...understanding of the following topics: 1. Compare and explain the societal marketing concept with production concept. Illustrate your answers and support your argument with reasons and local marketing examples. Societal marketing concept is the idea that a company should make good marketing decisions by considering consumer’s wants, the company’s requirements, consumer’s long- term interests and society’s long-run interests. This concept can help company to have more exchange relationship with the consumer and give more benefit for the consumer and the society. For example, Hung Fook Tong(鴻福堂) is the company that using the societal marketing concept. It is a traditional Chinese herbal tea shop. And it continuously develops and produces new products. People now focus on healthy lifestyle so Hung Fook Tong has no add preservatives and monosodium glutamate into their products. Also Hong Kong people is very busy, so Hung Fook Tong produces a lot of ready-made Chinese medicinal natural nourishing products e.g. Chinese herbal soup, Chinese herbal tea and other Chinese medicinal diet to convenience the consumers. Moreover Hung Fook Tong care the society and it organized different types of charitable activities and environmental protection activities e.g. charity walk and recycling of plastic bottles. So it can give more benefit for the consumer and the society. Production concept is the idea that consumers will favor products that are available or highly affordable...
Words: 566 - Pages: 3
...| TOPICS | PAGE.NO | 1 | INTRODUCTION | 3 | 2 | PRODUCTION AND SELLING CONCEPT | 4 | 3 | SOCIETAL MARKETING CONCEPT | 5 | 4 | CONCLUSION | 6 | 5 | REFERENCES | 6 | STUDENT NUMBER | SURNAME | FORENAME | SEMINAR PAPER NUMBER | 1325080 | MISHRA | ADITYA | 1 | Introduction In today’s world, production marketing as well as societal marketing has a vital impact on company’s profitability. Production marketing means companies launches new product in time interval for target consumer. On the other hand, societal marketing means companies launches new product for long term by looking consumer benefit towards product. Some of the companies use production marketing whereas some uses societal marketing depends upon the companies and market situations. For example, cosmetic companies such as L’Oreal, lakme might launch their new product in every 6 months. However, Anti Smoking companies launch new product on customer welfare and demand. These rising demands of product companies come to know by survey and other marketing plans. Societal marketing holds consumers wants interest and needs for long term. These are moral and ethical concept of marketing. It was introduced by Philip Kotler,”what consumerism means for marketers” in the Harvard Business Review Journal. His aim was to “long run consumer interest” ,stressing that the short term wish might not fulfill consumer long term interest .Whereas production marketing deals with 7P’s of marketing, which are product...
Words: 1086 - Pages: 5
... Marketing as barter has its ancestry in olden times, when people started to produce goods for their own use and then to exchange them for other things. The concept of marketing that we have now has more to do with developments from the period of the industrial revolution of the 18th and 19th centuries. This was an age of fast social change determined by technological and scientific innovation. In the late nineteenth and early twentieth centuries, manufacturers did not really need marketing. It was not a problem for them to sell whatever they produced. As marketplace and technology developed, competition started increasing and companies began to produce more than they could without difficulty sell. In 1950s and 1960s organizations developed increasingly huge forceful sales, and more aggressive advertising methods. In 1970s marketing generally moved away from a heavy emphasis on post-production selling and advertising to become a more comprehensive and integrated field, earning its place as a major influence on corporate strategy. As a final point in the 1980s customers obtained their correct place at the center of the organization’s life, and yet there is still space for further development of the marketing concept, as new submissions and contexts come out. 2. MARKETING ORIENTATIONS The marketing concept accomplishes the market orientation. To be marketing orientated is not only being customer-led. It involves the extensive support of the organization to be completely...
Words: 1504 - Pages: 7
...Marketing Concepts Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service. By using the marketing process, companies are able to meet the needs of their customers. Each company works differently, therefore, there are many different approaches to marketing. The production concept is the earliest marketing concepts, dominating business thought from the beginning of capitalism through the mid 1950s (Garza, n.d.). This concept was practiced by early industrials, and became a standard practice. Based on the fact that consumers prefer products that are easily available and affordable, it emphasizes large scale production at a low cost. In order to implement this concept, companies concentrate on low costs, mass distribution, and high levels of production. Ford was one of the early champions of this concept with the Model T and his efficient production line (Henley, n.d.). Today, large retailers are prime examples of organizations that are driven by the production concept. They focus on giving consumers affordable products that might be relatively basic in design but are readily available. Companies that operate using the production concept often enjoy continual, consistent sales volumes: consumers remember the brand name and know that they can find those products in many locations. However, organizations that follow the production concept focus on mass distribution and efficient production. The...
