MGMA01H3 Chapter Notes - Chapter 1: Takers, Customer Insight, Credit Risk
Document Summary
Production concept: the idea that consumers will favour products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency. If they build a better mousetrap, the world will beat a path to their door". Marketing concept: the marketing management philosophy that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do: takes an outside in perspective. Societal marketing concept: questions whether the pure marketing concept overlooks possibleconflicts between consumer short-run wants and consumer long run welfare: society well being e. g. going green, marketing mix example. Product firm must create a need-satisfying market offering. Price decide how much it will charge for the offering. Place- how it will make the offering available to target consumers. E. g: airlines want to increase share of travel", car companies want to increase share of garage". Little benefit between the company"s offering and their needs.
