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Marketing Management Philosophies 5 Concepts Article shared by: As we know, every company has different idea regarding philosophy of marketing.
Some companies concentrate on the large scale production while some concentrate only on the quality of the product etc. Therefore, under the marketing philosophy, there are following five concepts: Production concept lays emphasis on availability and affordability of products.
If these two elements are present in marketing, the enterprise will succeed. Accordingly, marketing should aim at the reduction in the cost of production and concentrate on mass production and distribution. This concept holds that potential exchange would be realized when the products are inexpensive and are widely available.
However, this concept is not entirely true. For example, fleet shoes.
Accordingly, the enterprise should concentrate on product and its continuous improvement over time because customers favour high quality products and are ready to pay higher prices for them.
The enterprises following this concept direct their maximum efforts into creating superior products and improving the existing products.
However, the main drawback of this concept is that customers will buy the product only if they require the same. For example, a firm may be dealing in very spacious, luxurious and expensive cars but the customers will demand same only when they really need them and can afford their price.
This concept stresses on attracting and persuading customers to buy the product by making aggressive selling and promotional efforts. The main aim of selling is to convert the goods into cash by using fair or unfair means. But the buyers cannot be manipulated every time; hence selling can be successful only for short period but not during long period.
According to this concept, customer satisfaction is the key to organisational success. It assumes that a firm can achieve its objective of maximizing profit in the long run only by identifying and satisfying the need of present and prospective buyers in an effective way.
This concept is based on the following pillars: The Social Marketing Concept: The marketing concept has been criticized by some of the people because of the challenges posed by social problems like environmental pollution, deforestation, population explosion, inflation etc.
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This is because any activity which results in customer satisfaction but is harmful for the interest of the society at large cannot be justified. Therefore, the firms must perform the functions of marketing keeping in view the social welfare.
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EssayCorp provides philosophy assignment help in the UK, USA and Australia. The word philosophy has been derived from two Greek words - 'Philia' meaning love and 'Sophia', translating to wisdom.
Thus, philosophy is 'the love of wisdom'. Five Marketing Philosophies essaysFirms and businesses, approach and conduct business in different ways in order to achieve their organizational goals.
There are five competing concepts by which firms and business are guided in their marketing effort. The first three concepts production, product an. Management Theories and Philosophies. Peng and Pleggenkuhle-Miles () identify four main debates in the field of global strategy. Critically evaluate whether their approach fully captures the complexity of the influences of globalization on global strategy.
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