Business Essay

743 words - 3 pages

How business and marketing are changing‣ Customer empowerment:Company empowerment‣ Heighten competition:‣ Retail transformation:-‣ Changing technology:‣ Globalization:‣ Deregulations‣ Privatization:‣ Customizations:‣ Industry convergence:‣ Dis-intermediation:-‣ Consumer ResistanceMarketing Management OrientationMarketing management is the art and science of choosing target and building profitable relationships with target customers.To carry out these activities, marketing managers have to take marketing efforts. What philosophies should guide these marketing efforts? What weight should be given to the interests of the organization, customers and the society?There are five alternative concepts under which organization conduct their marketing activities. Such as areThe production conceptThe product conceptThe selling conceptThe marketing conceptThe societal marketing conceptThe Holistic marketing ConceptThe production conceptIt holds that consumers will favor the products that are available and highly affordable.Management should focus on improving production, low costs and distribution efficiency.It is appropriate in two situationsWhen the demand for a product exceeds the supply.When the product's cost is too high and improved productivity is needed to bring it down.When a company wants to expand the market.This orientation makes sense in developing countries such as China.CriticismThe production concept can lead to marketing myopia.Companies adopting this concept run a major risk of focusing too narrowly on their own operations and losing sight of the real objective-satisfying customers' needs.The product conceptThe product concept holds that consumers will favor products that offer most in quality, performance and innovative features.Therefore the organization devote its energy to making continuous product improvement.Managers in these organizations focus on making superior products and improving them over time.A product concept leads the company to strive constantly to improve the quality of its product and to add new features that are technically feasible without finding out whether or not consumers really want these features.A product concept often lead to marketing myopia that is a focus on the product rather than on the consumer needs it presumes to satisfy.A new or improved product will not necessarily be successful unless it is priced, distributed, advertised and sold properly.The selling conceptThe idea that consumers will not buy enough of the organization's products unless the organization undertakes a large-scale selling and promotion effort.This concept is typically practiced with unsought goods.Most firms practice the selling concept when they face overcapacity.Their aim is to sell what they make rather...

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