Explain the difference between product concept production concept nad marketing concept?

Answer 1

The Marketing Concepts have evolved during the period of human existence. Chronologically they are : # Exchange Concept # Production Concept, # Product Concept, # Selling Concept, # Marketing Concept, # Holistic Marketing Concept. Now we are required to explain the difference between "PRODUCTION", "PRODUCT" & MARKETING" concepts. Here they are : # Production Concept - This concept is one of the oldest, and suggests that the consumers will like to buy the products which are available easily, cheaply & widely. So the marketers must have a mass production facility (efficient production) with low price ( cost efficiency) and make it available very near to the customers (mass distribution). This concept is adopted when the Company wants to expand. # Product Concept - This is the next step of evolution of marketing concepts. It depicts that customers will go for those products which offer quality, utility, features, performance, value, benefits, etc. So the marketers must improve the products in an innovative way & continuously. This is more often accompanied by a suitable pricing, distribution, promotion (all the 4Ps of marketing). # Marketing Concept - This concept was evolved in the 1950s, and for the first time the attention was shifted to Customers. Instead of concentrating on the Products / Production / Selling, the business became "Customer Oriented". The "Make & Sell" philosophy gave way to the "Sense & Respond" philosophy. Instead of finding the right customer for the product, the marketer now has to find the right product for the customer. This concept holds the secret of the company being more effective than its competitors in creating, delivering & communicating superior value to the targeted customers. Reference : Marketing Management - By Philip Kotler & Kevin Lane Keller - 12th Edition. Chapter - 1. = By Himansu S M