Daniel Phiri

210929
Marketing Principles

1. Differentiate between the marketing concept and the selling concept

 The marketing concept is a business idea that focuses on the buyer’s needs and then
identifies the means to meet those needs. The marketing concept is oriented towards profit
maximization. It relies on four elements: target market, integrated marketing, customer
needs, and profitability. The concept begins with a specific market, stresses customer needs,
coordinates activities that influence customers and reaps profit by satisfying customers. The
notion holds that a firm can attain its objective of profit maximization in a long run by
identifying and working on the needs of prospective customers. It has a long-term business
planning.
 In contrast, the selling concept holds that if businesses and consumers are left isolated, then
consumers are not going to buy ample products manufactured by the company. The
concept can be applied belligerently in the case of goods that are not sought, i.e., goods
which customers don’t think of purchasing and also when the firm is operating at more than
100% capacity. The firm aims at selling what they produce and not what the market
demand. It has a short-term business planning.

2. Describe the stages in the marketing evolution processes.

 The emphasis on production and manufacturing was a defining feature of the
production age. Producing as much as possible at the smallest possible price was the
aim.

 The emphasis on product quality and innovation marked the period of products. The
objective was to produce goods that were superior to those of rivals.

 The emphasis on selling and advertising marked the sales age. The objective was to use
aggressive sales techniques to persuade clients to purchase things.

 The marketing period was distinguished by a focus on consumer demands and desires.
The objective was to produce goods that satisfied consumer requirements and desires.

 The emphasis on creating lasting ties with clients characterizes the relationship age.