The text book is: Kotler, P & Keller, KL 2012, Marketing management, 14th global edn, Pearson/Prentice Hall, Upper Saddle River, New Jersey.
Some hints for my assignment (just marketing refection), There are five alternative marketing management philosophies concept:
1. Production concept:
It is one of the oldest concepts in business. It holds that consumers prefer products that are widely available and inexpensive. Managers of production-oriented businesses concentrate on achieving high production efficiency, low costs, and mass distribution. It simply ignores customersâ€™ needs and wants.
2. Product concept:
It propose that consumers favor products offering the most quality, performance or innovative features. This misperception is called marketing myopia. It overlooks customersâ€™ actual needs and wants.
3. Selling concept:
It holds that consumers and businesses, if left alone, wonâ€™t buy enough of the organizationâ€™s products. It is practiced most aggressively with unsought goods-goods buyers donâ€™t normally think of buying such as insurance and cemetery plots and when firms with overcapacity aim to sell what they make, rather than make what the market wants. This leads to unethical selling practices. It also ignores customerâ€™ needs and wants.
4. Marketing concept:
It emerged in the mid-1950s as a customer-centered, sense and respond philosophy. The job is to find not the right customers for your products, but the right product for your customers. There are 3 basic principles that underpin the marketing concept:
- To identify and satisfy customersâ€™ needs and want (consumer research and market research are a must before any new product/service development).
- To achieve the organizationâ€™s SMART (specific, measurable, achievable, realistic and timeframe) marketing objectives (marketing metrics & financial metrics, etc). For example, to increase the brand awareness from the current 55% to 75% within the next 18 months.
- To effectively coordinate all the marketing activities within the marketing department (intradepartmental coordination) and among different departmental functions within the organization (inter-departmental coordination).
5. Societal marketing concept:
Ditto (marketing concept)!
In addition, the societal marketing concept calls for marketers to be socially responsible and take into account the long term interest of the society (customer) in making any marketing decision. This is why corporate social responsibility (CSR) is a key issue for multi-national corporation in particular. For example, a manufacturer decided to use biodegradable packing materials for a new product which is more costly for the finished product but will avoid any pollution to the environment.