Concepts of marketing and benefits of adopting this approach Marketing could be defined as the creation, promotion and selling of a product or service that satisfies a researched need in the market. It also consists of the 4p’s; which are product, promotion, price and place. Product is essentially researching a need for some sort of product or service, and in turn creating a product/service to fill that need. ‘People’ is the researched products target audience. ‘Price’ is the monetary/service exchanged for the product. Place is where the product is made, distributed and eventually sold to the public. It is beneficial for companies to adopt the marketing concept as this means the company will be more focused on their customer base and how they will create products that will full fill their needs; this would then lead to more customer satisfaction, customer and hopefully return business. An example of this can be seen in the case study. Shahid could’ve have avoided problems like underestimating the customers buying schedules, and other elements that effect that, and also market research would’ve shown that there was a need for pet food for his customers various pets that he could have been selling as well. If Shahid had simply contacted a marketing firm early on he would have avoided; raw material problems and time consumption over sourcing these, as marketing firms will have good relationships with various producers of these which would in turn lead to a good deal on quality raw ingredients and packaging. The marketing approach wasn’t adopted up until the 1960’s, before which variations of the production, product and sales concepts were used. Early companies at the tail end of the 19th century utilized the mass production, low cost mode; this essentially created high volumes of the product for an overall low cost due discounts given on materials due to the large size of the order. *An example of this could be the mass production of iron cast...
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