Words: 1090 - Pages: 5
...CASE STUDY ANALYSIS A-CHAPTER 5 (by Yagmur Pekoz) Question 1: Explain fully how auto manufacturers should choose among substitutable inputs and production processes. Discuss in detail and apply the related concepts. Answer 1: Both the demand and the unit price for steel have increased in recent years. Unfortunately, auto manufacturers use large quantity of steel in their production process. In order to compensate for the adverse effect of increased unit price of steel, auto manufacturers changed their output and pricing decisions to be profitable. Moreover, they started searching new overseas suppliers and cheaper raw materials, e.g. aluminum, to substitute steel in the production process. In addition, auto manufacturers intensified their search on new means and methods to utilize plastics, magnesium, and recyclable materials in their production process. All these new ideas aimed to make auto manufacturers more profitable. Generally, we can substitute one input with another, however, the case is not always as easier as it seems. As mentioned before, firms usually substitute one or more inputs with another to be profitable. The above idea of substitution can be demonstrated simply as Q = (S) ½ x A½ where S is steel and A is aluminum. This equation is called ‘production function’. According to this equation, for example, the same amount of auto parts (let us say 100 for the sake of argument) can be produced using either 100 pounds of steel (S=100) and 100 pounds of aluminum...
Words: 3167 - Pages: 13
...based. It's not limited to any particular DBMS. It is a conceptual and semantic model – captures meanings rather than an actual implementation The E-R Model: The enterprise is viewed as set of * Entities * Relationships among entities Symbols used in E-R Diagram * Entity – rectangle * Attribute – oval * Relationship – diamond * Link - line Ellipsis (plural ellipses; from the Ancient Greek: ἔλλειψις, élleipsis, "omission" or "falling short") is a series of dots that usually indicate an intentional omission of a word, sentence or whole section from the original text being quoted. An ellipsis can also be used to indicate an unfinished thought or, at the end of a sentence, a trailing off into silence (aposiopesis), example: "But I thought he was . . ." When placed at the beginning or end of a sentence, the ellipsis can also inspire a feeling of melancholy or longing. The ellipsis calls for a slight pause in speech or...
Words: 1759 - Pages: 8
... Terra Stefan ECO/561 February 10, 2014 Peter Oburu Cost Concepts – Pure Competition; Demand for Resources; Identify Production Level to Maximize Profits (Chapters 9, 12) Topics comfortable Team member Terra felt comfortable with the purely competitive concepts. She felt they came natural for her because she has been in the retail business for over 20 years. Team member Mark felt comfortable with learning the topic of the Four Basic Market Models consisting of the Pure Competition, Monopolistic Competition, Oligopoly, and Pure Monopoly structures. Team member Pamela felt comfortable with the definition of purely competitive concepts and how they relate to a certain type of industry for example agriculture. Team member Emily felt comfortable with the idea of pure competition and the fact that each market no matter how big or small is purely competitive. Topics struggled Team member Mark struggled with the two methods to determine the level of profit maximization, the Total Revenue Total Cost approach as well as the Marginal Revenue Marginal Cost approach. The MR=MC rule seemed unclear in that the more marginal revenue should overcome the costs in all ranges of production. The topic became a little clearer with the cost and revenue curve simulation. Team member Pamela struggled with the charts and few real life examples to better understand the concepts of economics and how it relates to the business world. Team member Terra struggles...
