Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
Marketing Management Philosophies.
* The production Concept: The production concept holds that consumers will favor products that are available and highly affordable. Therefore, management should focus on improving production and distribution efficiency.
* The product Concept: The product concept holds that consumers will favor products that offer the most quality, performance and innovative features. Thus, an organization should develop strategy to making continues product improvements.
* The selling Concept: The selling concept holds that the consumers will not buy enough goods unless the organization undertakes a large scale selling and promotional effort.
* The Marketing Concept: The marketing concept holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors do.
* The societal marketing concept: Organizations should determine the needs, wants and interests of target markets and deliver the desired satisfaction more effectively and efficiently than competitors do in a way that maintains or improves consumer's and society's well being.
Market Research Objectives.
Exploratory Research: Marketing research to gather preliminary information that will help to define problems better and suggest hypotheses.
Descriptive Research: Marketing research to describe marketing problems, situation or markets better- such as the market potential for a product or the demographic and attitudes of customers.
Casual Research: Marketing research to test hypotheses about cause and effect relationship.
Techniques for data collection.
Observational Research: The gathering of primary data by observing relevant people actions and situations.
Survey Research: The gathering of primary data by asking people questions about their knowledge attitudes, preferences and buying behavior.
Experimental Research: The gathering of primary data by selecting matched...