Principles of Marketing
Referential answers for assignments

Chapter1
D3 Discuss the differences between the production, product, selling, marketing, and societal marketing concepts. Identify circumstances where each one may be appropriate.
The production concept: consumers will favor products that are available and highly affordable, which is useful when demand for a product exceeds the supply.
The product concept: consumers favor products that are highest in quality, performance, and innovative features, which focus on continuous product improvement.
The selling concept: consumers will not buy enough of products unless it undertakes a large-scale selling and promotion effort. Firms often practice the selling concept when they face overcapacity.
The marketing concept: achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. It works best in competitive markets where companies are in tune with customer’s product requirements.
The societal marketing concept: marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and the society’s well-being. This concept is used by firm’s wishing to take a long-term view of their operations.

A1 Human needs are a basic desire for things one does not have (e.g., clothing). These needs are transformed into specific wants by one’s individual personality and the culture in which one lives. Consider the basic need of self-expression. This need can be transformed into a variety of “wants.” For example, clothing, hairstyles, tattoos, and body piercing could satisfy this need. Discuss the degree to which a company offering clothing should consider other companies offering hairstyles, tattoos, and body piercing as competitors for consumers motivated by self-expression. Although