Words: 1651 - Pages: 7
...With Reference to Two or More Examples Discuss the Role of Dramatic Text in Performance The role of dramatic text in performance is not a question that has a simple, straightforward answer. A dramatic text is a text that has been written for it to be delivered by some form of media, for example theatre, film or television. A performance text on the other hand is a version of the dramatic text, which is what ultimately gets performed. Therefore, to put it simply, a performance text is a version of a dramatic text that has been annotated and altered for the actual performance. This complicates the role of dramatic text, as there can be various different performance texts just for one dramatic text. Therefore you have to question, after a certain period of time, if the performances turn further and further away from what the dramatic text is trying to convey? Considering William Shakespeare’s Hamlet, which is such an ‘iconic text of world theatre’ (Lavender, 5), you can compare the role of the dramatic text when it was first published and performed in around 1603 with performances leading up to the present day. This is something which doesn't only differ depending on what time period it is being performed or how renowned the text is but it differs from performance to performance mainly because of the various different concepts the directors have with this singular play. However, factors such as the set or audience can also have a considerable effect. Nevertheless...
Words: 2656 - Pages: 11
...Research on Lean Project Management Summary This report explains theories and assumptions of current project management methods, and compares it to the Lean Production Delivery System (LPDS) by showing advantages and disadvantages of each method. This report also includes how the LPDS is more efficient than other methods by eliminating wastes and save cost and duration. Introduction: Client needs nowadays are getting more stylish due to the continuous new challenges in the environment, economy, technology and society for the necessity of creating or upgrading new projects. Meeting these requirements involves changing old methods in managing projects into new ones which are more essential to meet the needs of the market. Moreover, new concepts have been considered in addition for the time, cost and quality to guaranty the success of a project. Many new concepts could be presented for production management, but the Lean Production Delivery System (LPDS) is one of the most successful practices concerning the development of project management. For this matter, this report will include an investigation and discussion comparing the advantages and disadvantages of current project management methods and Lean Production Delivery Systems (LPDS). Current project management methods, Advantages and Disadvantages: As described in the text, ―Project Management is the application of knowledge, skills...
Words: 2428 - Pages: 10
...Submitted by: Ankita Taneja (11PGDM072) The Production Concept • The Production Concept holds that a consumer will favor only that product which is available in the market and at a highly affordable price, as compared to a product which is of a better quality but not easily available or of a higher price. • An example can be the Parle biscuits. They have 14 manufacturing units for biscuits and 5 manufacturing units for confectioneries. Thus with the concepts of mass production, distribution and competitive prices, they have captured 38% market share for biscuits in India and 90% market share for glucose biscuits against its competitors like Sunfeast and Britannia amongst others. The Product Concept • The Product concept holds that consumers will favor products that offer the most in quality, performance and innovative features. Hence this marketing strategy focuses on making continuous product improvements. • An example for this can be the Blackberry phones. After the launch of the smartphones by Blackberry like Curve and Bold, it strived to continuously offer upgrades in each series. From Curve 8520 to Curve 3G which offers compatibility for the 3G services and the Bold series ranging from Bold 9100, Bold II and Bold III, the organization aims at continuous research and upgrades even though the pricing is maintained higher than the competition like Apple iPhone and Samsung Android phones. The Selling Concept • This concept holds that the consumers will not buy the firm’s...
Words: 552 - Pages: 3
...interpreted as satisfy customers demand and get the profit as well. Marketing management orientations can be defined as the directions for the company development. Production concept means consumers will favor products that are available and highly affordable, and that management should therefore focus on improving production and distribution efficiency. That concept simply suggests that customers prefer inexpensive products that are readily available. In effect, "if we make it, they will come." For example, An easy way to understand this term is to reference Henry Ford, the original manufacturer of American cars. Production orientation is a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. Ford created one type of car and stated that the consumer could have it in any color as long as it was black. Product concept holds that consumers will favor products that offer the most in quality, performance and innovative features, and that the organization should therefore devote its energy to making continuous product improvement.The Product Concept suggests that companies that build the "better mousetrap" will gain favor. The thinking here is that customers want products that have higher quality, that offer better performance or do something unique. For example, A small company often survives on its reputation with key customers, which can be threatened or weakened with product development failures. The risks of product...
