MGMT 3302 Study Guide - Midterm Guide: Stakeholder Theory, Market Orientation, Beats Music
Document Summary
Four competing philosophies strongly influence an organization"s marketing activities. These philosophies are commonly referred to as production, sales, marketing, and societal orientations. The production orientation focuses on internal capabilities of the firm rather than on the desires and needs of the marketplace. The firm is concerned with what it does best, based on its resources and experience, rather than with what consumers want. This philosophy, called the marketing concept, states that the social and economic justification for an organization"s existence is the satisfaction of customer wants and needs while meeting organizational objectives. Focusing on customer wants and needs so the organization can differentiate its product(s) from competitors" offerings. Integrating all the organization"s activities, including production, to satisfy these wants and needs. Achieving long-term goals for the organization by satisfying customer wants and needs legally and responsibly. Firms that adopt and implement the marketing concept are said to be market oriented. Obtain information about customers, competitors, and market.
