MAR 201 Lecture Notes - Lecture 5: Marketing Management, Marketing Strategy, Inside Out Music
5 Sep 2018
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Document Summary
Still a useful philosophy in some situations. Although useful in some situations, the production concept can lead to marketing myopia. Companies adopting this orientation run a major risk of focusing too narrowly on own operations & losing sight of the real objective. Building customer relationships: product, consumers will favor products that offer most in quality, performance, & innovative features, marketing strategy focuses on making continuous product improvements, product quality & improvement are important parts of most marketing strategies. Focusing only on company"s products can also lead to marketing myopia: selling: undertakes large-scale selling & promotion effort, selling concept is typically practiced w/ unsought goods, holds consumers will not buy enough of firm"s products unless it. Those that buyers don"t normally think of buying. them on product"s benefits. Industries must be good at tracking down prospects & selling. Focuses on creating sales transactions rather than on building long-term, profitable customer relationships.
