A business that follows the marketing concept focuses its business planning on increasing sales.
Minor or major changes in product mix are made to prevent, remove, or to fight with competitors. Company changes its product mix to offer more competitive advantages and prove the superiority of products over competitors through product differentiation.
The Five Marketing Concepts The Production Concept . The production concept is focused on operations and is based on the assumption that customers will be more attracted to products that are readily available and can be purchased for less than competing products of the same kind. The Product Concept. The Selling Concept. The Societal Concept.
|Term ____________ occurs when marketing is considered an essential part of the business and is involved in all important business decisions .||Definition Inegrated|
|Term True or False: Understanding and meeting consumer needs is relatively easy to do because most people have the same needs.||Definition False|
Drucker (1955, 2007). Implementation of the marketing concept [in the 1990’s] requires attention to three basic elements of the marketing concept . These are: customer orientation; an organization to implement a customer orientation; long-range customer and societal welfare.
The four Ps of marketing: product, price, place and promotion . The marketing mix can be divided into four groups of variables commonly known as the four Ps: Product: The goods and/or services offered by a company to its customers. Price: The amount of money paid by customers to purchase the product.
The product is the most important element of the marketing mix. Developing a total marketing programme involve the marketing manager arming himself with the 4p’s of the marketing mix, i.e. product, place (distribution), pricing , and promotion .
Your product mix is important in determining the image of your business and brand, as it helps you to maintain consistency in the eyes of your target market. For instance, if you’re a discount retailer, your target market likely consists of economy-minded shoppers looking for low prices.
As we’ve mentioned, place is the element of the marketing mix that ensures that the product is distributed and made conveniently available for the consumer – at the right location at the right time. This is why it is so important the product makes it to the right place at the right time.
These seven are: product, price, promotion, place, packaging, positioning and people. As products, markets, customers and needs change rapidly, you must continually revisit these seven Ps to make sure you’re on track and achieving the maximum results possible for you in today’s marketplace.
4 Types Of Marketing Plans And Strategies Market Penetration Strategy . Market Development Strategy . Product Development Strategy . Diversification Strategy .
Stages in the Product Lifecycle There are four stages in the product life cycle: introduction, growth, maturity, and decline. Life Cycle: Firms’ products progress through the stages of development, which is indicated by their changing profits over time.
But the benefits of building and maintaining a strong brand are endless: customer recognition, word-of-mouth marketing , customer loyalty, enhanced credibility, and ease of purchase, to name a few.
Marketing informs your customers about the products or services you’re offering them. Through marketing , the customers get to know about the value of the products , their usage and additional info that might be helpful to the customers. It creates brand awareness and makes the business stand out.