* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download File
Price discrimination wikipedia , lookup
Viral marketing wikipedia , lookup
Marketing plan wikipedia , lookup
Digital marketing wikipedia , lookup
Guerrilla marketing wikipedia , lookup
Dumping (pricing policy) wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Service parts pricing wikipedia , lookup
Planned obsolescence wikipedia , lookup
Marketing research wikipedia , lookup
Street marketing wikipedia , lookup
Grey market wikipedia , lookup
Product placement wikipedia , lookup
Direct marketing wikipedia , lookup
Food marketing wikipedia , lookup
Product lifecycle wikipedia , lookup
Youth marketing wikipedia , lookup
Consumer behaviour wikipedia , lookup
Target audience wikipedia , lookup
Multicultural marketing wikipedia , lookup
Market penetration wikipedia , lookup
Pricing strategies wikipedia , lookup
Integrated marketing communications wikipedia , lookup
First-mover advantage wikipedia , lookup
Supermarket wikipedia , lookup
Predictive engineering analytics wikipedia , lookup
Perfect competition wikipedia , lookup
Target market wikipedia , lookup
Advertising campaign wikipedia , lookup
Segmenting-targeting-positioning wikipedia , lookup
Global marketing wikipedia , lookup
Green marketing wikipedia , lookup
Neuromarketing wikipedia , lookup
Sensory branding wikipedia , lookup
Marketing strategy wikipedia , lookup
Implications of different marketing concepts Product concept First stage of product development Selling concept 1920s-1950s Demand equals supply Focus on advertising and selling “If our product is the best, then we will sell it” Consumers always prefer goods/services that offer best quality, performance and features Focus on R&D, innovation Consumers need to be aware of new products (promotion) Risk of product failure without market research! Production concept Mid 19th century-1920s “If a product is made, somebody will want to buy it” Demand exceeds supply To make profits, product just needs to be readily available and of right quality Implications Implications Marketing concept 1950s- present Supply exceeds demand Led to intense competition among sellers, identifying consumer needs and wants via market research Market orientation, market led marketing Implications Business have to satisfy needs/wants of customers to meet goals Market research to identify these and then produce goods/services to satisfy them Least risk of failure Consumers have to be encouraged to buy one firm’s product over another Consumers may not buy nonessential goods Creative ads and personal selling required, high expenditure on advertising Societal marketing concept 1970s-present “Marketing is a means of satisfying consumer needs profitably, with minimum costs and damage to society” Considering all stakeholders ie. Employees, shareholders, suppliers, competitors, government, community, natural environment Limited product choice Implications Prices based on costs of production Balancing three concerns (company profits, consumer wants, society’s interests) No market research Packaging to protect product Little promotion Long term welfare ie. Protecting environment and paying workers reasonable wages Socially responsible products Firm can charge high prices for products that benefit society