Marketing Philosophy
MKT 101
Principles of Marketing
Assignment 1- Essay
Submitted To:
Ashraf U Bhuiyan
Submitted By:
Afif Abdul Fattah
ID# 2009-3-10-069
[pic]
In the modern world, marketers want to build a customer driven marketing strategy for creating lasting customer relationships. To do this, they can use one of the five marketing management philosophies- production, product, selling, marketing and societal marketing concept. The appropriateness of these philosophies depends on the nature of the business and target market. Now we will discuss each of these philosophies for a particular product and compare them. The product is Prius, a hybrid car built by Toyota Motor Corporation.
Marketing management Philosophies:
( Production Concept: Companies following production concept believes that it should produce goods efficiently and try to bring down prices so that products become affordable. This concept is useful where the demand is more than supply. Toyota can use production concept in the marketing of Prius, if their target market belongs to any third world country, where people are more interested in obtaining products than its features.
( Product Concept: According to product concept, people like products which are very good in terms of performance and quality. Toyota can adopt product concept if their target customers are often judge products before buying.
( Selling Concept: According to selling concept, company’s entire focus is on selling and hence making a lot of sales. The selling effort is backed by serious promotional activities and aggressive advertising. Toyota can use selling concept in the marketing of Prius, if they have overcapacity.
( Marketing concept: The marketing concept is concerned with identifying customer needs and delivering products that give greater customer satisfaction than the competitors do. Marketing concept believes in “gardening” instead of “hunting”. Marketing concept rests on four pillars- target market,
Principles of Marketing
Assignment 1- Essay
Submitted To:
Ashraf U Bhuiyan
Submitted By:
Afif Abdul Fattah
ID# 2009-3-10-069
[pic]
In the modern world, marketers want to build a customer driven marketing strategy for creating lasting customer relationships. To do this, they can use one of the five marketing management philosophies- production, product, selling, marketing and societal marketing concept. The appropriateness of these philosophies depends on the nature of the business and target market. Now we will discuss each of these philosophies for a particular product and compare them. The product is Prius, a hybrid car built by Toyota Motor Corporation.
Marketing management Philosophies:
( Production Concept: Companies following production concept believes that it should produce goods efficiently and try to bring down prices so that products become affordable. This concept is useful where the demand is more than supply. Toyota can use production concept in the marketing of Prius, if their target market belongs to any third world country, where people are more interested in obtaining products than its features.
( Product Concept: According to product concept, people like products which are very good in terms of performance and quality. Toyota can adopt product concept if their target customers are often judge products before buying.
( Selling Concept: According to selling concept, company’s entire focus is on selling and hence making a lot of sales. The selling effort is backed by serious promotional activities and aggressive advertising. Toyota can use selling concept in the marketing of Prius, if they have overcapacity.
( Marketing concept: The marketing concept is concerned with identifying customer needs and delivering products that give greater customer satisfaction than the competitors do. Marketing concept believes in “gardening” instead of “hunting”. Marketing concept rests on four pillars- target market,
Bibliography: ( Kotler, P, Marketing Management, Pearson Education, Inc. 11th edition, 2003, Page 17-27. 13th edition, 2010, Page 9-12. 13th edition, 2010, Page 96. 13th edition, 2010, Page 96.