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Check out here Which of the top 5 concepts must learn while pursuing Distance learning MBA in marketing. Strategic marketing management is a science and an art. The way marketing managers make logical predictions on consumer choices and preferences or draws conclusions based on survey sheets or past consumer purchase data makes it a science.
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Top 5 Concepts Every Marketing Manager Should Learn while pursuing MBA in Marketing http://www.mitsde.com http://www.mitsde.com
Top 5 Concepts Every Marketing Manager Should Learn while pursuing MBA in Marketing • Marketing is a core ingredient of every organisation. It’s an umbrella term that includes a whole range of activities targeted towards organising a marriage between consumers and their desired products • Strategic marketing management is a science and an art. • The way marketing managers make logical predictions on consumer choices and preferences or draws conclusions based on survey sheets or past consumer purchase data makes it a science. • The art is hidden in the way marketers conduct the speculation exercise and eye for the right consumers for their products. • While pursuing distance learning MBA/PGDBA in marketing management, managers must study the following five concepts to get more clarity on their study as well as their assignments: http://www.mitsde.com
1. Production Concept • Most of the consumers have a bent on cheaper goods. According to the production concept, when companies want to penetrate the market, they need to increase their distribution channel. • This means they have to incur higher expenses in distribution. Now, since they are eyeing for more customers, they are also increasing their production capacity. • When more production is happening, cost per unit automatically decreases • In this way, companies save on production cost and can spend this amount on their distribution. • This workable concept however holds true only when demand for a particular commodity exceeds its supply. • However, if consumers develop a trend of bending over quality and not the price; this shall never work. http://www.mitsde.com
2.Product Concept • In this case, organisations develop a greater emphasis and focus on the quality of the product. • Such a concept is applicable for that group of consumers who consider product quality as a significant parameter for choosing their commodities. • Therefore, to reach out to such targets, marketers ask the production team to improve the quality of product along with an attractive packaging. • They also place the project with a superior image in the minds of its targets so that the latter fall for it and end up purchasing their desired commodity. http://www.mitsde.com
3. Selling Concept • The real fun of pursuing Correspondence MBA/PGDBA in marketing management is when professionals come across this interesting marketing concept. • Selling concept is based on the fact that products are not purchased but are sold. • In other words, marketers somehow compel the consumers to purchase a product. • It’s either through attractive advertising or attention-gripping campaigns or other selling tactics through which marketers captivates consumers within their products and finally sells the commodity. http://www.mitsde.com
4. Marketing Concept • The aim of marketing is never to market one product to a single customer for one time only. • In fact, the word “one” should be replaced by “many”. • To achieve this, companies rely on the marketing concept. Accordingly, they focus on customer satisfaction. • Hence, such organisations always identify their targets first and then make a product that can be sold to them. • It never happens the other way round. Therefore, marketers make lot of effort in boosting marketing activities only to ensure higher mind share amongst the customers. http://www.mitsde.com
5. Societal Marketing Concept • Now comes a more ethical concept on marketing. Here, companies stress on social welfare and benefit along with customer satisfaction. • Therefore, the kind of products manufactured here always adheres to societal standards. • It also has a strategic advantage, i.e. if a society accepts a product and it is for their welfare; there will be higher chances of re-purchase. • People will discuss about that specific product and will never let it go out of their minds. • In this way, the marketers need not make much effort in promoting the products to the mass. • Once-a-while show is more than enough for marketers to tap on such consumer groups. http://www.mitsde.com
