_______ believes that the consumers will favour those products that offer the best quality, performance and features and therefore the organisation should devote its energy to making continuous product improvements.
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Answer (Detailed Solution Below)Option 2 : Product concept of marketing Free CT 1: Current Affairs (Government Policies and Schemes) 10 Questions 10 Marks 10 Mins The correct answer is the Product concept of marketing
1. Selling concept of marketing
2. Profit concept of marketing
3. Production concept of marketing
Latest DFCCIL Executive Updates Last updated on Sep 30, 2022 The Dedicated Freight Corridor Corporation of India Limited (DFCCIL) has released the schedule of Document Verification for the Advt. No. 04/2021. The schedule is out for the candidates whose names were on the waiting list. The DV of the shortlisted candidates is scheduled to be conducted on 16th June 2022. Candidates who will get a successful selection under the DFCCIL Executive Recruitment process will get a salary range between Rs. 30,000 to Rs. 120000. With Diploma or BE/B.Tech as a basic DFCCIL Executive Eligibility Criteria, this is a golden opportunity for job seekers. * a) Product concept Answer b Download Marketing Interview Questions And Answers PDF Theproduction conceptholds that consumers will favor products that are available and highlyaffordable. Theproduct conceptholds that consumers will favor products that offer the most quality,performance, and features. Theselling conceptrefers to the idea that consumers will not buy enough ofthe firm’s products unless the firm undertakes a large-scale selling and promotion effort. Themarketingconceptis a philosophy in which achieving organizational goals depends on knowing the needs andwants of target markets and delivering the desired satisfactions better than competitors do. The finalalternative is thesocietal marketing conceptwhich holds the idea that a company’s marketing decisionsshould consider consumers’ wants, the company’s requirements, consumers’ long-run interests, andsociety’s long-run interests.This figure contrasts the selling concept and the marketing concept.The selling concept takes an inside-out view that focuses on existing products and heavy selling. The aimis to sell what the company makes rather than making what the customer wants.The marketing concept takes an outside-in view that focuses on satisfying customer needs as a path toprofits. It starts with a well-defined market, focuses on customer needs, and integrates all the marketingactivities that affect customers.As Southwest Airlines’ colorful founder puts it, “We don’t have amarketing department, we have a customer department.”This figure shows that companies should balance three considerations in setting their marketingstrategies: company profits, consumer wants, and society’s interests.For example, Cosmetics retailer Lush knows that doing what’s right benefits both customers and thecompany. “We believe in happy people making happy soap,” says the company’s mission statement.The marketing mix is the set of marketing tools, the four Ps, the firm uses to implement its marketingstrategy.The major marketing mix tools are product, price, place, and promotion. To deliver on its valueproposition, the firm must first create a need-satisfying market offering (product). It must then decidehow much it will charge for the offering (price) and how it will make the offering available to targetconsumers (place). Finally, it must communicate with target customers about the offering and persuadethem of its merits (promotion).The firm must blend each marketing mix tool into a comprehensiveintegrated marketing programthatcommunicates and delivers the intended value to chosen customers. |
Which concept holds that consumers will favor products that are available and highly affordable?
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