Thursday, November 21, 2019

Week #13- Marketing Concepts


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Production Concept
  • The production concept is based on the approach that a company can increase mass production through an increase in supply while decreasing its overall cost. 
  • By doing do, the company will be able to profit much more from a product or service rather than spending more on labor, material, and overhead.
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Product Concept
  • Based on the company's assumption that customers prefer products of greater quality, lower prices, and an increased availability. 
  • When a company decides to introduce a new product or service into the market, they need to give the customer a reason why they should choose their product or service over the one that a competitors is selling. 

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Selling Concept
  • A company's assumption that a customer would only purchase their products exclusively from them, but the assumption does not include the relationships that could be built with the customer.
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Marketing Concept
  • Concept that places the consumer at the center of the organization and al the activities. As a result, all the activities and research a company does is aimed to get to know the consumer better.
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Social Marketing Concept
  • The belief that a company as a whole needs to target and deliver better values than its competitor. It emphasizes the importance of the well-being of both customers and society as a whole, It also demonstrates to consumers that the company isn't exclusively a sale driven entity but instead also take into account the more human nature of it's consumers.

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