Marketing Concepts

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. (adsbygoogle = window.adsbygoogle || []).push({}); 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...

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What Is Marketing?

Marketing defined: Marketing is the process by which companies create value for customers and build strong customer relationships to capture value from customers in return. (adsbygoogle = window.adsbygoogle || []).push({}); Marketing is managing profitable customer relationships Attracting new customers Retaining and growing current customers  Understanding the Marketplace and Customer Needs Customer Needs, Wants and Demands Needs are states of deprivation: Physical—food, clothing, warmth, safety Social—belonging and affection (adsbygoogle = window.adsbygoogle || []).push({}); Individual—knowledge and self-expression Wants...

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