Sample Research Paper on Marketing Management
Kotler
( et al.p16-22) depict there are five marketing management philosophies which are production, product, selling, marketing and societal concepts.
The production concept details that consumers will buy products which are available and affordable, and management attention is directed towards improving production efficiency ( in a situation of demand exceeding supply ) and distribution efficiency ( where product costs are high and improvements in this area are needed to reduce costs ).
Therefore if either of these prior situations occurred then the entrepreneurs would be wise in adopting such a marketing management philosophy, but the risk of becoming too focused on these aspects is dangerous to the company’s survival short and long term due to the narrow focus.
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The production concept beholds that consumers will buy products that offer the most quality, performance and innovative features and management attention is focused therefore on product improvements.This approach can be seen in some of the industry’s members as they believe each new design will create it’s own demand. There is an underlying assumption here that the product sells without or little marketing effort. Again this philosophy would be unsuitable for the entrepreneurs to adopt as its focus is too narrow (especially in relation to customer wants) and such an approach would become quite redundant when the tariff protecting the local market is removed, potentially decimating non-customer focused philosophies.
The selling concept depicts that consumers won’t buy enough of the product unless large scale selling , placing and promotion is practiced ( along with hard selling). This philosophy has its uses in the selling of unsought goods or where an organization has overcapacity, therefore relying on short term transactions . This concept would be inappropriate for the entrepreneurs as they need to focus on building long term relationships rather than one off sales. Additionally the overcapacity scenario wouldn’t be likely to occur as the product is made to order rather than mass produced.
The marketing concept is based on achievement of organizational goals that are based on satisfying the target markets’ needs and delivering it more efficiently and effectively than the competitor does. Management focuses on a defined market and identify customer needs and creates profit from creating long term customer relationships by delivering on these needs. The focus here is on marketing rather than selling . The entrepreneurs would be moderately successful in adopting this philosophy as the consumer is at the center as the organization which enables them to react quickly to changing customer wants. But with the increasing speed of changes in technology and the focus of being more environmentally friendly the entrepreneurs would be most successful in adopting the following philosophy.
The societal concept balances company profits, consumer wants and societal interests by determining the needs of target markets and delivering superior value in a fashion that improves or maintains consumer and societies’ wellbeing , therefore obtaining and promoting long run welfare of the consumer,company and society.( Kotler et al 1998),(Duan et al 2000,1:2-1:4),(Stanton et al 1991,p14-16).
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