Podcast
Questions and Answers
What is the primary focus of the production concept?
What is the primary focus of the production concept?
- Improving customer satisfaction
- Increasing product features
- Conducting market research
- Improving production and distribution efficiency (correct)
When is the production concept particularly useful?
When is the production concept particularly useful?
- When the product's features are too complex
- When there is a low demand for a product
- When the product's cost is too low
- When there is a high demand for a product and supply is limited (correct)
What is the risk associated with the production concept?
What is the risk associated with the production concept?
- Focusing too much on product development
- Focusing too much on marketing and advertising
- Focusing too narrowly on company operations (correct)
- Focusing too narrowly on customer needs
What is the primary goal of management according to the production concept?
What is the primary goal of management according to the production concept?
What is the underlying assumption of the production concept?
What is the underlying assumption of the production concept?
What is the production concept's approach to product development?
What is the production concept's approach to product development?
What is the primary motivation behind the production concept?
What is the primary motivation behind the production concept?
When is the production concept least useful?
When is the production concept least useful?
What is the role of marketing managers in the production concept?
What is the role of marketing managers in the production concept?
What is the primary advantage of the production concept?
What is the primary advantage of the production concept?
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Study Notes
Marketer's Role
- Identify and understand existing needs and expand upon them
- Identify new needs, such as selling products in smaller quantities and packages due to increasing singles and small families
Impact on Other Professionals
- Marketing department may ask production and industrial engineers to speed up workflow to meet consumer demand
- Engineers may suggest changes to work process, creating additional options for consumers
- Engineers are important in product design and development, considering human factors and ergonomics
Price
- Marketer's goal is to set price proactively, rather than reacting to the market
- Researching the market and competition to identify price gaps and opportunities
- Ensuring price is competitive or providing extra value to justify higher prices
Impact of Promotions
- Changes in demand created by promotions can impact the work of other professionals
- Public relations can plant a positive image of a company or product in consumers' minds
Positioning
- Identifying how the product should be positioned in the consumer's mind (e.g. luxury, bargain, fun)
- Developing the right image through various vehicles to establish the desired position
- Affecting the work of other professionals, such as engineers, in terms of materials used and workflow complexity
Personal Relationships
- Companies want customers to feel they have a personal relationship with the company
- Tailoring products to individual specifications and measuring customer satisfaction
- Building personal relationships through marketing programs
Marketing Concepts
- Five alternative marketing concepts: Production, Selling, Marketing, Societal, and Product
- The Production Concept: focusing on improving production and distribution efficiency to bring down prices
- Risk of focusing too narrowly on company operations, neglecting other factors
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