Question

1. Define the marketing concept. Describe two real companies that in your opinion are good examples of marketing concept being followed or otherwise.

Answer 1

Marketing concept is the strategy used by the firms to maximize their sales, profits and minimize the competition by satisfying customer needs through 5 concepts i.e. Production Concept, Product Concept, Selling Concept, Marketing Concept, Societal Marketing Concept.

In production concept focus is on production and distribution, Product concept focuses on quality, innovation and evolving customer needs, selling concept focuses on the effort a company makes to promote its products, marketing concepts focuses on the target market requirements, social marketing concept focuses on giving value to the market as well as the society.

Examples -

1. Coca Cola - Coca Cola company initially had only 1 beverage but with time and evolving customer needs, it has introduced many beverages in various ranges and flavors. The price range and packaging has also been kept in mind to meet various customer demands. Its target market is from small kids to elders. It does its marketing through outlets and various media partners. Its major focus is on advertising.

2. Subway - Subway has a different product than market to meet the needs of the tastes of different individuals. It has promoted its products as a fresh and healthy option for a snack that is prepared live in front of the customer and customers themselves can prepare these subs also. It is one of the major advantage of subway that it allows customers to prepare their subs by mixing the ingredients of their choice. Subway has become one of the first choice for the healthy meal for most of the people around the world. It has its availability in many parts of the world, hence making it the choice for many.