Marketing philosophies help determine the management of marketing. Companies approach and conduct business in different ways in order to achieve their organizational goals. Based on the meeting held about the newly formed firm, each of them has his/her own opinion on what marketing concept will be used. According to Julie, they should use Production Concept and mentioned that price is an important factor in making profit. This concept is based on the fact that consumers favor products that are widely available and affordable. Concentration on production efficiency and effective distribution networks outweigh the customer's actual needs and wants. This is used primarily when demand exceeds supply and the focus is on finding production methods that can bring the price down to attract more customers. Next is James, who wants to improve the quality, performance, and features of the bicycle to attract buyers. This philosophy is Product Concept. It tends to spend too much time adding features to the product, rather than thinking about what people actually need or want. This type of philosophy tends to result in marketing myopia because innovation for new products ceases to exist. Companies that use this philosophy are looking for niche audiences that value the utility of their product. On the other hand, John who is referring to Sales/Promotion Concept wants to get a high-profile celebrity to endorse the product. It actually focuses on sales rather than what people actually need or want. Most of the time the product is misrepresented which results to customer dissatisfaction. Then Jane, who suggested to use Marketing Concept because for her, "Meeting customer needs is the key to success". This concept focuses on what people need or want more than the needs of the seller. It is about delivering the desired satisfactions more effective and efficient than competitors do, to