Marketing Management Philosophies describe the achivement of organisational objectives easily. These Philosophies are in the mid of 18th and 19th centuries. It took place during the industrial revolution for the first time.
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Marketing Management Philosophies:
There are four types of Philosophies which are as follows:
1. Production Concept:
This concept works on an assumption that consumers prefer a product which is available and inexpensive. Which means ‘Supply creates its own demand’. Therefore,companies focus on producing more of the product and making sure that it is available to the customer everywhere easily.
The advantage of economies of scale is taken by the companies where these are focusing on the more production of the product. Secondaly we can that decreased production cost make the product cheap and attractive to the customer.
A minimum price may attract new customers, but the focus is just on production and not on the quality of the products. As result in a decrease in sales if the product is not up to the mark or as per the demand of the customer.
This concept works on the assumption that customers prefer products of better quality and availability’. The company mainly devotes most of its time in developing a product with greater quality that usually turns into expensive price. Provide good quality products with more features in product is the main focus of product concept.
“Selling what you have” is only the main function and aim of the Selling Concept. In this, customer is convinced by the seller to buy the product (means product is sold by hook or crook. In this, the selling not focus on the requirements of the customers. Only one time the customer can be convinced, it does not mean everytime the seller can mold his customer accrording to him. So the firms canot succeeding short as well as long time.
Understanding the requirements and wants of the customer are the main aim of the Marketing Concept. Satisfying the customers are the important function of this concept. The firm focuses on the close contact with the customers so that their needs will be drawn and then product will be offered to the customer accordingly.
“To satisfy the target market in best way than the compititors” is the agenda of Marketing Concept.
Customer satisfaction with in ethical boundaries of the community/society is the main function of societal Concept. Harmfull and unfair trade practices are avoided in this concept. This concept focus on the stop usage of those items which are having harmful effects etc.
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