Which marketing orientation believes that consumer will favor products that are available and highly affordable?

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.

The production concept holds that consumers will favor products that are available and highly affordable. Therefore, it dictates that management should focus on improving production and distribution efficiency. This concept is one of the oldest orientations that guides sellers. The production concept is still a useful philosophy in some situations. For example, both personal computer maker Lenovo and home appliance maker Haier dominate the highly competitive, price-sensitive Chinese market through low labor costs, high production efficiency, and mass distribution. However, although useful in some situations, the production concept can lead to marketing myopia. Companies adopting this orientation run a major risk of focusing too narrowly on their own operations and losing sight of the real objective - satisfying customer needs and building customer relationships. The product concept holds that consumers will favor products that offer the most in quality, performance, and innovative features. Under this concept, marketing strategy focuses on making continuous product improvements. Product quality and improvement are important parts of most marketing strategies. However, focusing only on products can also lead to marketing myopia. For example, manufacturers of mousetraps might believe that if they can build a better mousetrap, their profits will soar but they are often rudely shocked. Buyers may be looking for a better solution to a mouse problem but not necessarily for a better mousetrap. The better solution might be a chemical spray, an exterminating service, a house cat, or something else that suits their needs even better than a mousetrap. Furthermore, a better mousetrap will not sell unless the manufacturer designs, packages, and prices it attractively, places it in convenient distribution channels, brings it to the attention of people who need it, and convinces buyers that it is a better product.

Human needs are states of felt deprivation. Needs are part of the human make-up; they are not created by external forces. Humans have a basic physical need for food, clothing, warmth, and safety, a basic social need for belonging and affection, and a basic individual need for knowledge and self-expression. Unlike needs, wants are not innate. Instead, wants are needs shaped by culture, society, and individual personality. For example, an American needs food, wants a Big Mac and soft drink, and demands lunch at McDonalds. Wants become demands when they are backed by consumers' buying power. Marketers conduct extensive research to understand customers' needs, wants, and demands. They then attempt to fulfill customers' needs, wants, and demands through their market offerings.

Today's consumers have more information about brands than ever before, and they have a wealth of platforms for airing and sharing their brand views with other consumers. Thus, the marketing world is now embracing not only customer relationship management, but also customer-managed relationships. Greater consumer control means that companies can no longer rely on marketing by intrusion. Instead, marketers must practice marketing by attraction - creating market offerings and messages that involve consumers rather than interrupt them. Hence, most marketers now augment their mass-media marketing efforts with a rich mix of direct marketing approaches that promote brand-consumer interaction. For example, many brands are creating dialogues with consumers via their own or existing online social networks.

A growing part of the new customer dialogue is consumer-generated marketing, by which consumers themselves are playing a bigger role in shaping their own brand experiences and those of others. This might happen through uninvited consumer-to-consumer exchanges in blogs, video-sharing sites, and other digital forums. Increasingly, companies are also inviting consumers to play a more active role in shaping products and brand messages. One drawback of this process is that harnessing consumer-generated content can be time-consuming and expensive.

Sets with similar terms

Which concept holds that consumers will favor products that are available and affordable?

Which marketing management orientations focuses on making products that are highly affordable?

Which concept uses the idea that the consumer will favor products that offer the most quality performance and features?

Which marketing orientation states that consumers will favor products that offer the most in quality performance and innovative features?