1. Name and describe the four marketing management philosophies. * Production is the internal capabilities of the firm * Sales describe the aggressive sales techniques and beliefs that high sales result in high profit. * Market is satisfying the customer needs and wants while meeting objectives. * Societal is satisfying the customers’ needs and wants while enhancing the indivisual and societal well-being.
2. Explain the marketing concept and market orientation. What three requirements are included in the marketing concept? 3.
Marketing orientation is a philosophy that assumes sale does not depend on an aggressive sales force, but rather on a customer’s decision to purchase a product; it is synonymous
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Since Stump’s Hot Olives seeks to target the Midwest and to a few local restaurant in a small segment of the market their product becomes unique and valuable to the buyers beyond simply offering a lower price which would touch on the second and third competitive advantage ”Product/Service Differentiation” and “Niche”.
5. List the four basic strategies used once an organization has identified its strategic business units in terms of the portfolio matrix. Describe when each is used. 6.
The 4 strategies are product, place, promotion, and pricing. Before you touch on the other P’s you have to have a product. Figuring out your product is the first thing. The product includes packaging, warranty, after-sale service, brand name, company image, and value. Next you want a Place which involves the physical distribution and involving all the business activities concerned with storing, transporting raw material or finished product. You want to make sure you products arrive in good condition at the designated place when needed. In order to get you product into places and be recognized you will want to promote your product which brings us the 3rd “p”, “Promotion”. Promotion includes advertising, public relations, sales promotions, and personal selling. The promotions role is to bring about mutually satisfying exchanges with target market by informing, educating, persuading, and reminding them of the benefit of a product or organization. The most flexible of the
The nature of marketing is a very important basic principle when it comes to marketing in a business. The activities that come from marketing create value by allowing individuals and organizations to obtain what they need. You need to know what the customers want and how to satisfy them with your goods or services. They need to be conveniently available, competitively priced, and uniquely promoted. To a business, marketing is an important part of their strategy. Marketing however is not manipulating your customers into buying products they don 't want, so never think that. It’s about the
| Societal marketing orientation is the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve individuals’ and society’s long-term best interests.
To define customer orientation in respect to the philosophy underlying The Marketing Concept (May, 2014) is to
The main thing behind marketing in a business is finding the customer’s needs and produce the product/ services to satisfy their needs, this way the customer can choose what they would want included in their product/ service. A business that follows this rule is market-orientated.
Q1. Identify three key characteristics of the marketing concept. A. Marketing is very important and a key concpet in creating a succesful business. "Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitabily". The marketing concept states that success is achieved by identifying needs and wants of the target market satisfying them better than competitors.
23. Which of the following is NOT one of the key questions which must be asked when making marketing
Other paintings of guinguettes, such as “Elena et Les Hommes” by Renoir, provide a sense of light-hearted summer days. We want to replicate this feeling in accordance with Marcel’s original restaurant concept by incorporating all of the definitions of a guinguette.
The 4 P’s of marketing, product, price, place and promotion, together these four make the marketing mix, They are mostly the main elements of marketing and most, if not all, of what you can control about a marketing campaign. These are a set of strategies to achieve an organizations objectives and make sure that customer needs are satisfied. Just like different organizations Rock Jam uses the most basic way of a marketing mix , and that’s considering the product, price, place and promotion. The product which is the artist, a record, a song, a concert, a T-shirt, a download, a physical CD, a ring tone, access to an exclusive online portal or fan club, these are the things sold. In fact, the idea of a music product has become increasingly
The Marketing Concept. This is a business philosophy that challenges the above three business orientations. Its central tenets crystallized in the 1950s. It holds that the key to achieving its organizational goals (goals of the selling company) consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its selected target customers. The Marketing Concept represents the major change in today’s company orientation that provides the foundation to achieve competitive advantage. This philosophy is the foundation of consultative selling.
The 5 marketing management orientations are production concept, product concept, sales concept, marketing concept and social marketing concept.
Aiming for success is every Business’s affinity, to triumph is developing relationships with potential customers and earn their loyalty. Once the trust is augmented, it forms a strong foundation and scope for farther Business opportunities. This builds up long-term relationship with the customers.
In other words the essentiality/ fundamentals of marketing approach is to create/ produce a product, according to the needs/ requirements of the customers/ community and to remain hold of the existing and new customers with innovation at a reasonable price for the ultimate profitability of the company. The word purpose of marketing approach is to put customers as a centric, which indirectly increase the sale of the company.