b) Describe three evolutions of marketing concept. (80 marks)
Evolution of the Marketing Concept 1. The Production Orientation. During the Industrial Revolution, new technologies and management ideas made it possible to manufacture products with greater efficiency; demand for manufactured goods was very strong.
2. The Sales Orientation. By the first part of the 20th century, supply caught up with demand, and businesspeople came to believe that personal selling and advertising were the most important activities to increase profits.
3. The Market Orientation a. By the 1950s, some businesspeople began to recognize that success required determining what customers want and making products that satisfy those wants rather than making products and then persuading consumers to buy them.
b. A market orientation requires that organizations gather information about customer needs, share that information throughout the entire firm, and use that information to help build long-term relationships with customers.
c. Trying to assess what consumers want is difficult and further complicated by the rate at which trends, fashions, and tastes change.
d. Most companies are turning to technologies associated with customer relationship management to help build relationships and boost business with existing customers.
e. Communication remains a major element of any strategy to develop and manage long-term customer relationships.
CHAPTER 8 QUESTION 1 a) Discuss how digital marketing has altered the marketing mix. Be sure to outline what elements of the marketing mix have stayed the same. (60 marks)
While digital media have changed many elements of the business and marketing environments, one aspect of marketing that has not changed is the importance of achieving the right marketing mix
Product: Digital media have made it easier for marketers to add benefits and services to their products that make them more attractive to customers. Distribution: The Internet is a new distribution channel that has helped to make getting products to the right place at the right time quicker and more efficient than ever. Promotion:. Social networks, viral marketing, and virtual worlds have all helped marketers reach target markets in a cost-efficient manner. The Internet has created consumers who are more informed than ever.
Price: Internet has made price competitions fiercer than ever. However, digital media have helped businesses add value to their products through additional services and online benefits. (4x15)
