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The Marketing Concept

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by

Richard Varron

on 30 January 2015

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Transcript of The Marketing Concept

The Marketing Concept
bUSINESS FIRM
wants/needs
acceptable price
place
satisfied customer
The marketing concept calls for identifying the customers and their needs first before any move is made.
When customers' needs and wants are identified the company has a greater chance of achieving its goals.
The Marketing Concept Versus Other Concepts
1. PRODUCT CONCEPT
2. SELLING CONCEPT
3. MARKETING CONCEPT
Companies adapting this concept attempts to find interesting buyer after producing the product.
The Firm
1st Step
Manufacture
PRODUCT
2nd Step
look for
PROSPECTIVE
CUSTOMERS
The firm produces the product then adapts a selling strategy designed to convince group of perceived customers.
The Firm
1st Step
Manufacture
PRODUCT
determine
PROSPECTIVE
CUSTOMERS
SELLING
METHOD
3rd Step
look for
2nd Step
The firm defines its target market and determine the needs, wants and values of the market. The firm then adapts a strategy to satisfy those needs and wants more effectively and efficiently.
The Firm
2nd Step
received relevant information
TARGET
MARKET
PRODUCT
PRICE
PLACE
PROMOTION
4th Step
contact and sell
3rd Step
use info to
determine
The Production
Era
DEVELOPMENT OF MARKETING CONCEPT
-Industrial Revolution
until 1928
The Sales
Era
-1930 to 1950
The Marketing
Department
Era
-1950 to 1960
The Marketing
Company
Era
-1960 to 1975
Marketing
Company
with social concern Era
-1975
1st Step
identify
1. What products or services are expected by the customers?
4 questions a firm needs to answer.
2. At what price are the customers willing to buy such products
or services they want?
3. At what place do they expect to find the products or services
they want?
4. What kind of promotion will likely persuade them to buy?
When Does Marketing Occur?
For marketing to occur, four factors are necessary:
1. the presence of at least two parties with unsatisfied needs;
2. the desire and ability of the parties to be satisfied;
3. the existence of a way for parties to communicate ;
4. each party has something to exchange ;
" I need
a degree"
One Party
" We need
Students"
Another Party
RMMC
" I desire a
degree in Business"
" We really
need Students"
" We can afford
the tuition"
" We offer a course in business at lower tuition fee "
HIGH
rmmc career guidance
Full transcript