Page 17 - EBOOK DPM 10013 POM-FINAL 25.10.2021

Table 1.3: FIVE Concept of Marketing Management Philosophies

No Marketing Management Philosophies

1 Production The idea that consumers will favour products that are available or

concept highly affordable.

Improve production and distribution.

2 Product The idea that consumers will favour products that offer the most
concept quality, performance, and features for which the organization should

therefore devote its energy to making continuous improvements.

3 Selling The idea that consumers will not buy enough of the firm’s products

concept unless it undertakes a large scale selling and promotion effort, or

Consumers will buy products only if the company promotes /sells
these products.

Focuses on the needs of the seller.

Preoccupied with the seller’s need to convert his/her product into

cash.

4 Marketing The idea that achieving organizational goals depends on knowing the
concept needs and wants of the target markets and delivering the desired

satisfactions better than competitors do, or

Focuses on need/needs of target markets & delivering satisfaction
better than competitors.

Focuses on the needs of the buyers.
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).

5 Societal The idea that a company should make good marketing decisions by

Marketing considering consumers’ wants, the company’s requirements,
Concept consumers’ long-term interests, and society’s long-run interests.

Focuses on needs/wants of target markets & delivering superior

value.

Society’s well-being.

5