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MB0046 – Marketing Management SMU 2011

MB0046 – Marketing Management SMU 2011

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Published by manipalassignment
Sikkim Manipal University 2011
Sikkim Manipal University 2011

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Published by: manipalassignment on Jun 07, 2011
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November 2010 drive 1Master of Business Administration  MBA Semester 2MB0046  Marketing Management - 4 Credits(Book ID: B1135)Assignment Set- 160 MarksNote: Each question carries 10 Marks. Answer all the questions.Q.1 Discuss the different marketing concepts with its merits and drawbacks. [10 marks]Ans:
The marketing concept is the philosophy that firms should analyze the needs of their customers andthen make decisions to satisfy those needs, better than the competition. Today most firms haveadopted the marketing concept, but this has not always been the case.In 1776 in The Wealth of Nations, Adam Smith wrote that the needs of producers should be consideredonly with regard to meeting the needs of consumers. While this philosophy is consistent with themarketing concept, it would not be adopted widely until nearly 200 years later.To better understand the marketing concept, it is worthwhile to put it in perspective by reviewing otherphilosophies that once were predominant. While these alternative concepts prevailed during differenthistorical time frames, they are not restricted to those periods and are still practiced by some firmstoday.The Production ConceptThe production concept prevailed from the time of the industrial revolution until the early 1920's. Theproduction concept was the idea that a firm should focus on those products that it could produce mostefficiently and that the creation of a supply of low-cost products would in and of itself create thedemand for the products. The key questions that a firm would ask before producing a product were:Can we produce the product?Can we produce enough of it?At the time, the production concept worked fairly well because the goods that were produced werelargely those of basic necessity and there was a relatively high level of unfulfilled demand. Virtuallyeverything that could be produced was sold easily by a sales team whose job it was simply to executetransactions at a price determined by the cost of production. The production concept prevailed into thelate 1920's.The Sales Concept

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