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Marketing Management Philosophies
Chapter Questions. Problem 1LO. Problem 2LO. Problem 3LO. Problem 4LO. Chapter 1, Problem 2LO. Textbook Problem. Want to see the full answer? Check out a sample textbook solution.Societal Marketing Concept
See solution. Chapter 1. Want to see this answer and more? Additional Business Textbook Solutions Find more solutions based on key concepts. Given a description of a companys marketing mix, classify the elements of the marketing mix and the category of Under what conditions will a firm shut down temporarily? Schedule of cash collections of accounts receivable Pet Supplies Inc. Marker Shortage Why would firms raise the price if there is a market shortage, and why would some consumers p On July 31,the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furnitur How can you prevent multimedia presentation software from stealing your thunder?
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Analyze the driving and restraining forces of a change that you would like to make in your life.The four Ps of marketing are the key factors that are involved in the marketing of a good or service. They are the product, price, place, and promotion of a good or service. Often referred to as the marketing mixthe four Ps are constrained by internal and external factors in the overall business environment, and they interact significantly with one another.
The 4 Ps are used by companies to identify some key factors for their business, including what consumers want from them, how their product or service meets or fails to meet those needs, how their product or service is perceived in the world, how they stand out from their competitors, and how they interact with their customers.
Neil Borden popularized the idea of the marketing mix—and the concepts that would later be known primarily as the four Ps—in the s. Borden was an advertising professor at Harvard University. His article titled "The Concept of the Marketing Mix" demonstrated the ways that companies could use advertising tactics to engage their consumers. Decades later, the concepts that Borden popularized are still being used by companies to advertise their goods and services.
When they were first introduced, Borden's ideas were very influential in the business world and were developed and refined over a number of years by other key players in the industry.
Marketing Management Philosophies (5 Concepts)
It was actually E. Jerome McCarthy, a marketing professor at Michigan State University, who refined the concepts in Borden's book and created the idea of the "4 Ps," a term that is still used today. At the time the concept was first coined, the marketing mix helped companies account for the physical barriers that prevented widespread product adoption.
Today, the Internet has helped businesses achieve a greater level of integration between businesses and consumers, and also to overcome some of these barriers. People, process, and physical evidence are extensions of the original 4 Ps, and are more relevant to the current trends in marketing. Product refers to a good or service that a company offers to customers.
Ideally, a product should fulfill an existing consumer demand. Or a product may be so compelling that consumers believe they need to have it and it creates a new demand. To be successful, marketers need to understand the life cycle of a product, and business executives need to have a plan for dealing with products at every stage of their life cycle.
The type of product also partially dictates how much businesses can charge for it, where they should place it, and how they should promote it in the marketplace. Price is the cost consumers pay for a product. Marketers must link the price to the product's real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors' prices.
In some cases, business executives may raise the price to give the product the appearance of being a luxury. Alternatively, they may lower the price so more consumers can try the product. Marketers also need to determine when and if discounting is appropriate. A discount can sometimes draw in more customers, but it can also give the impression that the product is less exclusive or less of a luxury compared to when it is was priced higher. When a company makes decisions regarding place, they are trying to determine where they should sell a product and how to deliver the product to the market.
The goal of business executives is always to get their products in front of the consumers that are the most likely to buy them. In some cases, this may refer to placing a product in certain stores, but it also refers to the product's placement on a specific store's display. In some cases, placement may refer to the act of including a product on television shows, in films, or on web pages in order to garner attention for the product.
Promotion includes advertising, public relations, and promotional strategy. The goal of promoting a product is to reveal to consumers why they need it and why they should pay a certain price for it.As we know, every company has different idea regarding philosophy of marketing.
Some companies concentrate on the large scale production while some concentrate only on the quality of the product etc. Production concept lays emphasis on availability and affordability of products. If these two elements are present in marketing, the enterprise will succeed.
Accordingly, marketing should aim at the reduction in the cost of production and concentrate on mass production and distribution.
This concept holds that potential exchange would be realized when the products are inexpensive and are widely available. However, this concept is not entirely true. For example, fleet shoes. Accordingly, the enterprise should concentrate on product and its continuous improvement over time because customers favour high quality products and are ready to pay higher prices for them. The enterprises following this concept direct their maximum efforts into creating superior products and improving the existing products.
However, the main drawback of this concept is that customers will buy the product only if they require the same. For example, a firm may be dealing in very spacious, luxurious and expensive cars but the customers will demand same only when they really need them and can afford their price. This concept stresses on attracting and persuading customers to buy the product by making aggressive selling and promotional efforts.
