Marketing Management Complete Answers
What is marketing? ️'Satisfying needs and wants through an exchange process'
Marketing ️it´s the activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, pa...
Marketing Management Complete Answers
What is marketing? ✔️'Satisfying needs and wants through an exchange process'
Marketing ✔️it´s the activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and society at large."
(Definition approved by the American Marketing Association Board of Directors, July 2013.)
What is a need ? ✔️Problems that customers intend to solve with the purchase of a good or service.
See also customer expectations and customer requirements.
What did Peter Drucker mean when he said: "The aim of marketing is to make selling superfluous?"
✔️The aim of marketing is to know and understand the customer so well that the product or service
fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that
should be needed then is to make the product or service available.
Marketing Concept ✔️One of the five marketing management orientations is the marketing concept.
The marketing concept is based on the belief that a company must create, deliver and market products
more efficiently than the competition in order to turn a profit. To implement this concept, managers
focus on researching the target market and customer's needs along with marketing the product in an
integrated manner.
Production Concept ✔️The production concept, the oldest marketing concept, is based on a belief that
consumers prefer low prices and product availability. To implement the production concept, managers
concentrate on low costs, mass distribution and high production efficiency. The production concept is
mostly useful in developing countries where consumers are focused on obtaining products, rather than
focused on the features of a product.
Product Concept ✔️Another marketing management orientation is the product concept. This concept is
based on the belief that consumers prefer high-performing and high-quality products that serve an
individual or unusual purpose. To implement the product concept, managers focus on producing
superior products with innovative features. Typically, these products are also easily improved over time.
One disadvantage of this concept is at times, managers tend to become extremely engaged with their
product and lose track of what the consumer actually wants.
, Selling Concept ✔️The selling concept is based on the belief that consumers and businesses will not
purchase products from companies without aggressive selling and promotional efforts. To implement
this concept, managers focus on selling what the company creates rather than focusing on making what
the consumers want. Managers also focus on creating a comprehensive advertisement campaign to coax
consumers into purchasing their products.
Societal Marketing Concept ✔️The final marketing management orientation is the societal, or holistic,
marketing concept. This concept is similar to the marketing concept in that a company focuses on the
wants, needs and interests of a target consumer market and delivers the product more effectively than
any competitor delivers. The societal marketing concept is also based on the belief that a company
should carry out the marketing concept in a manner that enhances or preserves society's well-being. The
societal marketing concept takes into consideration how a company's marking affects society as a
whole.
Production Orientation ✔️The focus for the business is to reduce costs through mass production. A
business orientated around production believes that the "economies of scale" generated by mass
production will reduce costs and maximise profits. A production orientated business needs to avoid
production efficiency processes which affect product design and quality. Compromising product design
and quality for the sake of production is likely to reduce the product's appeal to customers.
Product Orientation ✔️A product orientated company believes that its product's high quality and
functional features make it a superior product. Such a company believes that if they have a superior
product customers will automatically like it as well. The problem with this approach is that superiority
alone does not sell products; superior products will not sell unless they satisfy consumer wants and
needs.
Sales Orientation ✔️A sales orientated company's focus is simple; make the product, and then sell it to
the target market. This type of orientation involves the organisation making what they think the
customer needs or likes without relevant research. However as we know sales usually aren't this simple.
An effective marketing strategy requires market and marketing research, prior to product development
and finally an effective promotion strategy
Market Orientation ✔️A market orientated company puts the customer at the "heart" of the business;
all activities in the organisation are based around the customer. The customer is truly king!. A market
orientated organisation endeavours to understand customer needs and wants, then implements
marketing strategy based on their market research; from product development through to product
sales. Once sales have begun further research will be conducted to find out what consumers think about
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