Principals of Marketing Lec 3 PDF

Principals of marketing Llec: 3 Dr. Usama Abood 2024 1 Marketing Management Orientations Production concept Product Selling Marketing Societal concept concept concept concept Production...

Principals of marketing Llec: 3 Dr. Usama Abood 2024 1 Marketing Management Orientations Production concept Product Selling Marketing Societal concept concept concept concept Production Orientation (concept): is the idea that consumers will favor products that are available and highly affordable. Focus: On producing as much product as possible, assuming that consumers will accept anything produced. Limitations: This approach may not work in competitive markets where consumers are interested in product quality and meeting their needs. 2 Product Orientation (concept):  Product concept is the idea that consumers will favor products that offer the most quality, performance, and features. An organization should therefore devote its energy to making continuous product improvements.  Focus: on the quality of the product and its technical features, assuming that consumers will choose the best quality product.  Limitations: This approach may ignore the real needs and desires of consumers. 3 Selling orientation (concept) is the idea that consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort.  Focus: on the use of extensive sales methods to convince consumers to buy products.  Limitations: It may lead to long-term customer dissatisfaction, and is not focused on building long- term relationships. 4 Marketing orientation (concept) is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do.  Focus: On understanding the needs and desires of consumers and meeting these needs by developing products and services that meet these needs.  Limitations: This approach requires continuous marketing research and adaptation of strategies to changing consumer needs. 5  Marketing Mix The marketing mix is one of the most important models used in understanding and planning the marketing process. This model includes four basic elements that must come together to ensure the success of any product or service in the market. The marketing mix (4 Ps): Product, Price, Place, Promotion. Expanding to 7 Ps for services. 6 Product Tangible product: characteristics, design, quality, and unique features. Brand: The identity of the product, its logo, and its personality in the mind of the consumer. Packaging: The packaging design that attracts attention and protects the product. Additional services: warranties, maintenance, and after-sales services. 1. Price Cost: Production and distribution costs. Perceived customer value: The value that the customer sees in the product compared to competitors' products. Pricing strategies: cost-based pricing, competitive pricing, psychological pricing. Offers and discounts: incentives that encourage purchases. 7 Place Distribution channels: The ways in which the product reaches the consumer (retail, internet, direct selling). Geographical coverage: The areas where the product is distributed. Logistics: Managing the flow of products from the factory to the consumer. Promotion Advertising: Using various media to promote the product. Public Relations: Building a positive image of the company and the product. Direct marketing: direct communication with customers (email, text messages). Online marketing: the use of social media, search engines, and others. Personal sales: direct communication with customers to convince them to buy. 8  Expand the marketing mix (7Ps): In some cases, the marketing mix is expanded to include three additional elements, especially in the case of services: People: The company's employees who deal with customers. Process: The procedures and systems through which the service is provided. Physical Evidence: Any tangible object related to the service (business cards, building, promotional materials). 9