1. State any one marketing philosophy or concept
Answers
Answer:
One of the Marketing Concept:-
Production concept:-
A competing philosophy is production orientation. This is an inward looking orientation. Management becomes cost focused. They try to attain economies of scale by producing a limited range of products in ways that minimize production costs. The objective is cost reduction for its own sake.
In production orientation, business is defined in terms of products that the company is making. The management does not define business in terms of serving particular needs of customers. The business mission is focused on current production capabilities. The company invests in technology to improve its ability to produce at a lesser cost. It does not want to produce variety and looks for reasons to produce a standard product.
Marketing oriented companies instead focus on customer needs. Products and services are just considered as means to serve the needs of the customers. Change and adaptation are endemic in marketing oriented companies. Changing needs present potential market opportunities which the company strives to serve with new products and services. Within the boundaries of distinctive competencies, market driven companies seek to adapt their product and service offerings to the demands of current and latent markets. They get close to their customers so that they understand their needs and problems.