Marketing concept

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Presentation Transcript

MARKETING PHILOSOPHIES : 

MARKETING PHILOSOPHIES 9/29/2010 CHAPTER1 SUDHIR SINHA, UIT 1

MARKETING PHILOSOPHIES : 

Traditional concept Modern concept 9/29/2010 CHAPTER1 SUDHIR SINHA, UIT The Production concept The Product concept The Selling concept The Marketing concept The Consumer concept The Societal Marketing concept 2 MARKETING PHILOSOPHIES

The Production Concept : 

The Production Concept 9/29/2010 CHAPTER1 SUDHIR SINHA, UIT 3 This concept states that customer want basic products that are mass produced, widely available and at the lowest price. The belief is that “One Size Fit All” Company must create standard products which can be mass produced Companies need to emphasize production efficiency and achieving economies of scale. Mass distribution of products is the key to success.

The Production Concept : 

The Production Concept 9/29/2010 CHAPTER1 SUDHIR SINHA, UIT 4 This philosophy, though not popular today, would still be relevant for very basic commodities such as salt, public utilities like water and electricity and mass urban transportation. This orientation is still relevant in developing economies, where standard of living is lower, and large population is the first time consumer of even basic products like soaps, toothpaste etc. The vast rural economy of India is one such market.

The Product Concept : 

The Product Concept 9/29/2010 CHAPTER1 SUDHIR SINHA, UIT 5 The companies which are guided by this philosophy believes that: Customers favour products that are highly engineered Customers favour products that are of the highest quality Customers are interested in innovative products

The Product Concept : 

The Product Concept 9/29/2010 CHAPTER1 SUDHIR SINHA, UIT 6 Companies become centered on constantly improving the product Myopic focus on the product No attention on the other ways in which customers can fulfill their needs – MARKETING MYOPIA Customer does not buy a product, he buys an offering that fulfills his needs

The Selling Concept : 

The Selling Concept 9/29/2010 CHAPTER1 SUDHIR SINHA, UIT 7 Companies that are guided by this concept believes that: Customers if left alone, exhibit buying inertia Customers have to be coaxed and cajoled into buying products Companies must invest heavily in aggressive selling and promotion.

The Selling Concept : 

The Selling Concept 9/29/2010 CHAPTER1 SUDHIR SINHA, UIT 8 Product or service is not designed and made according to customer’s requirements Customer has to be persuaded to believe that the product or the service meets his requirements Customer dissatisfied and bad-mouths company Marketing makes selling redundant

The Marketing Concept : 

The Marketing Concept 9/29/2010 CHAPTER1 SUDHIR SINHA, UIT 9 This concept states that only those companies which are more effective than competitors in creating, delivering and communicating superior customer value to its chosen target market, will be successful in meeting their organizational goals. The marketing concept of doing business rests on five pillars Target markets Understanding customers needs Creating products to satisfy those needs Integrated marketing to deliver those products to customers Profitability through customer satisfaction

Marketing v/s Selling : 

Marketing v/s Selling 9/29/2010 CHAPTER1 SUDHIR SINHA, UIT 10

The Customer Concept : 

The Customer Concept 9/29/2010 CHAPTER1 SUDHIR SINHA, UIT 11 It is essential the refinement of the market concept, additionally recognizes the following changes that have occurred in many parts of the developed countries. Knowledgeable and sophisticated customers today have highly individualized want and want customized solutions. Wide penetration of broadband connectivity and access to internet through variety of handheld devices. Advent of electronic payment mechanisms to support financial transactions The internet and CRM technologies have enabled companies to capture real time data about individual customer and to track their preferences, purchases and usage pattern over time.

The Societal Marketing Concept : 

The Societal Marketing Concept As the companies expand their global reach, and as the economic demands on the environment intensify, the level of societal suspicion about the big business is increasing. Corporation like Sony and Microsoft, leaders in gaming industry have come under severe criticism at it is believed that their very popular games glorify and promote violence. Companies that practice this concept take their Corporate Social Responsibility (CSR) very seriously to prove good corporate citizenship. 9/29/2010 CHAPTER1 SUDHIR SINHA, UIT 12

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