MKT501 GDB Solution Spring 2022

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Scenario:

Suppose there are 5 companies A, B, C, D, & E. Company A focuses on marketing approaches as well as considers and includes factors like environmental deterioration, resource shortage, explosive population growth, poverty, hunger etc. While formulating its business philosophy. Its aims to deliver satisfaction more effectively and efficiency. Managers of Company B concentrates on achieving high production efficiency, lower costs and mass distribution. It assumes that consumers are only interested in product availability and low prices. Company C believes that the key to organizational goals consists of company being more effective than competitors in creating, delivering and communicating consumer value to the chosen target. It gives preference to customers wants. Company D works on the belief that consumers will favor that product, which offers most quality performance and innovative features. Whereas, Company E emphasizes on aggressive selling and high promotional back up.

Identify the concept/philosophy followed by (only name the concept/philosophy no unnecessary details)

Company A ___________

Company B___________

Company C ___________

Company D ___________

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How to submit MKT501 GDB Solution Spring 2022?

Answer:

Company A: The Societal Concept

• This concept further elaborates the marketing approach to include consumer and society well-being overall.

Company B: The Production Concept

• This philosophy approach is that consumers will prefer products that are widely available and are inexpensive.

Company C: The Marketing Concept

• This concept holds that the key to organizational goals consists of company being more effective than competitors in creating, delivering and communicating consumer value to the chosen target.

Company D: The Product Concept

• This concept is that consumers will favor that product, which offers most quality performance and advanced features.

Company E: The Selling Concept

• This concept emphasizes on aggressive selling and high promotional back up.

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