Production Concept
Consumers will favour products that are available and highly affordable.
The demand of a product exceeds the supply.
Product’s cost is too high and improved productivity is needed to bring it down.
Product Concept
Consumers will favour products that offer the most quality, performance, and features. The organisation also making continuous product improvements.
Selling Concept
Consumers will not buy enough of the organisation’s products unless the organisation undertakes a large-scale selling and promotion effort.
Marketing Concept
The marketing concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do.
Marketing Societal Concept
Organisation determines the needs, wants and interests of target markets and deliver the desired satisfactions more effectively and efficiently than competitors do in a way that maintain or improves the consumer’s and society’s well-being.
Building Customer Relationships
Customer Relationship Management (CRM)
Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction.
Customer perceived value is the difference between total customer value and total customer cost.
Customer satisfaction is the extent to which a product’s perceived performance matches a buyer’s expectations.
