company orientation towards market place
TRANSCRIPT
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COMPANY ORIENTATION TOWARDS MARKETING PLACE
Submitted by-Aditi Bakshi02-MBA-09
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INTRODUCTION
The Production Concept
The Product Concept
The Selling Concept
The Marketing Concept
The Holistic Marketing Concept
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THE PRODUCTION CONCEPT It holds that consumers will prefer
products that are widely available and inexpensive
Managers of this concept concentrate on achieving high production efficiency, low cost and mass distribution
Example: Most popular in developing countries
like China, where largest pc manufacturer like Lenovo takes advantage of country’s huge and inexpensive labor pool to dominate market
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THE PRODUCT CONCEPT It proposes that consumers favor products that offer most
quality, performance or innovative feature Product-oriented companies often design their products with
little or no customer input, trusting that their engineers can design exceptional products.
Mangers commit “better mouse-trap” fallacy believing that a better mousetrap will lead people to beat a path to their door.
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A new or improved product will not necessarily be successful unless it’s priced, distributed, advertised and sold properly
Example: General Motors executive used to say years
ago: “How can the public know what kind of car they want until they see what is available?”
GM today asks customers what they value in a car and includes marketing people in the very beginning stages of design.
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THE SELLING CONCEPT
This concept holds, the consumers will not buy enough of the organizations products unless it undertakes a large selling and promotional effort.
Coca-cola’s former vice president said, “the purpose of marketing is to sell more stuff to more people more often for more money in order to make more profits.”
It is practiced most aggressively with unsought goods, that buyers normally do not think of buying such as:
Insurance Encyclopedia
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Firms also practice this when they have over capacity
The firm’s aim is to sell what they make, rather than make what the market wants
It is a way of hard selling products
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This concept carries high risk and assumes that:
Dissatisfied customers will not talk about their dissatisfaction with other customers.
They will soon forget their dissatisfaction
They will not complain about their dissatisfaction in consumer council.
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THE MARKETING CONCEPT It emerged in mid 1950s
It is based on consumer centered – “sense and respond” philosophy
The job is to find right products for your consumer instead of right consumer for your product.
Example: Dell Computers
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The key to achieving organizational goal is being more effective than competitors in creating, communicating and delivering superior customer value to your chosen target market.
Companies that embrace this concept give superior performance
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DIFFERENCE BETWEEN SELLING AND MARKETING CONCEPT
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SOCIETAL MARKETING
Marketing concept sidesteps the potential conflicts among consumer wants, consumer interests, and long-run societal welfare.
Societal Marketing concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well-being
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THE HOLISTIC MARKETING CONCEPT
This approach recognizes that “everything matters” in marketing
HolisticMarketing
Integrated Marketing
Performance Marketing
Internal Marketing
Relationship Marketing
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RELATIONSHIP MARKETING
It aims to build deep ,enduring relationship with key constituents in order to earn and retain their business.
These key constituents include: Customers Employees Marketing partners (channels, suppliers,
distributors, dealers, agencies) Members of financial community (shareholders, investors, analysts)
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It results in developing a marketing network.
It emphasizes on customer retention.
The ultimate goal is to skillfully conduct Customer Relationship Management and Partner Relationship Management.
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INTEGRATED MARKETING All 4 Ps of marketing mix must create, communicate &
deliver the intended customer value
Each marketing tool must be designed to deliver customer value
Marketing Mix
Product Product VarietyQualityDesignFeaturesBrand NamePackagingSizesServicesWarranties return
PriceList PriceDiscountAllowancesPayment PeriodsCredit Terms
PromotionSales PromotionAdvertisingSales ForcePublic RelationsDirect Marketing
Place ChannelsCoverageAssortmentLocationsInventoryTransport
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INTERNAL MARKETING
It is the task of hiring, training & motivating able employees who want to serve customers well.
Internal Marketing must take place at two levels: Various marketing functions (sales
force, advertising, customer service, product management, marketing research)-must work together.
Other departments must also embrace marketing and “Think Customer”.
It requires vertical alignment with senior management & horizontal alignment with other departments
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PERFORMANCE MARKETING
It involves understanding the returns to business from marketing activities and programs
It also addresses the legal, ethical, social and environmental effects of the various marketing activities
The top management evaluates: market share, customer loss rate, customer satisfaction, product quality and other measures to examine market
scorecard.
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PERFORMANCE MARKETING
Financial Accountability Justify investments in financial
and profitability terms as well in terms of building brand and growing customer base
Recognize firm’s market value, which comes from intangible assets (company’s brands, customer base, employees, distributors, suppliers)
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PERFORMANCE MARKETING
Social Responsibility Marketing A lot of stress is given to public
interest. Marketer must consider their role in
terms of: Ethical Environmental Legal and Social context of their activities.
Example: HP introduced recyclable computers
to reduce greenhouse emissions.
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