MARKETING MANAGEMENT PHILOSOPHIES

MAY 1, 2020

DAY 4

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GOOD MORNING BOYS!

LEARNING OUTCOMES- At the end of the lesson, students will be able to-

a) Explain the philosophies of marketing management.

b) Identify the marketing management philosophies in the case study.

YESTERDAY'S ANSWER: Marketing Functions are as follows:
1) Gathering and analyzing market information-" They conducted------------quality atta."
2) Branding-" They named their product Srijan"
3) Pricing- " To penetrate-------------------------prices low."
4) Storage or Warehousing- " For maintaining --------------------------quick delivery."
5) Customer Support Services- "They also -------------------------grievances."

PLEASE WATCH A SMALL VIDEO BELOW FOR BETTER UNDERSTANDING OF THE TOPIC:

PLEASE TAKE DOWN THE NOTES NOW:


Q.3 Explain marketing management philosophies in detail. (5)
Ans-1. Production Concept-
a) It is based on the belief that profit could be maximised by producing at large scale, thus reducing the average cost of production.
b) The starting point of production concept start after the product is produced in the factory. Its main focus is on the quantity produced. It uses availability and affordability of the product as a means to achieve the objective and this concept objective is to  earn profits through large volume of production.
2. Product Concept-
a)  The marketing efforts used in this concept are started after the product is produced in the factory .
b) In thus concept, the product should be of high quality and its objective is to earn profits through product quality improvements.
3. Selling Concept-
a) It is based on the belief that profits could be maximized by increasing the sales volume by undertaking aggressive selling and promotional efforts.
b)  The marketing efforts start after the product is produced in the factory. It involves pushing the sale of existing products .Its objective is to earn profits through increased volume of sales.
4. Marketing Concept-
a) The marketing efforts start from the identification of needs of the target market .Its focus is on the satisfaction of customers needs.
b) It uses integrated marketing as a means to achieve the objective. Its objective  is to earn profits by satisfying needs of the target market better than the competitors. 
5. Societal Marketing Concept-
a) The marketing efforts start from the identification of needs of the target market and the society.
b) Its focus is customer needs and society's well being. It uses integrated marketing as a means to achieve the objective. Its objective is to earn profits through customer satisfaction and social welfare.

Q.4 What are the pillars of the marketing concept?
Ans 1. Identification of market or customer who are chosen as the target of marketing effort.
2. Understanding needs and wants of customers in the target market.
3. Development of products or services for satisfying needs of the target market.
4. Satisfying needs of target market better than the competitors.
5. Doing all this at a profit.

FOR THE DIFFERENCE BETWEEN ALL THE MANAGEMENT PHILOSOPHIES, REFER TO THE IMAGE SENT .

CASE STUDY

Ginika , Tanish and Rohit were friends from college days and now they are doing different kinds of business. They regularly meet and discuss business ideas and in one of the meetings, Ginika drew the attention of Tanish and Rohit towards the exploitation of consumers. She told that most of the sellers were exploiting the consumers in various ways and were not paying attention towards the social, ethical and ecological aspects of marketing whereas she was not doing so. Tanish told that they were under pressure to satisfy the consumers, but stated that the consumers would not buy enough unless they were adequately convinced and motivated for the same. Rohit stressed that a company cannot achieve its objectives without understanding the needs of the customers. He stated that he himself was taking into consideration the needs of the customers.
Identify and explain the various types of thinking that guided Ginika, Tanish and Rohit in the marketing efforts of their business. Write one more feature of the various types of thinking identified that is not given in the above para. (6)

GOD BLESS YOU ALL!