33 marketing management philosophies in section 31

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3.3 MARKETING MANAGEMENT PHILOSOPHIESIn section 3.1, you were made to understand that marketing management involvescarrying out tasks to achieve desired exchanges with target market. The questionthen is, what philosophy do we use to guide these marketing effects?. Again, whatweightshouldwegivetotheinterestsoftheorganisation,customers,andthesociety in this process of trying to achieve the desired exchanges with the market?.These interests often clash on a number of occasions.Generally, there are five alternative concepts or philosophies under whichorganisationscan conduct their marketingactivities. These are: the production,product, selling, marketing, and societal marketing concepts.5.0 SummaryThis unit examined various definitions of marketing; concepts underlying marketing andmarketing philosophies.6.0 Tutor Marked AssignmentBriefly highlight the arguments against marketing concept as discussed in this unit.Answers to Self Assessment ExercisesDistribution functions of marketing are:a.Storage: Storing of goods to meet future demands, time and other utilities.
Page 23b.Transportation: This isthe movementofgoodsfromthe manufacturerdown to thetarget consumers.This includes material handling, warehousing,etc.3.5Functions of MarketingThefunctionsofmarketingcanbeclassifiedintothree:namelymerchandising function, physical distribution and auxiliary function.(A)Merchandising Function1.Product Planning and DevelopmentProductplanningstartswithideageneration,ideascreeningand developmentofaprototypeproduct.Italsotakesintoconsiderationthepurchasingpoweroftheconsumers,tasteandmarketsegmentation.Researchanddevelopmentisestablishedfortheanalyses of ideas generated.2.Standardisation and GradingThisisconcernedwithsettingcertainstandards/levelsto accomplishtheproducedgoods.Thisiscarriedoutbytheproductiondepartmentandregulatedbysomegovernmentagencies,suchasStandardsOrganisation. For example, Sprite is 30 cl, Coke is 35 cl, etc.3.Buying and AssemblingHere,weareconcernedwiththemarketinginstitutionsthatpurchasegoodsorservicesatcheaperpricesinordertoresellatminimumpricestotheend-users.Thesemarketinginstitutionsincludethewholesalers, retailers and agents.4.SellingThisisconcernedwithsellingofthefinishedgoodstotheend-users either through themanufacturers or the marketing channels. Inordertogettheattentionoftheirtargetconsumers,they embarkonvariouspromotionalstrategies,suchasdiscounts, promotools, bundle sales, bonuses, etc.(B)Physical Distribution1.StorageStoring of goods tomeet future demandsand for timeandother utilities.2.TransportationThemovementofgoodsfromthemanufacturerdowntothetargetconsumers. Thisincludesmaterialhandling,warehousing,etc.
PRINCIPLES OF MARKETINGPage 24(C)Auxiliary Function1.Marketing FinanceThatis,allowingcreditstocustomersandaswellasobtaining credit fromcustomers, such as Banks, individuals, etc.

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Term
Spring
Professor
N/A
Tags
Marketing, The American, The Next Time, Marketing Research and Its Applications, Globalization and Marketing

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