Flashcards in 1. The Fundamentals Deck (11):
What are the 5 philosophies of marketing?
Give the time period in which each was popular..
Production (late 1800s)
Product (early 1900s)
Ethical & Sustainable Marketing (1980s-present)
Give 4 features of companies that follow the "Production" philosophy?
They seek efficiency in the production line
Want to minimize production costs
Large scale production
Use the philosophy because demand exceeds supply
Belief that if the goods/servs are cheap enough then they can be made available anywhere
Give 3 features of a company that follows the "Product" philosophy?
They focus on maximising the quality of the good/serv
This may mean that products include lots of extra features that many people don't need
Products are expensive (customers are believed to be attracted only by quality
Give 3 features of a company following the "Selling" philosophy?
Feeling that anything could be sold to anyone (i.e. customers can be attracted)
This philosophy is used when the supply exceeds demand ("selling what you have")
It has led to the negative view of marketing
Give 6 features of the "Marketing" philosophy?
Success is achieved through customer satisfaction
Customers intelligence is recognised
Make goods/servs that people want to buy
Achieves long term profitability
Disadvantage: Doesn't take social welfare into account
Give 4 features of the "Ethical & Sustainable Marketing" philosophy?
Societal / consumer welfare is considered important
Encourages efficient delivery of the product that doesn't detriment society whilst improving consumer welfare
Often focuses on reducing pollution
Questions the pure marketing concept
Define "Societal Marketing"?
A concept which says that a company should make marketing decisions by considering:
i) The consumers wants
ii) The companys' goals
iii) The long term interests of society
Synonymous with "ethical & sustainable marketing"
Name the 4 branches of the marketing scope?
Give 2 features of "consumer goods marketing"?
Transactions happen from businesses to customers (B2C)
They also happen at the end of the supply chain
Give 5 features of "industrial goods marketing"?
Transactions run between businesses (B2B)
They happen early on in the supply chain
Companies want to make the supply chain as efficient as possible
Goods are sold in high volumes
Not seen by the final customer