Study Set Content:
The selling concept tends to emphasize how () a product can perform in solving customer problems for people to feel compelled enough to purchase it. ✓ It also emphasizes making products () and desirable
well, attractive
✓ Puts potentially() pressure on business owners. ✓ Overusing the selling concept as a marketing tool could make business owners not care about their () or how well they treat them; instead, all they care about is getting sales.
unnecessary, customers
s focused on creating a better value proposition for customers.
Marketing Concept
are more than just advertising —they’re about how your business operates and every interaction you have with clients. It also focuses on creating long-term value for customers by understanding their needs and wants, communicating those needs and wants clearly to your company, and delivering products and services that fulfill those needs at a price point that still makes sense for both sides.
Value propositions
This will teach you how to formulate your product offerings and create value propositions based on () preferences. ✓ Help you () and predict market trends based on its philosophy. ✓ It can also help you develop a better () of how your business competes against others.
consumer, analyze, understanding
✓ The marketing concept emphasizes providing customers with what they want and need. But when customers’ needs and wants can be difficult to determine, then such a concept is likely to be (). ✓ it may cause businesses to end up producing ()-quality products or services for their customers even though such products or services would cost much less than high-quality ones
ineffective, poor
proposes that businesses are, or should be, motivated by more than just profit. They should also be concerned with the well-being of society as a whole, including their employees and consumers, as well as the environment and other stakeholders
Societal Concept
This marketing mindset argues that corporations should act in the best interests of society to survive.
Societal Concept
ADVANTAGES ✓ Focusing on the societal concept creates value for all () in the company’s products, services, and employees. ✓ The societal marketing concept puts () first. ✓ Includes () so that businesses can protect the earth and save natural resources from being used up
stakeholders, people, environmental preservation
Disadvantages
It can be very hard to determine whether a product is () society in any meaningful way. ✓ It is often hard to tell whether companies are being ()when they try to sell products that have good societal value.
benefiting, altruistic
are the basic element of marketing. If there is no product there is no marketing. It is concerned with the nature and type of products, product quality and design, product planning and development, product decisions relating to branding, labelling, packaging, trademarks etc
Products and services
Though products and services were the starting point under traditional marketing, modern marketing starts with an analysis of the various aspects of market and related areas. It includes an analysis of nature and types of customers, size of market, customer attitude, buyer behavior etc. An in-depth analysis of customers and markets is a prerequisite for every marketer to have a successful marketing.
Marketing Research
The pathway through which the goods move from producer to consumer is the channel of distribution. It includes a number of intermediaries like wholesaler, retailers, jobbers etc. Channels by moving the goods help in transferring the ownership of goods from seller to buyer.
Channel of Distribution
The physical movement of the goods from producer to consumer is physical distribution. It includes transportation, warehousing, inventory control and management, order processing etc.
Physical Distribution
has the basic objective of informing the market about product availability and creating a demand for it. Different promotional tools are there like advertising, sales promotion, personal selling, publicity, public relations etc
Promotion
This is the only element of marketing which generates revenue for the firm.() is concerned with pricing policies and strategies, price determination, discounts, commissions etc
Pricing
An analysis of the environment in which the business is to be carried out is the first step for any organization. The various macro and micro factors should be studied beforehand only to develop an understanding of the strength, weaknesses, opportunities, and threats, for an organization.
Environmental Analysis
For successful marketing of goods, it is essential that the marketer obtains the required (). A proper () should be developed so that reasons for failure or less satisfaction may be identified and improvements in the products be made.
feedback from customers, feedback mechanism
() are interrelated and interdependent. A business cannot exist in vacuum. It derives its much-needed inputs from () and therefore owes a responsibility towards the society. These social activities are a part of marketing as the units have to protect and pro0.mote the interest of the society. A marketer to be socially responsive owes responsibility towards employees, consumer, shareholder etc.
Business and society, society
s the process of delivering goods and services to create value for the customer and make a profit.
Marketing