Words: 798 - Pages: 4
...the potential advantages and disadvantages, and is it cost effective upon a thorough review of the market and costs associated are essential. Outsourcing a Source with Strategic and Effective Techniques The ways in which business decisions take place are increasingly complex, costs are an important part of decisions, especially the make or buy decision that is important in determining if outsourcing of off shoring takes place. The majority of literature focuses on the production cost, but these are not the only costs that need to be considered, less visible, but just as important are the transaction costs, Jacobides and Winter (2005) argue that transaction costs can be just as important as production costs, and are key in the outsourcing decisions, Barney (1991) argues it is used in the way resource allocations is assessed. To consider this it is necessary to look at how transaction cost economics can be applied to business decisions and the way that outsourcing takes place. In order to examine this concept, and the way in which transaction costs are impacting on business will first define the term transaction costs, and the way in which it is impacting on outsourcing decisions, following this the underlying theory that explains the way that the actions identified in the outsourcing decision-making can be explained with reference to economic theory. Transaction costs are the costs that are incurred as a result of...
Words: 2418 - Pages: 10
...The Production Concept • The Production Concept holds that a consumer will favor only that product which is available in the market and at a highly affordable price, as compared to a product which is of a better quality but not easily available or of a higher price. • An example can be the Parle biscuits. They have 14 manufacturing units for biscuits and 5 manufacturing units for confectioneries. Thus with the concepts of mass production, distribution and competitive prices, they have captured 38% market share for biscuits in India and 90% market share for glucose biscuits against its competitors like Sunfeast and Britannia amongst others. The Product Concept • The Product concept holds that consumers will favor products that offer the most in quality, performance and innovative features. Hence this marketing strategy focuses on making continuous product improvements. • An example for this can be the Blackberry phones. After the launch of the smartphones by Blackberry like Curve and Bold, it strived to continuously offer upgrades in each series. From Curve 8520 to Curve 3G which offers compatibility for the 3G services and the Bold series ranging from Bold 9100, Bold II and Bold III, the organization aims at continuous research and upgrades even though the pricing is maintained higher than the competition like Apple iPhone and Samsung Android phones. The Selling Concept • This concept holds that the consumers will not buy the firm’s products unless it undertakes a...
Words: 307 - Pages: 2
...Marketing is a form of communication between you and your customers with the goal of selling your product or service to them. Communicating the value of your product or service is a key aspect ofmarketing. noun the action or business of promoting and selling products or services, including market research and advertising. Marketing is about communicating the value of a product, service or brand to customers or consumers for the purpose of promoting or selling that product, service, or brand. The oldest – and perhaps simplest and most natural form of marketing – is 'word of mouth' (WOM) marketing, in which consumers convey their experiences of a product, service or brand in their day-to-day communications with others. These communications can of course be either positive or negative. In for-profit enterprise the main purpose of marketing is to increase product sales and therefore the profits of the company. In the case of nonprofit marketing, the aim is to increase the take-up of the organization's services by its consumers or clients. Governments often employ social marketing to communicate messages with a social purpose, such as a public health or safety message, to citizens. In for-profit enterprise marketing often acts as a support for the sales team by propagating the message and information to the desired target audience. According to the American Marketing Association (AMA) Board of Directors,Marketing is the activity, set of institutions, and processes for creating...
Words: 2382 - Pages: 10
...rigors of understanding terms and concepts such as: production levels, cost maximization, fixed and variable costs, opportunity costs, revenue and total costs curves, etc. These terms not only provide a basis for business operation, they also provide a competitive edge for the determined entrepreneur who seeks to understand the anatomy of business and its language. In hindsight, week two discussed many of the terms above and allowed team members to expand on experiences in both their personal and professional lives. Identify production level to maximize profits. Maximum profit is achieved when the greatest level of economic profit is obtained given the existing conditions of the market. This process involves the adjustment of the level of production in reaction to current market prices (Encyconoic, 2012). Explain how to balance fixed and variable costs. This objective is one that all of team “B” struggled with as the text doesn’t see to give a clear indication of exactly how to balance fixed and variable costs. All that could be extracted from the text as well as from online was that in the short run one should try and turn fixed cost into variable cost in order to create a low operating leverage (McConnell, Rue, & Flynn, 2009). Apply economic cost concepts in making business decisions. One of the simplest economic concepts that team “B” used was the concept of opportunity cost. For example, when opportunity costs involve money for example, an employee may decide to switch...
Words: 1899 - Pages: 8
