NOTES
Marketing/Marketing Management Orientations
Expert: Leo Lingham - 11/22/2006
Question
Explain all the marketing management orientations with examples
Production concept product concept selling concept marketing concept thanks Answer
MARKETING CONCEPT
The marketing concept is the philosophy that the firm should analyze the needs of their customers[ current /potential ] and then make the decisions to satisfy those needs , better than the competition.
DEFINITION OF MARKETING.
What is Marketing ?
It is a process by which
-one identifies the needs and wants of the people.
-one determines and creates a product/service to meet the needs and wants. [PRODUCT]
-one determines a way of taking the product/service to the market place. [PLACE]
-one determines the way of communicating the product to the market place. [PROMOTIONS]
-one determines the value for the product.[PRICE].
-one determines the people, who have needs/ wants. [PEOPLE]
and then creating a transaction for exchanging the product for a value. and thus creating a satisfaction to the buyer's needs/wants.
TERMS to understand.
1.Product/Service means a product or service or idea to satisfy the people's needs / wants.
2.Needs mean when a person feels deprived of something.
3.Wants mean when a person's need is formed / shaped by personality, culture, and knowledge.
4.Value means the benefits that the customer gains from owning and using the product and the cost of the product.
5.Satisfaction means the extent to which a product's perceived performance matches a buyer's expectation.
6.Exchange means the act of obtaining a needed/ wanted object by offering something in return.
7.Transactions mean a trade off between a buyer / a seller that involves an exchange at agreed conditions.
Marketing is based on identifying,
Expert: Leo Lingham - 11/22/2006
Question
Explain all the marketing management orientations with examples
Production concept product concept selling concept marketing concept thanks Answer
MARKETING CONCEPT
The marketing concept is the philosophy that the firm should analyze the needs of their customers[ current /potential ] and then make the decisions to satisfy those needs , better than the competition.
DEFINITION OF MARKETING.
What is Marketing ?
It is a process by which
-one identifies the needs and wants of the people.
-one determines and creates a product/service to meet the needs and wants. [PRODUCT]
-one determines a way of taking the product/service to the market place. [PLACE]
-one determines the way of communicating the product to the market place. [PROMOTIONS]
-one determines the value for the product.[PRICE].
-one determines the people, who have needs/ wants. [PEOPLE]
and then creating a transaction for exchanging the product for a value. and thus creating a satisfaction to the buyer's needs/wants.
TERMS to understand.
1.Product/Service means a product or service or idea to satisfy the people's needs / wants.
2.Needs mean when a person feels deprived of something.
3.Wants mean when a person's need is formed / shaped by personality, culture, and knowledge.
4.Value means the benefits that the customer gains from owning and using the product and the cost of the product.
5.Satisfaction means the extent to which a product's perceived performance matches a buyer's expectation.
6.Exchange means the act of obtaining a needed/ wanted object by offering something in return.
7.Transactions mean a trade off between a buyer / a seller that involves an exchange at agreed conditions.
Marketing is based on identifying,