Advertisements
Advertisements
Question
Distinguish between the product concept and production concept of marketing.
Advertisements
Solution
|
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
Ginika, Tanish and Rohit were friends from college days and now they are doing different kinds of business. They regularly meet and discuss their business ideas and exchange notes on customer satisfaction, marketing efforts, product designing, selling techniques, social concerns etc.
In one of such meetings, Ginika drew the attention of Tanish and Rohit towards the exploitation of consumers. She told that most of the sellers were exploiting the consumers in various ways and were not paying attention towards the social, ethical and ecological aspects of marketing, whereas she was not doing so.
Tanish told that they were under pressure to satisfy the consumers, but stated that the consumers would not buy or not buy enough unless they were adequately convinced and motivated for the same.
Rohit stressed that a company cannot achieve its objectives without understanding the needs of the customers. It was the duty of the businessmen to keep consumer satisfaction in mind because business is run by the resources made available to them by the society. He further stated that he himself was taking into consideration the needs of the customers.
Identify the various types of thinking that guided Ginika, Tanish and Rohit in the making efforts of their business. Also. state one more feature of the various types of thinking identified that is not given in the above para.
Hayaram' is a famous chain selling a large variety of products in the Indian market. Their products include chips, biscuits, sweets and squashes. It charges a comparatively higher price than its competitors as it sells quality products. Besides, it offers regular discounts to its customers and easy credit terms to its retailers. It has five of its own retail shops. It also sells its products through various grocery stores so that the products are made available to customers at the right place, in the right quantity and at the right time. It regularly uses different communication tools to increase its sales.
The above para describes the combination of variables used by Hayaram to prepare its market offering. Identify and explain the variables
How do the 'Company-related factors' affect the choice of channels of distribution? Explain
List five shopping products purchased by you or your family during the last few months.
What is marketing concept? How does it help in the effective marketing of goods and services.
Differentiate between the traditional concept of marketing and the modern concept of marketing.
State two features of the modern concept of marketing?
The term market is derived from the ______ word ‘Mercatus’.
______ 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 |
Answer in one sentence.
Define Market.
Explain the following term/concept.
Commodity Concept of Market
The term market is derived from the ___________ word ‘Mercatus’.
The term ‘market’ may be understood in which of the following contexts?
Which of the following statements is true regarding marketing?
Explain the following function of marketing:
Grading
