Principles of Marketing (MGT301)

Student ID: BC220422046

Spring, 2023 Assignment No. 1

Q1: Which Marketing Concept is represented in the above scenario? Justify your answer with valid
arguments.

SOLUTION:

The markting concept representing the above scenario is the societal marketing concept .

This concept is centered on the idea that a company’s marketing activities should be conducted
in a way that benefites both the company and society as a whole. In the case the car
manufacture recognize the growing demand for electric vehicles and invest I research and
development to design and produce EVS that meet the need for eco-concious consumers who
desire environmentally friendly transportation . by doing so the company is not only meeting its
own needs for growth and profitability but also contributing to society need for sustainable
transportation options.

Q2: Which demand situation is represented in the above scenario?

Solution:

The demand situation represented in the above scenario is latent demand. Latent demand
refers to a situation where there is a need for a product or service that is not yet being met or
fulfilled by the market. In this case the car manufactured recognize the growing need electric
vehicles among eco-conscious consumers, but this need is not yet being met by the market as
the company has been producing gasoline-power vehicles for decades. The manufacturer
invest in research and development to design and produce EVS that meet the need of eco-
conscious consumers and fulfilled this latent demand.