INTRO TO COMPANY’S ORIENTATION MARKETING CONCEPTS

Answer the following questions clearly and concisely.

Differentiate the following Marketing concepts.

Production concept The production concept is the oldest of the concepts in business. It asserts that
consumers prefer products that are widely available and inexpensive.
Organizations of production-oriented businesses strive for high production
efficiency, low costs, and widespread distribution. By focusing on increasing
production volume and upgrading technology, it will reduce costs, resulting in lower
prices and market expansion. This approach makes sense in developing countries,
where consumers are more interested in acquiring the product than its features. It
is also used when a company wants to expand the market.
Product concept Businesses that are guided by the product concept, focus on producing superior
products and continuously improving them, assuming that buyers can assess quality
and performance. Because this concept holds that consumers prefer products with
the highest quality, performance, or innovative features.
Selling concept This business orientation holds that if consumers and businesses are left alone, they
will not purchase enough of the organization's products. It is therefore assumed
that consumers must be persuaded to buy, the company has a slew of selling and
promotion tools at its disposal. Thus, organizations must undertake an aggressive
selling and promotion campaign. The selling concept is practiced most with
unsought goods or when firms have overcapacity.
Marketing concept The marketing concept holds that the key to achieving organizational goals is for the
company to outperform its competitors in creating, delivering, and communicating
customer value to its chosen target markets. In contrast to the selling concept, that
takes an inside-out perspective, where it starts with the factory, which begins with
the factory, focuses on existing products, and requires heavy selling and promoting
to produce profitable sales, the marketing concept starts with a well-defined
market, focuses on customer needs, and coordinates activities that affect
customers, and produces pr9ofits by satisfying customers, taking an outside-in
approach.
Societal Marketing Because there are industries that satisfy consumer wants at the expense of society,
Concept it has resulted in environmental degradation, resource scarcity, explosive
population growth, global hunger and poverty, and underutilized social services.
This situation justified the creation of a new term that broadens the marketing
concept, hence societal marketing concept. It holds that the organization's task is
to determine the needs, wants, and interests of target markets and to deliver the
desired satisfactions more effectively and efficiently than competitors in a way that
preserves or improves the consumer's and society's well-being. The concept of
societal marketing encourages marketers to incorporate social and ethical
considerations into their marketing practices.
 INTRO TO COMPANY’S ORIENTATION MARKETING CONCEPTS

References:

LRC references: Indicate the title, author’s name, also the website link.

Printed Books E-books Journals/ articles

Others: outside LRC references

Books E-books Journals/ articles

Kolter, P. (2000). Marketing 5 marketing concepts: Marketing
Management: The Millenium Management Philosophies.
Edition (10th ed.). Prentice Hall iEduNote. (2020, December
PTR. 24). Retrieved May 29, 2022,
from
https://www.iedunote.com/ma
rketing-concepts

Gitman, L. J., McDaniel, C., Shah, A.,

Reece, M., Koffel, L., Talsma, B.,
& Hyatt, J. C. (2018, September
18). The marketing concept.
Introduction to Business.
Retrieved May 29, 2022, from
https://opentextbc.ca/business
openstax/chapter/the-
marketing-concept/

The marketing concept. (n.d.).

Retrieved May 29, 2022, from
https://www2.nau.edu/~rgm/h
a400/class/professional/concep
t/Article-Mkt-Con.html

Production concept in marketing (what

You need to know).
Incorporated.Zone. (2020, May
3). Retrieved May 29, 2022,
from
https://incorporated.zone/prod
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concept/#:~:text=The%20produ
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where%20your%20business,pe
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0goods.