MKT201--assignment 1--concepts of Marketing

1,125 views

Published on

five concepts of Marketing explained with examples

For Mr. G.M. Shafayet Ullah's class

Published in: Education
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
1,125
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
2
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

MKT201--assignment 1--concepts of Marketing

  1. 1. MKT 201: Principles of Marketing Course Instructor: G. M. Shafayet UllahAssignment 1: Major Marketing Philosophies in Practice Sec: 2
  2. 2. MKT 201 Sec 02Sl. No. Name I.D. Phone no. Email add.1. Protiti Khan 11304018 01738024672 protiti.211@gmail.com2. Samiya Yesmin 11304043 01822885382 samiya.yesmin@gmail.com3. Lamisa Manzoor 11304072 01766021112 lamisa.manzoor@gmail.com4. Prianka Grasia Costa 10204016 01762926484 -------------5. Bushra Muhsanat Khan 11304063 01682264690 muhsanatkhan_bushra@yahoo.com6. Anika Mozammel 11204096 01674993685 Anika_04@ymail.com7. Nahian Zaman 11204023 01675559999 nahianzaman@hotmail.com8. Nazmus Sakib 11204010 01715665648 vengeance_35@hotmail.com Group Leader-- Protiti Khan 11304018
  3. 3. Question: Define and provide real life examples of all the Major Marketing Philosophiestaught in the class. Choose any product of service that is available to consumers of Bangladeshfor your examples.Answer: Marketing management wants to design strategies that will build profitablerelationships with target consumers. There are five alternative concepts under whichorganizations design and carry out their marketing strategies: the production, product, selling,marketing, and societal marketing concepts.The Production ConceptThe production concept holds that consumers will favor products that are available andhighly affordable. Therefore, management should focus on improving production anddistribution efficiency. This concept is one of the oldest orientations that guide sellers.The production concept is still a useful philosophy in some situations. For example, The Bangladesh Railway solely dominates the railway services in Bangladesh.Since it is a government service it has no competitors and therefore has a total hold of thismarket making it a monopoly. And for these reasons this service follows The ProductionConcept, concentrating only on the availability of the product in the highest affordable price,focusing on company operations rather than customer’s needs and wants. This only RailwayService of Bangladesh has gone through very little improvement with years. The trains are oldand the environment within the trains is not up to the mark at all. And the customer service isalso very poor. Despite of this poor condition of the trains as well as the services, the majority ofthe population who travel long distance use this means of travel as it comes in a really cheapprice and this service is widely available throughout the country. However, although useful to themajority of people, this concept will obviously lead to marketing myopia because companiesfollowing this philosophy focus too much on their operations losing the sight of their realobjective, satisfying customer needs and building customer relationships.The Product ConceptThe product concept holds that consumers will favor products that offer the most in quality,performance, and innovative features. Under this concept, marketing strategy focuses on makingcontinuous product improvements.
  4. 4. For example, a year back Nestle Bangladesh brought a new kind of dry beverage mix by thename of Nesfruta. Unlike similar product like Tang, it was quite upgraded with no artificial colorand extremely concentrated food content. For other products like this, a minimum of two teaspoons of the mix is needed to make a glass of the drink. But with Nesfruta due to its highconcentration only one tea spoon was sufficient. But the Bangladeshi people not being habituatedto such kind of a drink did not take the product in a way as it was expected. This happenedbecause the company did not consider the customers’ needs and wants, rather it went forupgrading the product and as a result it failed in the market. Product quality and improvementare important parts of the marketing strategies. However, focusing only on the product can leadto marketing myopia, as it has happened in this case.Selling conceptIt is the idea implemented for marketing unsought products as consumers will not think ofbuying or will not buy enough of the products unless the firm undertakes a large-scale sellingand promotion effort. Examples of such notorious goods are the products sold on “Asian SkyShop” or on “Telebrands”. Their products such as rapid hair growth which basically looks likeblack powder covering the user’s scalp, is not something anyone is likely to buy. But throughintensive hour-long advertisements on television, people start feeling like this is the solution toall their problems! Same goes for the famous “Sauna Belt”, cheaper than sauna treatments, canbe used at home easy, portable and sit and losing weight solution is not something people wouldgenerally consider buying. But the intense, mind-blogging advertisements would make you abeliever. And all advertisements end with the “special” once in a life time offer of buy now andget 20% off PLUS one free! This actually works as these advertisements come on television withfamous actors endorsing it making these goods a fad in society. A great way of selling what youcan make. But are the customers likely to re-buy these products remain a question.Marketing ConceptManagement philosophy according to which a firms goals can be best achieved throughidentification and satisfaction of the customers stated and unstated needs and wants, better thantheir competitors do. Marketing is the process of communicating the value of a product orservice to customers. It can sometimes be interpreted as the art of selling products, but selling isonly a small fraction of marketing. Marketing can be looked at as an organizational function anda set of processes for creating, delivering and communicating value to customers, and managingcustomer relationships in ways that benefit the organization and its shareholders. The
  5. 5. management of marketing is the art of choosing target markets, as well as acquiring and keepingcustomers through providing superior customer value. That is why it is called the outside inconcept.Recently in Bangladesh the trend of marketing has changed. Before launching any new product,test marketing is done throughout the country. So that they can capture their target market andaccordingly fulfill the needs and wants of the customers. For example, if we consider Aromaticbeauty soap of Aromatic Cosmetics Ltd. When Lux was launched in Bangladesh they were ableto capture the whole market. As a result, the other beauty soap companies were going out ofmarket. Therefore, the marketing department of Aromatic followed the efficient and effectivemarketing technique. That is, they launched their new soap with a slogan, "100% halal," and wasable to regain the market. They followed the outside in concept and conducted a survey. Theydid this by preparing a questionnaire for their targeted customers. After the survey wascompleted they got a good response from the customers. Thereby, they were confident enough tolaunch this new product with the slogan in a large scale. Although they were more successful incapturing the rural market of Bangladesh which is the majority population, they became a threatto Lux. To sum up Aromatic beauty soap was successful in following the universal marketingconcept, "Make what you can sell."Societal Marketing ConceptThe societal marketing concept is an enlightened marketing concept that holds that a companyshould make good marketing decisions by considering consumers wants, the companysrequirements, and societys long-term interests. It is closely linked with the principles ofcorporate social responsibility and of sustainable development. Thereby they fulfill theconsumers’ long run and society’s long run interest. The societal marketing concept holds thatthe organizations task is to determine the needs, wants, and interests of target markets and todeliver the desired satisfactions more effectively and efficiently than competitors, in a way thatpreserves or enhances the consumers and the societys well-being. Most companies recognizethat socially responsible activities improve their image among customers, stockholders, thefinancial community, and other relevant publics. Ethical and socially responsible practices aresimply good business, resulting not only in favorable image, but ultimately in increased sales.In Bangladesh there are a lot of companies following societal marketing concept. One of theexamples would be Dutch Bangla Bank Limited. It is one of the largest private donors inBangladesh exceeding BDT 1.3 billion. There marketing strategy helps to create goodwill of thecompany. The bank donates mainly towards social awareness programs, medical and educationalfields. Notably DBBL maintains the largest scholarship program in Bangladesh wherebycollege/university education tuition and expenses are fully paid for unconditionally by the bank.So they maintain a good relationship with their customers and also contribute in the well being ofthe society. In addition, they also take care of the needs and wants of the customers by providing
  6. 6. ATM booths throughout the country. Moreover, they have a number of loan schemes such as,household loans, student loans, etc. As a result, they are providing desired satisfaction to alllevels of people.

×