Advertisements
Advertisements
Question
Distinguish between the product concept and production concept of marketing.
Advertisements
Solution
| Sr. No. |
Basis of Difference |
Product Concept |
Production Concept |
| 1. | Belief | It was believed that consumers favoured, superior quality products and thereby, profits can be maximised by increasing the quality of the product. | It was believed that consumers favoured readily available and affordable products and thereby profits can be maximised by increasing the volume of production. |
| 2. | Focus of the business | Focus was on improving the quality of the product, adding new features, etc. | Focus was on enhancing the quantity of production and reducing the average cost of production. |
| 3. | Methodology | Emphasis on improving the features and quality of the product. | Emphasis on improving the production efficiency of the business. |
APPEARS IN
RELATED QUESTIONS
Match the pairs.
| Group A | Group B | ||
| A) | Market | 1) | Single Seller |
| B) | Registered brands | 2) | Stock Market |
| C) | Monopoly | 3) | Distinct Name |
| D) | Branding | 4) | Mercatus |
| E) | Digital Marketing | 5) | Single Buyer |
| 6) | lSI | ||
| 7) | Trademark | ||
| 8) | Use of traditional media | ||
| 9) | Multiple sellers | ||
| 10) | Use of digital media | ||
______ is the place where transaction of buying and selling of goods and services take place in exchange for money or money's worth.
Select the correct option and complete the table.
(Mercatus, Industrial goods, Oligopoly, E. Jerome McCarthy, Booms & Bitner)
| Group 'A' | Group ‘B’ |
| 1. Commodity Market | ____________ |
| 2. ____________ | A few sellers |
| 3. ____________ | To trade merchandise |
| 4. 4Ps | __________________ |
| 5. ____________ | 3Ps |
Explain the following term/concept.
Digital Concept of Market
Define Marketing.
The area concept of market is related to exchange concept.
Which one is the example of an Intangible product?
According to the modern marketing concept, which of the following statements is true?
A person feeling hungry may get food by offering to give money or some other product or service in return to someone who is willing to accept the same for food. The important feature of marketing illustrated above is ______.
Which concept of marketing emphasise on availability and affordability of the product?
Which group includes stakeholders on whom a company depends?
Which option lists marketing activities in the traditional view?
When does marketing take place in relation to production and sale?
Which activities take place before production?
How is marketing described in the modern or social view?
What does the modern or social view of marketing focus on?
What is the modern meaning of a market?
What is required regarding the number of parties for an exchange?
What freedom must each party have for an exchange?
Which group consists of Events that can be marketed?
