Concepts of Marketing: Marketing (HSEB 10+2) (Lecture 1.6)

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Review Lecture 1.5 Assignment 9:

Research and identify at least 20 specific cases where your school might need help from a marketing expert.

Lecture Review – Importance of Marketing:

Consumers

Firms

Society

1.6 Concepts of MarketingKAUSHAL RAJ SAPKOTA

FACULTY, MARKETING (HSEB 10+2), ULLENS SCHOOL

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5 Marketing Concepts

Production Concept Product Concept Selling Concept Marketing Concept Societal Marketing Concept

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Production Concept One of the oldest concepts

Consumers: Buy products that are widely available and have lower price, do not care about features

Producers: Cut Costs and Expand Market Sizes

Low cost production

Mass production

Wide distribution

When and Where:

High Demand and

Mass Production

Limitations: Innovation related advantages

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Product Concept Consumers: Buy products that are of highest quality, performance and innovative features

Focus: Product – Love affair with the product

Producers: Continuous improvement in Quality

Quality oriented philosophy

Quality at reasonable price

Doesn’t care consumer’s needs, wants or interests Existing and available solutions

Quality improvements over time Sales

Limitations:

Marketing Myopia Short sightedness

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Selling Concept Consumers: Will not buy until they are persuaded to

Focus: Selling

Producers: Sales oriented philosophy: Produce the product, make them buy

Selling what is made than what can be sold

Aggressive promotion

Doesn’t care consumer’s needs, wants or interests sell what they make

Where and When:

Buyers do not normally think of buying

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Marketing Concept Challenges above three concepts

Contemporary marketing philosophy

Focus: Consumer Needs, Selling satisfaction than a product

Four pillars:

Target Markets

Customer Needs

Integrated Marketing

Profitability

Producers:

Market Research and Product Development are key

Focus is on finding customers needs and developing solutions

Creating developing and communicating customer value

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Selling Concept vs. Marketing Concept

Selling Concept Marketing ConceptFocuses on the needs of the seller to convert products into cash

Focuses on the needs of the customer

Profit through increased sales Profit through increased satisfaction

Aggressive selling, heavy promotion

Heavy promotion

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Societal Marketing Concept Aims at promoting social welfare

Socially responsible marketing activities

Integration of all organizational activities

Profit through customer and social well being

Complementary to other concepts

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End of the lecture Assignment 10 and 11:

Research and identify at least 3 products/brands that apply/could apply each of the above mentioned concepts of marketing. You need to explain the reasons behind your categorization.

TATA Swach Smart Case Study

Thought of the day:

“Marketing is too important to be left to the marketing department.”

- David Packard