Marketing Midterm - 1. Marketing is the management process...

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1. ‘Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably’ (CIM) Discuss the marketing concept and evaluate whether a mandatory profit orientation in marketing is appropriate in contemporary society. Evaluate alternate models of the marketing concept. Illustrate evidence of the application of the marketing concept(s) with Hospitality & Tourism within your region. (60 marks) Answer: Firstly, manufacturing concept refers to the philosophy that supply creates its own demand. It means that the sale will increase automatically with the increase in production and distribution facilities. This is one of the oldest concepts and works only in few situations. Example, McDonald’s increase the number of burger produced and hence the production cost will become lower so the selling price being cut down to attract more customers. Similarly the concept of production is helpful in situation when there is imbalance between demand and supply. But, the management could be ‘myopic’ and forget about the customer’s needs and wants as well as market trends. Example, due to the high production numbers of McDonald’s burger to generate profit, McDonald’s might neglect the customer’s taste and preference. Secondly, product concept states that the sellers should focus on improving the
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Marketing Midterm - 1. Marketing is the management process...

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