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(Doc) Assignment on Management and Operations

   

Added on  2021-06-10

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MANAGEMENT AND OPERATION1 | P a g e

MANAGEMENT AND OPERATION2 | P a g e

MANAGEMENT AND OPERATION3 | P a g e

MANAGEMENT AND OPERATIONThe role of marketing and how it interrelates with other functional units of an organization.Concept of MarketingThe art and science of selecting target market and attracting, holding, increasing customers through creating,delivering and communicating superior customer value is known as marketing. Dr. Philip Kotlerdefinesmarketingas “the science and art of exploring, creating, and delivering value to satisfy the needs ofa targetmarketat a profit".Marketingidentifies unfulfilled needs and desires. Marketing is not only aboutpublicity, advertisement and sales techniques but in overall marketing is identifying the right customersegment, design, develop and produce a product as per the customer need. Marketing and Marketing concepts both are related with:4 | P a g e

MANAGEMENT AND OPERATIONNEEDS: Needs is something that people live the stable happy and safe life. Needs can be objective andphysical like need for water, food, accommodation. Likewise needs also can be subjective and psychologicallike self-esteem, social group etc.WANTS: Wants are simply desire or peoples wish. This is not a basic need for survival rather it is shapedby culture and tradition, groups etc.DEMANDS: demand refers to the consumer’s desire and ability to purchase the goods and servicesavailable in the market.FIVE CONCEPTS OF MARKETING:PRODUCTION CONCEPT:Production concept believes in favor of availability of product and equally affordable. It is all about massproduction and distributions or in simple producing more and earning more.ASSUMPTIONS:The interest of the customer is availability of the product.Consumers concern is low price. SITUATIONS WHERE THE CONCEPT WORKS:Demand must be higher than the supplyProducts cost need to be decreased if it’s high in order to expand the market.LIMITATIONS:less importance to customersQuality is not major focused.Competition and society factors are not considered.PRODUCT CONCEPT:Since production concept was globally used then the new concepts arrived which gave more attention toquality, performance, unique features. Hence companies focused on improving products continuously. Infact, its concept is provide quality products in market at low price and earn a profit.ASSUMPTIONS:Consumers prefer the well made products.Consumers make good feedback of the quality products.SITUATIONS WHERE THE CONCEPT WORKS:Where customers are unknown or unaware of the product but appraise after using it.5 | P a g e

MANAGEMENT AND OPERATIONWhere customer trust in an organization and their quality.LIMITATIONS:Marketing myopia- It is sort sightedness where the company cannot see the consumer requirements.The company only distributes those products which they feel the consumer require.The company looks to its own vision but not the consumer’s interest preference i.e. looking at themirror not at the window.Quality is define by the company not the customers.Consumers given less weightage.SELLING CONCEPT:This is highly risk program as companies make effortto large sale transactions and promotion effort.This concept is practiced with unsought goods i.e. to those goods which customers normally do not think ofbuying. Also this concept does aim to build long term and profitable relationships. Company’s production ismore focused than the customer needs.ASSUMPTIONS:Buyers show the buying resistance.Company should have available selling and promoting tools to stimulate more buying.SITUATIONS WHERE THE CONCEPT WORKS:Practiced with the unsought goods (like insurance, encyclopedia etc.)Also practiced in the nonprofit area by fund raisers, political parties, and college admission offices.LIMITATIONS:The bad news travels fast in case of consumer dissatisfaction.Consumer’s needs and wants are not looked or focused.Society is not considered.MARKETING CONCEPT:This concept is about achieving goals through satisfying consumer needs and wants by their target market.This concept is all about understanding customers and providing right products for customers. It undertakesactivities such as market research.ASSUMPTIONS:Consumers are the kings of the market and they are always right.BASES:Company targets the market to satisfy their consumer needs.6 | P a g e

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