Download - MAP 1 Business projection and ROI
The Marketing Concept
Why It's Important ?
In order to participate in the world of marketing, you'll want to understand how businesses focus on the needs
and wants of their customers in order to improve
their products, remain competitive, and increase sales.
Want
Wants – Needs become wants when they are directed to speci=ic objects that might satisfy the need.
Need / Want Fulfillment § Needs and Wants Ful-illed through a Marketing Offer :
Some combination of products, services, information, or
experiences offered to a market to satisfy a need or want.
The marketing concept states that businesses
MUST satisfy customers' needs and wants in
order to make a profit.
The Basic Concept
A market is all potential customers who share
common needs and wants and who have the ability
and willingness to buy the product.
What is a Market?
Target marketing is focusing all marketing mix decisions on the specific group of people you want to reach.
Target Marketing
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MARKETING MANAGEMENT PHILOSOPHIES
0 The role that marke,ng plays within a company varies according to the overall strategy and philosophy of each firm.
0 There are five alterna,ve concepts under which organiza,ons conduct their marke,ng ac,vi,es: 0 Produc,on concept 0 Product concept 0 Selling concept 0 Marke,ng concept 0 Societal marke,ng concepts
Produc5on Concept The philosophy that consumers will favour
products that are available and highly affordable and that management should
therefore focus on improving produc,on and distribu,on efficiency.
Product Concept The philosophy that consumers will favour products that offer the most quality, performance, and innova5ve features.
Selling Concept The idea that consumers will not buy enough of
the organiza,on’s products unless the organiza,on undertakes a large – scale selling
and promo5on effort.
Marke5ng Concept The marke,ng management philosophy that
holds that achieving organiza,onal goals depends on determining the needs and wants of target markets and delivering the desired sa5sfac5ons more effec5vely and efficiently
than compe,tors do.
Societal Marke5ng Concept The idea that the organiza,on should determine
the needs, wants, and interests of target markets and deliver the desired sa,sfac,ons
more effec,vely and efficiently than compe,tors in a way that maintains or improves the consumer’s and society’s well – being.