Marketing - ANSWERPutting the right product in the right place, at the right price, at the right time.
1. Production Concept
2. Product Concept
3. Selling Concept
4. Marketing Concept
5. Societal Marketing Concept - ANSWERName the 5 marketing concepts
Production Concept - ANSWER1. Consumers will favor products that are available and highly
affordable.
2. Companies adopting this orientation run a major risk of focusing too narrowly on their own
operations and losing sight of the real objective.
product concept - ANSWERthe idea that consumers will favor products that offer the most quality,
performance, and features; therefore, the organization should devote its energy to making
continuous product improvements.
Selling Concept - ANSWER1. Consumers will not buy enough of the firm's products unless the firm
undertakes a large-scale selling and promotion effort.
2. Management focuses on creating sales transactions rather than on building long-term, profitable
customer relationships.
3. The aim is to sell what the company makes rather than making what the market wants.
Selling Concept - ANSWER4. In selling concept the marketer assumes that customers will be coaxed
into buying the product will like it, if they don't like it, they will possibly forget their disappointment
and buy it again later.
5. The selling concept is practiced with unsought goods. Unsought goods are that buyers do not
normally think of buying, such as insurance or blood donations.
Marketing Concept - ANSWER1. Achieving organizational goals depends on knowing the needs and
wants of target markets and delivering the desired satisfactions better than competitors do.
2. Takes a "customer first" approach.
3. Customer focus and value are the routes to achieve sales and profits.
The Selling and Marketing Concepts Contrasted - ANSWER
, Societal marketing - ANSWER1. Marketing strategy should deliver value to customers in a way that
maintains or improves both the consumer's and society's well-being.
2. Puts human welfare on top before profits and satisfying the wants of the customer.
Societal marketing - ANSWER
Marketing Mix - ANSWERA crucial tool to help understand what the product or service can offer and
how to plan for a successful product offering.
Product, Price, Place, Promotion - ANSWER4 P's of Marketing
product - ANSWERAll products follow a logical product life style.
Product Life Cycle - ANSWER
Price - ANSWER1. The actual amount the end user is expected to pay for a product
2. How a product is priced will directly affect how it sells
3. This is linked to what the perceived value of the product is to the customer rather than an
objective costing of the product on offer
4. If a product is priced higher or lower than its perceived value, then it will not sell
promotion - ANSWER1. Marketing communication strategies and techniques all fall under this
heading
2. May include advertising, sales promotions, special offers and public relations.
3. The communication aspect of the entire marketing function.
place - ANSWER1. How the product will be provided to the customer
2. Distribution is a key element of placement
3. The placement strategy will help assess what channel is the most suited to a product
developing a marketing mix - ANSWER
marketing manager - ANSWERIntuition and creative thinking are essential job requirements for a...
defining the unique selling proposition - ANSWER1. Define what the product has to offer or its
unique selling proposition (USP)
2. Can be accomplished through customer surveys or focus groups
3. Should be clearly understood what the key features and benefits of the product are and whether
they will help ensure sales
Understanding the Consumer - ANSWERStep 2
Understanding the Consumer - ANSWER1. The product can be focused by identifying who will
purchase it.
2. All other elements of the marketing mix follow from this understanding.
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