Five Marketing Management Philosophies

&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad1" id&equals;"quads-ad1" style&equals;"float&colon;left&semi;margin&colon;0px 0px 0px 0&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;<p align&equals;"justify">There are different concepts that guide sellers to conduct their marketing activities&period; For example sellers can only focus on production and try to reduce their cost of production&comma; or focus on improving the quality of product&period; Similarly they can pay more attention to selling and promotion&period; In this way different concepts have evolved to help the organizations in managing their marketing activities&period;&&num;160&semi; These concepts are&colon; production&comma; product&comma; selling&comma; marketing&comma; and societal marketing&period; The explanation of these concepts is given below&period;<&sol;p>&NewLine;<p align&equals;"justify">&&num;160&semi;<&sol;p>&NewLine;<ul>&NewLine;<li><strong>Production Concept<&sol;strong> <&sol;li>&NewLine;<&sol;ul>&NewLine;<p> &&num;160&semi;<&sol;p>&NewLine;<p align&equals;"justify">Production concept refers to the philosophy that supply creates its own demand&period; It means that the sale will increase automatically with the increase in production and distribution facilities&period; This is one of the oldest concepts and works only in few situations&period; For example if the management is trying to reduce the cost of production then it can do so by increasing the production&period; With the increase in production&comma; economies of scale takes place and the cost of production reduces&comma; which helps to reduce the prices&period; Similarly the concept of production is helpful in situation when there is imbalance between demand and supply i&period;e&period; demand exceeds supply&period; Due to higher demand&comma; prices start to increase therefore management can earn higher profits by increasing the production&period; <&sol;p>&NewLine;<p align&equals;"justify">&&num;160&semi;<&sol;p>&NewLine;<ul>&NewLine;<li><strong>Product Concept<&sol;strong> <&sol;li>&NewLine;<&sol;ul>&NewLine;<p> &&num;160&semi;<&sol;p>&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad2" id&equals;"quads-ad2" style&equals;"float&colon;none&semi;margin&colon;0px 0 0px 0&semi;text-align&colon;center&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;<p align&equals;"justify">Product concept states that the sellers should focus on improving the quality of their products&comma; improve the performance&comma; add more innovative features etc&period; So basically this concept is about to attract the customers by improving the quality and performance on one hand and offer attractive prices on other&period; Similarly the design&comma; packaging and effective distribution channels of product are some of the important tactics to attract the customers&period; The important drawback of product concept is that it can lead to marketing myopia in which the organization overlooked the importance of other substitutes available in the industry&period; <&sol;p>&NewLine;<p align&equals;"justify">&&num;160&semi;<&sol;p>&NewLine;<ul>&NewLine;<li><strong>Selling Concept<&sol;strong> <&sol;li>&NewLine;<&sol;ul>&NewLine;<p> &&num;160&semi;&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad3" id&equals;"quads-ad3" style&equals;"float&colon;none&semi;margin&colon;0px&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;