What are the philosophies of a product?

The product philosophy holds that the organization knows its product better than anyone or any organization. The company knows what will work in designing and producing the product and what will not work. For example, the company may decide to emphasize the low cost or high quality of their products.

What is the product concept of marketing?

Product concept is the understanding of the dynamics of the product in order to showcase the best qualities and maximum features of the product. Marketers spend a lot of time and research in order to target their attended audience.

What are five marketing concepts?

Robert Katai, an experienced marketing strategist, provides the definition of a marketing concept: “A strategy that companies and marketing agencies design and implement in order to satisfy customers’ needs, maximize profits, satisfy customer needs, and beat the competitors or outperform them.” The main five include …

What are the 5 philosophies of Marketing Management?

These 5 alternative marketing concepts are also called marketing management philosophies. Marketing Management Philosophies or 5 Marketing Concepts are; Production Concept, Product Concept, Selling Concept, Marketing Concept, Societal Marketing Concept. These concepts are described below;

What is the product concept in Marketing Management?

Product Concept is the amended form of the production concept in the marketing history. In this marketing management philosophy, the main area of interest of the management of the firm shifts towards the product. As the competition starts increasing, so there are more alternatives available to the customers.

What are the five competing concepts in marketing?

The five competing concepts by which companies are guided in their marketing efforts are: 1. Production concept, which is based on the fact that consumers favor products that are available and affordable. Concentration on production efficiency and effective distribution networks outweigh the customer’s actual needs and wants.

How does a low price marketing philosophy work?

A low price may attract new customers, but the focus is just on production and not on product quality. This may result in a decrease in sales if the product is not up to the standards. This philosophy only works when the demand is more than the supply. Moreover, a customer not always prefers an inexpensive product over others.