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1) Define Marketing Management. Discuss the various management philosophies. Explain how the marketing and selling are contrasted and briefly explain the societal marketing concept. Ans: Marketing management is the analysis, planning, implementation and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives. The various management philosophies are: a. The production concept: This concept is one of the oldest philosophies that guides sellers. The first occurs when the demand for a product exceeds the supply. The second situation occurs when the product’s cost is too high and improved productivity is needed to bring it down. The product concept: This concept holds that cosumers will favor products that offer the most quality, performance, and innovative features and that an organization should thus devote energy to making continuous product improvements. The selling concept: Many organizations follows the selling concept, which holds that consumers will not buy enough of the organization’s products unless it undertakes a large scale selling and promotion effort. The marketing concept: This holds that achieving
The selling concept takes an inside-out perspective. thereby satisfying consumers and making profits. they began to recognize the long-run importance of satisfying . focuses on the company’s existing products. The selling concept and the marketing concept are frequently misunderstood as same but they are two different concepts . Originally. wants and interests of target markets. It should then deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer’s and the society’s well being. The societal marketing concept holds that the organization should determine the needs. Such concerns and conflicts led to the societal marketing concept. The societal marketing concept is the five marketing management philosophies. and society’s interests.organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do. and calls for heavy selling and promotion to obtain profitable sales. co-ordinates all the marketing activities affecting customers. consumer wants. Under the marketing concept. the marketing concept takes an outside-in perspective. most companies based their marketing decisions largely on short-run company profit. The societal marketing concept calls upon marketers to balance three considerations in setting their marketing policies: company profits. Eventually. companies produce what consumers want. focuses on consumer needs. and makes profits by creating customer satisfaction. It starts with a well-defined market. It starts with the factory. In contrast.
and the marketing concept emerged. Now many companies are beginning to think of society’s interests when making their marketing decisions. .consumer wants.