The 5 Marketing Concepts:1.Production Concept,2.Product Concept,3.Selling Concept,4.Marketing Concept,5.Societal Marketing ConceptIn this assignment you will pick out a company that you choose to do some research on. The 5 MarketingConcepts is what you are looking for in that company. Example is Nike, "The earlyNike marketingstrategysucceeded by selling benefits, not products. ... His only goal was to promote a sport andanideathat he believed in."To complete this assignment, answer the 5 concepts of your company of choice.The Production Concept.This concept is the oldest of the concepts in business. Itholds thatconsumers will prefer products that are widely available andinexpensive. Managers focusing on this conceptconcentrate on achieving highproduction efficiency, low costs, and mass distribution. They assume that consumers Show
The product concept of marketing is a concept that believes the buyers will purchase the products or services that have the most quality, performance, and innovative features for the given prices. Today it is compulsory for companies to produce high-quality products to meet customer’s needs and in order to survive in this competitive market. Product concept believes if products have good quality it requires a little effort to make it sale. Make companies earn profit through quality products, satisfying customer needs and wants. Assumes customers always look for products quality, they ignore the products having less quality, they try to know the quality features of the products by comparing with other brands. The organization which adopts this marketing concept concentrates on designing high-quality, innovative, long-lasting, warranty, and add other features having products. The quality of the products highly relies on the hand of engineers. The product concept blindly focuses on product quality but it does not consider the customer preferences which may be the negative point. The product concept has given birth to products, such as wristwatches (West end watches), Cars (Mercedes Benz), Shoes (Hi-Tech), Mobile (Apple), and Microsoft, Google, and others. Organizations adopting this concept have neglected two major variables – buyer preferences and technology. These variables change over time and make the long-lasting, high-performance, and wide features products redundant in the marketplace. Although this concept was not so successful in the consumer market, it has still important value in the marketing of technology, machinery, and heavy equipment. FeaturesThe common features of the product concept of marketing are, Quality Product. The main focal point of the product concept is on quality of products and services. It aims to make highly durable and long-lasting products supported by warranties. Try to make competing brands with reasonable prices. Product Focus. It means this concept emphasizes companies make superior products and improve them over time and if possible add updating features, this fits in the technology products such as mobile phones. Neglect’s Customer Needs and Preferences. This marketing concept ignores the needs and preferences of customers which is one of the disadvantages of this concept. It produces products without considering these variables which may sometimes lead this concept towards failure. Product Design. This concept adopting organizations keep high faith in design engineers, as the quality of product and design depends upon it. Design engineers play a key role in the organization. Profit Through Quality Product. The beginning point of the product concept is to establish a factory, second–focusing on product quality, third means–high quality, innovation, performance guarantee, and last is generating profit through well-made products.  THE MARKETING CONCEPTS Five orientations (philosophical concepts to the marketplace have guided and continue to guide organizational activities: 1. The Production Concept 2. The Product Concept 3. The Selling Concept 4. The Marketing Concept 5. The Societal Marketing Concept The Five Concepts Described The Production Concept:- This conceptis the oldest of the concepts in business. It holds that consumers will prefer products that are widely available and inexpensive. Managers focusing on this concept concentrate on achieving high production efficiency, low costs, and mass distribution. They assume that consumers are primarily interested in product availability and low prices. This orientation makes sense in developing countries, where consumers are more interested in obtaining the product than in its features. The Product Concept:- This orientationholds that consumers will favor those products that offer the most quality, performance, or innovative features. Managers focusing on this concept concentrate on making superior products and improving them over time. They assume that buyers admire well-made products and can appraise quality and performance. However, these managers are sometimes caught up in a love affair with their product and do not realize what the market needs. Management might commit the <better-mousetrap= fallacy, believing that a better mousetrap will lead people to beat a path to its door. What concept concentrates on making superior products and improving them overtime?Followers of product concept philosophy keep on improving their products continuously. Advocates of this concept think that consumers favor well-made products, products that are superior to the competing products in the above-mentioned aspects.
What are the 5 concepts of marketing?Types of Marketing Concepts
The five marketing concepts are production, product, selling, marketing, and societal.
What is the product concept of marketing?A product concept should describe how the new product will appeal to its target market. While the product concept is based upon the idea that customers prefer products that have the most quality, performance, and features, some customers prefer a product that is simpler and easier to use.
What is the concept of marketing management?Marketing management is a process of controlling the marketing aspects, setting the goals of a company, organizing the plans step by step, taking decisions for the firm, and executing them to get the maximum turn over by meeting the consumers' demands.
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What concept concentrates on making superior products and improving them over time?
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