Marketing is the process of researching into and identifying consumer needs and employing appropriate product, price, place and promotion strategies in order to satisfy these need profitably.
Marketing management is the art and science of choosing target markets and building profitable relationships with them.
Marketing management orientations:
- Production concept
- Product concept
- Selling concept
- Marketing concept
Production concept
Under the production concept firms aim at producing on a large scale. [Large scale operations allow firms to benefit from economies of scale.
Production orientation organisations lay emphasis on mass production which will lead to reduction in cost and customers will benefit from lower price and might also benefit high quality products.
Product concept
A firm is said to be product oriented when it lays emphasis on innovation and improving the quality of the product. Product orientated firms sell on the basis of innovation and quality.
Selling concept
Sales oriented organisation will create products but will persuade people to buy the product.
Marketing concept
This is an outward looking approach basing product decisions on consumers demand, established by market research.
Societal marketing concept
This approach considers not only the demands of consumers but also the effects on all members of the society involved in some way when firms meet these demands.
It is an attempt to balance three concerns: company profits, customer wants ans society's wants
Marketing objectives
These are targets in terms of product and markets set by a business which it wants to achieve. Objective should be S.M.A.R.T (Specific, Measurable, Achievable, Realistic and Time)
Marketing objectives include:
- Achieving a certain market share
- Realising certain level of sales
- Penetrating new markets
- Re-branding a product to give it fresh appeal
- Developing new markets for the existing products
No comments:
Post a Comment