Research on Different Topics

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Marketing Notes

Marketing:

Marketing is used to create the customer, to keep the customer and to satisfy the customer. With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management. The evolution of marketing was caused due to mature markets and overcapacities in the last decades. Companies then shifted the focus from production more to the customer in order to stay profitable.

Concepts and Approaches:

|Orientation |Profit driver |Western European |Description | | | |timeframe | | |Production |Production methods|until the 1950s |A firm focusing on a production orientation specializes in producing as | | | | |much as possible of a given product or service. Thus, this signifies a | | | | |firm exploiting economies of scale, until the minimum efficient scale is| | | | |reached. A production orientation may be deployed when a high demand for| | | | |a product or service exists, coupled with a good certainty that consumer| | | | |tastes do not rapidly alter (similar to the sales orientation). | |Product |Quality of the |until the 1960s |A firm employing a product orientation is chiefly concerned with the | | |product | |quality of its own product. A firm would also assume that as long as its| | | | |product was of a high standard, people would buy and consume the | | | | |product. | |Selling |Selling methods |1950s and 1960s |A firm using a sales orientation focuses primarily on the | | | | |selling/promotion of a particular product, and not determining new | | | | |consumer desires as such. Consequently, this entails simply selling an | | | | |already existing product, and using promotion techniques to attain the | | | | |highest sales possible. | | | | |Such an orientation may suit scenarios in which a firm holds dead stock,| | | | |or otherwise sells a product that is in high demand, with little | | | | |likelihood of changes in consumer tastes diminishing demand. | |Marketing |Needs and wants of|1970 to present |The marketing orientation is perhaps the most common orientation used in| | |customers |day |contemporary marketing. It involves a firm essentially basing its | | | | |marketing plans around the marketing concept, and thus supplying | | | | |products to suit new consumer tastes. As an example, a firm would employ| | | | |market research to gauge consumer desires, use R&D to develop a product | | | | |attuned to the revealed information, and then utilize promotion...
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