Marketing principles

Question 1

What is marketing myopia?

Answer 1

The mistake of paying more attention to specific product that a company offers than too the benefits produced by these products

Focus on only existing wants, loosing sigh of underlying customer needs

Question 2

What is the marketing concept?

Answer 2

Achieving organisational goals depends on knowing needs and wants of target market

and delivering the desired satisfaction better than competitors do

Question 3

What is the selling concept?

Answer 3

Consumers will not buy enough of a firms products unless it takes on a large scale selling and promotion effort

Question 4

What is the product concept?

Answer 4

Consumers favour the BEST products that offer the most quality, performance and features

Organisation should focus on making constant product improvements

Question 5

What is the production concept?

Answer 5

Consumers favour products that are available and highly affordable

Organisation should focus on improving production and logistic efficiency