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MGT301 - Principles of Marketing

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    Aqib JavaidA

    @zaasmi said in MGT301 GDB 1 Solution and Discussion:

    Re: MGT301 GDB 1 Solution and Discussion

    MGT301 GDB NO.1 2020

    Digital payment services such as internet banking and mobile phone banking, hard cash continues to be avoided as it is considered to be one of the carriers of this virus.
    To further control the spread, as well as with the systematic shutdown of public dealing, it became inevitable for banks and other financial institutions to go digital entirely.
    Providing them with a digital tool that not only lets them track their financial transactions, but also sorts them in terms of priority and notifies them when to put their spending on hold could help customers better understand their financial standing.
    It’s just idea solution kindly make your GDB own your wording don’t submit same GDB.

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    @zaasmi said in MGT301 GDB 1 Solution and Discussion:

    As per the given case, which “ONE” of the following three demand situations do you think “Dettol” is currently facing and which strategies you think it should immediately employ to retain its target customers.

    Full Demand.
    Where demand is equal to supply

    Irregular Demand.
    Sometime increase the demand and sometime enhance supply but not equal

    Overfull Demand.
    Where demand is too much but not supply to more

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    After reading above case, you are required to answer below questions:
    Which one of the following “Marketing Orientation Philosophies” you think Sapphire has adopted as per the given scenario? (4 Marks)

    The Production Concept. This concept is the oldest of the concepts in business. It holds that consumers will prefer products that are widely available and inexpensive. Managers focusing on this concept concentrate on achieving high production efficiency, low costs, and mass distribution. They assume that consumers are primarily interested in product availability and low prices. This orientation makes sense in developing countries, where consumers are more interested in obtaining the product than in its features.
    The Product Concept. This orientation holds that consumers will favor those products that offer the most quality, performance, or innovative features. Managers focusing on this concept concentrate on making superior products and improving them over time. They assume that buyers admire well-made products and can appraise quality and performance. However, these managers are sometimes caught up in a love affair with their product and do not realize what the market needs. Management might commit the “better-mousetrap” fallacy, believing that a better mousetrap will lead people to beat a path to its door.
    The Selling Concept. This is another common business orientation. It holds that consumers and businesses, if left alone, will ordinarily not buy enough of the selling company’s products. The organization must, therefore, undertake an aggressive selling and promotion effort. This concept assumes that consumers typically sho9w buyi8ng inertia or resistance and must be coaxed into buying. It also assumes that the company has a whole battery of effective selling and promotional tools to stimulate more buying. Most firms practice the selling concept when they have overcapacity. Their aim is to sell what they make rather than make what the market wants.

    The Societal Marketing Concept. This concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors (this is the original Marketing Concept). Additionally, it holds that this all must be done in a way that preserves or enhances the consumer’s and the society’s well-being.

    This orientation arose as some questioned whether the Marketing Concept is an appropriate philosophy in an age of environmental deterioration, resource shortages, explosive population growth, world hunger and poverty, and neglected social services

    What kind of other benefits you think Sapphire could achieve by adopting this marketing orientation philosophy? (6 Marks)
    The Marketing Concept. This is a business philosophy that challenges the above three business orientations. . It holds that the key to achieving its organizational goals (goals of the selling company) consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its selected target customers. The marketing concept rests on four pillars: target market, customer needs, integrated marketing and profitability.

    Distinctions between the Sales Concept and the Marketing Concept:
    The Sales Concept focuses on the needs of the seller. The Marketing Concept focuses on the needs of the buyer.

    2.The Sales Concept is preoccupied with the seller’s need to convert his/her product into cash. The Marketing Concept is preoccupied with the idea of satisfying the needs of the customer by means of the product as a solution to the customer’s problem (needs).

    The Marketing Concept represents the major change in today’s company orientation that provides the foundation to achieve competitive advantage. This philosophy is the foundation of consultative selling.

    The Marketing Concept has evolved into a fifth and more refined company orientation: The Societal Marketing Concept. This concept is more theoretical and will undoubtedly influence future forms of marketing and selling approaches.

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    Which type of cost-oriented pricing is most closely related to markup pricing? MGT301