marketing management philosophies

1. Marketing Management Philosophies Approaches to the marketplace

3. The Product Concept Assumes customers favor products that offer the most quality, performance, and features. Implies firm should strive to continually upgrade product and product features. The Product Concept can lead to Marketing Myopia, according to the text, but it is not the only one, or is it? Marketing myopia: Focusing on the product rather than the needs to be filled. Railroad business versus transportation business Movie business instead of entertainment business Oil business instead of energy businessThe Product Concept can lead to Marketing Myopia, according to the text, but it is not the only one, or is it? Marketing myopia: Focusing on the product rather than the needs to be filled. Railroad business versus transportation business Movie business instead of entertainment business Oil business instead of energy business

4. The Selling Concept Inside-out perspective: Assumes people need to be sold on whatever it is the firm has decided to offer. 1st: Decide what to produce; 2nd: Figure out how to get people to buy what you have. Implies lots of selling/promotional activities are needed to move product Inside-out perspective. Sell what you make rather than make what you can sell. Get rid of what you make.Inside-out perspective. Sell what you make rather than make what you can sell. Get rid of what you make.

5. The Marketing Concept Holds that achieving organizational goals depends upon knowing the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than do competitors. Production and product concepts, if appropriate, follow this concept Outside-in perspective. Make what you can sell. Make what you can get rid of. People buy things because of what they do for them. Products and services are a meeting a need - a means of accomplishing something. Find out what their needs and wants are, and develop products and other variables to meet those needs. Drill bits and 1/4� holes.Outside-in perspective. Make what you can sell. Make what you can get rid of. People buy things because of what they do for them. Products and services are a meeting a need - a means of accomplishing something. Find out what their needs and wants are, and develop products and other variables to meet those needs. Drill bits and 1/4� holes.

6. Marketing Concept Components Means of achieving goals knowing needs and wants implies research and/or appropriate assumptions Target markets implies clear target groups: people whose needs/want you will try to fill Satisfaction Competitors acknowledged

7. Marketing Concept Vs. Selling Concept Marketing Concept: Begin with customer needs Develop 4 Ps in light of customer needs �Have what you can get rid of� Selling Concept Begin with what firm wants to produce Given products, persuade customers to buy �Get rid of what you have.� How could you tell if a firm follows the marketing concept or the selling concept? How could you tell if a firm follows the marketing concept or the selling concept?

8. Marketing Concept VS. Societal Marketing Concept

9. MARKETING CONCEPT: Holds that achieving organizational goals depends upon knowing the needs and wants of target markets and delivering the desired satisfactions better (more effectively and efficiently) than do competitors. (p. 10) SOCIETAL MARKETING CONCEPT: �.in a way that maintains or improves both the consumer�s and the society�s well-being. (p. 11)

10. HOMEWORK � FOR DISCUSSION ONLY How could you determine whether an organization was following the selling concept, the marketing concept, or the societal marketing concept?

11. According to economist Milton Friedman, �Few trends could so thoroughly undermine the very foundations of our free society as the acceptance by corporate officials of a social responsibility other than to make as much money as possible.� Do you agree or disagree? What are some of the drawbacks of the societal marketing concept? Who should decide what is in the consumer�s or society�s best interests? Executives of companies? Government? Individual? Should a company manufacture a product that is responsible for injuring lots of children needlessly? Bike Should an auto company decide that you should have pollution control equipment on your car whether or not you want it? Phoenix experiment Would it work??? ONLY when what firm thinks is best coincides with what consumer sees as worth the benefits. Who should decide what is in the consumer�s or society�s best interests? Executives of companies? Government? Individual? Should a company manufacture a product that is responsible for injuring lots of children needlessly? Bike Should an auto company decide that you should have pollution control equipment on your car whether or not you want it? Phoenix experiment Would it work??? ONLY when what firm thinks is best coincides with what consumer sees as worth the benefits.