1) Define marketing concept

Marketing concept is the businesses approach the need to market their goods and
services the same way. There are some different approaches to how marketing can
be successful for an organization or a philosophy that determines what type of
marketing tools are used by a company. Besides, marketing concepts are driven by a
clear objective that takes into account efficiency, social responsibilies, and
effectiveness within a particular market. There are five distinct marketing concepts,
or five different approaches to how effective marketing is achieved by a company
which are production concept, product concept, selling concept, marketing concept
and societal marketing concept. The production concept holds that the consumers
will favor products that are available and highly affordable. Companies adopting this
orientation run a major risk of focusing too narrowly on their operations and losing
sight of the real objective. Most times; this concept can lead to marketing myopia.
The product concept holds that the consumers will favor products that offer the most
in quality, performance and innovative features. Marketing strategies are focused on
making continous product improvements. Product quality and improvements. Product
quality and improvement are important parts of marketing strategies, sometimes the
only part. Targeting only on company’s products could also lead to marketing
myopia. The selling concept assumes that consumers are looking for aggressive sales
and promotions from companies. Many times, marketing tactics driven by the selling
concept are based off the company’s need to sell rather than consumer’s need to
purchase. The marketing concept holds “achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired
satisfications better than competitors do”. Customer focus and value are the route to
achieve sales and profits. The societal marketing concept holds “marketing strategy
should deliver value to customers in a way that maintains or improves both the
consumer’s society’s well-being”. It calls for sustainable marketing, socially and
environmentally responsible marketing meets the present needs of consumers and
businesses while also preserving or enhancing the ability of future generations to
meet their needs.

2) Describe the four P’s of the marketing concept

Product - The first of the Four Ps of marketing is product. A product can be either a
tangible good or an intangible service that fulfills a need or want of consumers.
Whether you sell custom pallets and wood products or provide luxury
accommodations, it’s imperative that you have a clear grasp of exactly what your
product is and what makes it unique before you can successfully market it.
Price - Once a concrete understanding of the product offering is established we cn
start making some pricing decisions. Price determinations will impact profit margins,
supply, demand and marketing strategy. Similar (in concept) products and brands
may need to be positioned differently based on varying price points, while prie
elasticity considerations may influence our next two Ps.
Promotion - We’ve got a product and a price now it’s time to promote it. Promotion
looks at the many ways marketing agencies disseminate relevant product information
to consumers and differentiate a particular product or service. Promotion includes
elements like: advertising, public relations, social media marketing, email marketing,
search engine marketing, video marketing and more. Each touch point must be
supported by a well positioned brand to truly maximize return on investment.
Place - Often you will hear marketers saying that marketing is about putting the
right product, at the right price, at the right place, at the right time. It’s critical then,
to evaluate what the ideal locations are to convert potential clients into actual clients.
Today, even in situations where the actual transaction doesn’t happen on the web,
the initial place potential clients are engaged and converted is online.

3) Differentiate both microenvironment and macroenvironment in

marketing

Micro Environment

Microenvironment is formed by the individuals and factors which can directly

influence business operations and its ability to serve customers. The micro
environmental factors include the suppliers of service / product, the company itself,
the marketing intercessors, consumers, the competitors in the same business. The
changes in micro environment can be most of the time controlled by the
organization. However, there may be some micro-environmental factors that may be
uncontrollable by the company.

Macro Environment

The macroenvironment is
company’s performance.
organization’s control. Any
can result in threats for
overview of all the external
formed by the external factors which can affect the
The macro environmental factors are beyond the
changes in the external or macro-environmental factors
the organization. The organization needs to have an
factors so that it can plan its strategy accordingly.