The main aim of selling is to convert the goods into cash by using fair or unfair means. But the buyers cannot be manipulated every time; hence selling can be successful only for short period but not during long period.
According to this concept, customer satisfaction is the key to organisational success. It assumes that a firm can achieve its objective of maximizing profit in the long run only by identifying and satisfying the need of present and prospective buyers in an effective way. The marketing concept has been criticized by some of the people because of the challenges posed by social problems like environmental pollution, deforestation, population explosion, inflation etc.
This is because any activity which results in customer satisfaction but is harmful for the interest of the society at large cannot be justified. Therefore, the firms must perform the functions of marketing keeping in view the social welfare. For example. No to plastic bags, recycled paper.Each and every company has its own idea on how the company will do production, how it will sell and do the marketing of its product. For example, A company which makes caps of very high quality with high selling rates and invests lot of money to make their brand value via marketingthis is their marketing management philosophy, how they will be producing, marketing and selling the product.
Production concept expresses that customers will favor products that are generally accessible and not very expensive. Achieving high efficiency in production, low cost as well as distribution on a mass scale is the usual focus of the managers. This sort of business orientation is efficient in developing nations where buyers are more attracted in getting the product than its attributes.
For instance, the local mobile handset producing organizations produce them at a lower cost than the branded companies. Thus, consumers in these countries would buy the handsets produced locally rather than the branded ones. The product concept recommends that shoppers will favor items that have better quality, performance and attributes instead of an ordinary product.
Two organizations which stand separate from the crowd when we discuss the product concept are Apple and Google. One issue which has been connected with the product concept is that it may additionally direct to marketing myopia.
Hence, organizations need to consider developments and traits sincerely and give precedence to consumer needs. This concept is utilized for merchandise which consumers do not normally purchase, unsought products like insurance and so on.
These products are forcefully sold by finding the target fragment and sold on the high caliber of the product benefits. This concept lives up to expectations under poor suppositions that if consumers are coaxed into purchasing a product then they will fundamentally like it. Marketing concept has developed over time, it emphasizes on organizations to evaluate the demands of the consumers and produce products or services to fulfill these wants better than the opposition.
Example: The Head and Shoulders shampoo initially arrived in a standard formula and pack. In any case, with the progression of time the organization understood the needs of the shoppers and adjusted their item and brought in a variety in their cleanser line. Societal Marketing has the observation that an organization must settle on great promoting choices in the wake of considering customer needs, the prerequisites of the organization and above all else the long term interests of the general public.
Societal Marketing is really a branch of the idea of Corporate Social Responsibility and maintainable development. This concept urges organizations to accomplish more than having a trade association with consumers, to go past conveying products and work for the profit of the consumers and the society.This concept usually not based on actual demand of consumers for providing specific product, it depends on business strategy and its products that theoretically will be accepted by consumers because of good quality, performance and any creativity futures.
This concept is not effective and might fail in more cases, because in current industry, because of availability of too many products, the final decision always refers to consumers for selecting their favor product. This concept based on producing inexpensive products via mass production technique, in the context of this concept it can be seen that consumers always accepting low price products so that the company try to make good mass production and distribution system with minimum cost.
In regard to mass production benefits, but economic values of products and availability does not provide full motivation factors to force consumers to select those products, then, this concept might fail if the product not satisfying consumers. Under this concept, the organization tries to sell all products without considering demand; it uses promotions for making good sell via advertisements for their products.
Usually, promotion helps consumer to understand the benefit of products and then buying, there will be two possible scenarios: good sales according to good advertisement at beginning, but after a period, for bad products, consumers might not return because of bad quality.
This concept is near to right in applying promotion but still not considering customers before making products. This concept is very effective because it tries to create well customer-response culture in whole organization that whole organization working to improve everything to make trusts with customers and then being populated in the industry.
Applying this concept require more efforts because keeping customers require continues improvements of old products and also, developing new products.
This concept is same as marketing concept except that marketing concept ignores or not considering social factors while this concept considering social factors for improving society.
Products and services after long period influences on culture and whole society, for example: communication technologies changed more social behavior and created new behaviors; also, there are many issues that came with new products so that, in regard to customer based, improving society must be considered in this concept. I can also see that iPad is created under societal marketing concept because of its ability to read e-Books and writing notes or even long text with easier functionalities that satisfy users and also improves society.
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