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Marketing Management > Marketing Concept > Flashcards

Marketing Concept Flashcards

1
Q

When did the production concept come about?

A

1850s

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2
Q

How did the production concept evolve?

A

Industrial revolution:
- technological inventions enabled market traders to set up factories

  • grew rapidly
  • demand to produce more and more
  • needed more people to work in the factories
  • people then had more money to spend on consumer goods
  • new factories opened up
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3
Q

Where did the industrial revolution begin?

A

Manchester cotton goods production

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4
Q

Production concept demand

A

Companies didn’t have to think about the customer

Produce more
Reduced price for consumer
Prices go down demand goes up

As more people buy and produce more, prices go down

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5
Q

Production led:

A

Produce more

Bring prices down

More customers

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6
Q

How long did the production concept last?

A

Until late 1920s

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7
Q

Example of the production concept

A

Henry Ford didn’t give customers colour choice

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8
Q

What happened in 1929?

A

Wall Street crash caused by the Great Depression

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9
Q

Consequences of the Wall Street crash?

A

People started to think about what they were spending

More cautious with their money

Manufacturers also become more cautious

Prices went down below the cost of production

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10
Q

What was the outcome of the Great Depression?

A

Era of the selling concept

1930s

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11
Q

Who started the selling concept?

A

Tom Watson Snr

CEO of IBM

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12
Q

Why the selling concept?

A

Couldn’t rely on he customers to buy, you had to go out and sell things

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13
Q

How does the selling concept work best?

A

Not loyal to brands

Competition brings the price down

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14
Q

Who adopts the production concept today?

A

Still developing countries

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15
Q

Why do still developing countries use the production concept?

A

Don’t have the products and services of developed countries

As the get employment they can spend more on products and services

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16
Q

Who starts marketing revolution?

A

Elvis 1955 rebellious youth, wouldn’t take what was given

17
Q

How can companies meet the wants and needs of the customer?

A

First have to understand the industry they’re in

Reevaluate and reinvent the offerings to customer as they understand what they want

E.g American railways didn’t realise they were in the transport industry and had car and planes as competitors

18
Q

What is the marketing concept?

A

Achieving organisational goals depend on DETERMINING THE NEEDS ANS WANTS OF TARGET MARKETS and delivering the desires satisfactions MORE EFFECTIVELY AND EFFICIENTLY than competitors do

19
Q

How is the marketing concept achieved?

A

Management of the 4Ps

20
Q

What are the 4Ps?

A

Product
Price
Place
Promotion

21
Q

What are the three main components of the marketing concept?

A

Customer orientation

Goal achievement

Integrated effort

22
Q

Do customers always know what they need or want?

A

No

Market led innovation

23
Q

Customer orientation is

A

Corporate activities focused on providing customer satisfaction

24
Q

Integrated effort is

A

All staff accept responsibility for creating customer satisfaction

25
Q

What is goal achievement?

A

The belief that corporate goals can be achieved through customer satisfaction

26
Q

Marketing concept Kohlberg 1980

A

Consists of determining the needs and wants of the target markets

27
Q

Jobber 2004

A

The achievement of corporate goals through meeting and exceeding customer needs better than the competition

28
Q

Marketing process role achieved by

A

Analysing marketing opportunities

Selecting target markets

Developing the marketing mix

Managing the marketing effort

29
Q

McKitterick 1957

A

Awareness of consumer wants- market led organisations, integrations of actives around customer orientation, profit rather than sales as a measure of success

30
Q

Keith 1960

A

The marketing revolution

The consumer is ‘at the absolute dead centre of the business universe’

‘Marketing is emerging as the most important single function in business’

31
Q

McCarthy 1960

A

4Ps - four controllable variables that a company manages in its effort to satisfy the corporations objectives as well as the wants and needs of the target market

32
Q

Borch 1958

A

Dual core concept of marketing

Not simply concerned with meeting explicit customer desires but also with creating them- managing demand and influencing the customer

Not only cater to customer demands but also ‘persuade the prospective customer, through all the arts if selling and advertising, to purchase the products and services that have been developed’

33
Q

Kotler 1976 argued that

A

The marketing concept replaces and reverses the logic of the selling concept

Contrast Brown 2001 sales orientation still remains very much part of marketing identity whether we like it or not

34
Q

Gardner and Levy 1955

A

Impact of brand image on consumer behaviour
- brand image is consisted of consumers opinion, attitude and emotion toward a brand, which reflects the cognitive or psychological elements of the brand

35
Q

Levitt 1960

A

Marketing myopia

  • an industry is a customer satisfying process, not a goods producing process
  • businesses will do better if they concentrate on meeting customers needs rather than on selling products

Myopia- short sighted
- companies stop growing because of failure in management, not because the market is saturated but because of myopia

36
Q

Production orientation

A

Production capabilities

Manufacture product

Aggressive sales effort

Customers

37
Q

Marketing orientation

A

Customer needs

Potential market opportunities

Marketing products and services

Customers

38
Q

Borch 1958

A

Dual core concept of marketing

Not just meeting desires of customers but creating them

Marketing Management (2 decks)

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