Marketing Philosophy - 1185 Words

MKT 101 Principles of Marketing Assignment 1- Essay Submitted To: Ashraf U Bhuiyan Submitted By: Afif Abdul Fattah ID# 2009-3-10-069 [pic] In the modern world, marketers want to build a customer driven marketing strategy for creating lasting customer relationships. To do this, they can use one of the five marketing management philosophies- production, product, selling, marketing and societal marketing concept. The appropriateness of these philosophies depends on the nature of the business and target market. Now we will discuss each of these philosophies for a particular product and compare them. The product is Prius, a hybrid car built by Toyota Motor Corporation. Marketing management Philosophies: ( Production†¦show more content†¦In the modern world one of the most important problems is energy crisis. Prius is the most fuel efficient and low emission motor vehicle according to United States Environmental Protection Agency (EPA).[1] So, Toyota is not only concerned about the customer needs but also society’s well-being. ( Product Concept vs. Selling Concept: In the selling concept, the aim often is to sell what the company makes rather than making what market wants. But in product concept the company at least makes improved version of products. For example, Toyota has improved Prius several times to attract more customers in American market.[2] Customers may not be pleased by watching impressive TV commercials but having a better product. So, in contrast with selling concept, product concept is more appropriate. ( Product Concept vs. Marketing Concept: The problem about product concept is that, company often too narrowly focuses on the company’s products rather than customer needs. But marketing concept understands customer needs better. The job of marketing concept is to create better solution of the customers’ problem rather than making better version of company’s products. By doing this marketing concept builds lasting profitable relationships with the customers. So, we can conclude that marketing serves better than the product concept. (Show MoreRelatedMarketing : Marketing Management Philosophy Essay770 Words   |  4 Pages MARKETING REFLECTION Every company has different idea and philosophies. Under marketing management philosophy there are five concepts. 1. Production Concept Consumers prefer products which are widely, easily available and cheap. Key features of this approach are: high production, mass distribution and low cost. This concept generally works in a developing country like India. 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