Marketing Concept
1. What is the marketing concept? What three key areas does the
marketing concept involve?
2. A marketing-orientated firm may choose not to deliver the
benefits sought by customers, because these benefits are not in
the best interests of the individual or society. List ...
1. What is the marketing concept? What three key areas does the
marketing concept involve?
The philosophy of the marketing concept states that the social and
economic justification for a company's existence is the satisfaction of
customer wants and needs, while meeting the company's objectives. It
involves:
o focusing on consumer wants so that the company can distinguish
its product(s) from competitors' offerings;
o integrating all the company's activities, including production, to
satisfy these wants; and
o achieving long-term company objectives by satisfying the
customers' wants and needs, legally and responsibly.
2. A marketing-orientated firm may choose not to deliver the
benefits sought by customers, because these benefits are not in
the best interests of the individual or society. List three current
situations where a company may need to show social
responsibility.
Any three of the following:
o smoking in public places;
o high sugar content in foods for children (or other additives in food);
o seatbelt laws;
o gun sales; or
o offering products that have not been approved, for example drugs.
, 3. Describe the difference between production orientation and
product orientation in a company.
Production orientation focuses on the international production or
manufacturing capabilities of the firm rather than on the desires and
needs of consumers. Management with a production orientation looks
first at internal resources when deciding on its marketing strategies. Such
companies believe that consumers will favour products that are available
and highly affordable.
A product-orientated company focuses on its internal production
capabilities rather than on the needs of the market place. It believes that
consumers will prefer or favour products that offer the best quality,
performance and features, and therefore devotes its energies to making
product improvements.
4. What is meant by relationship marketing? Describe its main
characteristics.
Relationship marketing is the maintenance of long-term relationships
between the enterprise, the government, the public, and the suppliers
of raw material, the employees and current and potential customers.
Every employee in every section of the firm must ensure the fullest
customer satisfaction with the product and service. The company must
expand its offering to distinguish its product from the rest by a greater
degree of consumer satisfaction.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller reigntutorstc90. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $6.62. You're not tied to anything after your purchase.
