusiastically respond. Consumer satisfaction is not given adequate emphasis. There are at least two parties. Societal Marketing is quite important to society, as for the environment, for the businesses. Self-actualization is a stage where all the needs are fulfilled. Marketers Needs, Wants and Demand: Needs, wants and demands are a part of basic marketing principles. The marketing plan as well as the business plan of such a company will have customer-oriented approach.
Product quality and improvement are important parts of marketing strategies, sometimes the only part. It does not store any personal data. The Production Concept : In the beginning, after the industrial revolution took place; the manufacturers were selling, whatever they could produce; as there was shortage of different products. He is the pivot around which organisational activities revolve. Modern concept of marketing requires all the above decisions to be taken after due consideration of consumer needs and their satisfaction.
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