B Com Exam > B Com Videos > Principles of Marketing > Marketing and Selling concept, Principles of Marketing
Marketing and Selling concept, Principles of Marketing Video Lecture | Principles of Marketing - B Com
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FAQs on Marketing and Selling concept, Principles of Marketing Video Lecture - Principles of Marketing - B Com
| 1. What is the marketing concept? |  |
The marketing concept is a business philosophy that focuses on putting the customer's needs and wants at the center of all marketing decisions. It involves understanding and satisfying customer needs through the creation, communication, and delivery of value to customers.
| 2. What is the selling concept? | |
The selling concept is a business philosophy that emphasizes aggressive sales techniques and the promotion of products or services. It assumes that consumers will not buy enough of a product unless it is actively promoted and sold through personal selling, advertising, and other promotional efforts.
| 3. What are the key differences between the marketing concept and the selling concept? | |
The key differences between the marketing concept and the selling concept are:
- Focus: The marketing concept focuses on understanding and satisfying customer needs, while the selling concept focuses on promoting and selling products or services.
- Approach: The marketing concept takes a customer-oriented approach, aiming to create value for customers, while the selling concept takes a product-oriented approach, aiming to sell what the company produces.
- Long-term vs. short-term: The marketing concept emphasizes building long-term relationships with customers, while the selling concept focuses on short-term sales transactions.
- Customer involvement: The marketing concept involves actively engaging customers in the marketing process, while the selling concept relies more on persuasion and promotion.
| 4. How do the principles of marketing apply to business? | |
The principles of marketing provide a framework for businesses to effectively identify, understand, and satisfy customer needs. By applying these principles, businesses can:
- Conduct market research to gain insights into customer preferences, behaviors, and trends.
- Develop products or services that align with customer needs and desires.
- Create effective marketing strategies to reach target customers and communicate the value of their offerings.
- Implement marketing tactics, such as advertising, public relations, and sales promotions, to attract and retain customers.
- Continuously monitor and adapt marketing efforts based on market feedback and changes in customer preferences.
| 5. How can businesses implement the marketing concept effectively? | |
To implement the marketing concept effectively, businesses can:
- Conduct thorough market research to understand customer needs, preferences, and market trends.
- Segment the market and identify target customer groups to tailor marketing efforts.
- Develop products or services that provide unique value to customers and meet their specific needs.
- Create a strong brand identity and communicate the brand's value proposition clearly to customers.
- Build and maintain strong customer relationships through excellent customer service and personalized experiences.
- Continuously monitor and analyze market feedback and adjust marketing strategies accordingly.
- Foster a customer-centric culture within the organization, ensuring that all employees understand and prioritize customer satisfaction.
Text Transcript from Video
today we will be discussing selling
concept versus marketing concept my name
is Wei Lu this is marketing 330 selling
a marketing concept differ in many ways
with selling concept there's inward
focus on business as opposed to an
outward focus on customers with
marketing concepts selling concept
defines business is by goods and
services while marketing concept defines
businesses by benefits for customers
selling concept is targeted at everybody
and the average consumer while marketing
concept is targeted to a specific group
of consumers there is profitability
through sales volume and it is less
favorable and competitive environment
while marketing concept has more
profitability through customer
satisfaction is more favorable in a
competitive environment companies
usually use selling concept convert
products into cash they emphasize the
sale of the product already used they
have a fragmented approach to selling
there is a buyer beware principle
followed and cost determines price with
marketing concept converting customers
need into product is a must there is
emphasis on product planning and
development there is an integrated
approach to marketing seller beware
principles are followed and customers
determine the price price determines the
cost
companies that use a selling concept
approach focus on the sellers needs
holds customers and businesses at a
priority manufacture the products first
and they are more sales volume oriented
with a marketing concept approach they
focus on the customers needs
they hold customers and businesses a
priority as well they identify the
customer first and there is customer
satisfaction with a profit oriented
mindset companies that use a selling
concepts strategy profit through sales
volume their planning is short-term
oriented and they aim for customers
satisfaction before company's profit
when using a marketing concept they are
customers supreme they prompt it through
customer satisfaction planning is
long-term oriented and they aim at
customers as profit targets
some examples include insurance
encyclopedias online shopping
door-to-door selling
while companies that are market oriented
are companies such as Dell computers
automobile industries designer clothes
successful selling oriented companies
such as Geico used more brand characters
at one time and any other company in the
history of marketing they included
memorable ad starting their gecko
cavemen and the googly eyed pile of cash
presently Geico has no fewer than six
different ad campaigns running each with
their own unique tone style flavor and
message however marketing oriented
companies such as Nike was co-founded by
entrepreneur Phil Knight and track and
field coach Bill Bowerman back in 1964
as Blue Ribbon sports Nike boasted
athletic booths right from the get-go
the company didn't make a big leap until
it took advantage of the jogging and
fitness craze that swept the country in
the late 1980s this has been Wagyu with
another message in marketing and thank
you for stopping by at marketing 330
concept versus marketing concept my name
is Wei Lu this is marketing 330 selling
a marketing concept differ in many ways
with selling concept there's inward
focus on business as opposed to an
outward focus on customers with
marketing concepts selling concept
defines business is by goods and
services while marketing concept defines
businesses by benefits for customers
selling concept is targeted at everybody
and the average consumer while marketing
concept is targeted to a specific group
of consumers there is profitability
through sales volume and it is less
favorable and competitive environment
while marketing concept has more
profitability through customer
satisfaction is more favorable in a
competitive environment companies
usually use selling concept convert
products into cash they emphasize the
sale of the product already used they
have a fragmented approach to selling
there is a buyer beware principle
followed and cost determines price with
marketing concept converting customers
need into product is a must there is
emphasis on product planning and
development there is an integrated
approach to marketing seller beware
principles are followed and customers
determine the price price determines the
cost
companies that use a selling concept
approach focus on the sellers needs
holds customers and businesses at a
priority manufacture the products first
and they are more sales volume oriented
with a marketing concept approach they
focus on the customers needs
they hold customers and businesses a
priority as well they identify the
customer first and there is customer
satisfaction with a profit oriented
mindset companies that use a selling
concepts strategy profit through sales
volume their planning is short-term
oriented and they aim for customers
satisfaction before company's profit
when using a marketing concept they are
customers supreme they prompt it through
customer satisfaction planning is
long-term oriented and they aim at
customers as profit targets
some examples include insurance
encyclopedias online shopping
door-to-door selling
while companies that are market oriented
are companies such as Dell computers
automobile industries designer clothes
successful selling oriented companies
such as Geico used more brand characters
at one time and any other company in the
history of marketing they included
memorable ad starting their gecko
cavemen and the googly eyed pile of cash
presently Geico has no fewer than six
different ad campaigns running each with
their own unique tone style flavor and
message however marketing oriented
companies such as Nike was co-founded by
entrepreneur Phil Knight and track and
field coach Bill Bowerman back in 1964
as Blue Ribbon sports Nike boasted
athletic booths right from the get-go
the company didn't make a big leap until
it took advantage of the jogging and
fitness craze that swept the country in
the late 1980s this has been Wagyu with
another message in marketing and thank
you for stopping by at marketing 330
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Nov 22, 2024 Last updated |
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