Marketing Theory And Marketing Concepts

1469 WordsDec 11, 20156 Pages
Every business wither it 's small or big, aim to meet the needs of their actual and potential customers. In order for them to do this, they need to follow some sort of theory and concept. This assignment will be looking at the marketing theory and marketing concepts which are portrayed in the traditional marketing literature, and how they have limited application in guiding small business marketing practice. Marketing plays a vital role not only in developing, producing, and selling products or services, but also in guiding recruiting labors and raising capital. Although it can be said that successful entrepreneurs undertake marketing in unusual ways. They mainly rely on interactive marketing methods, which is often communicated through…show more content…
He states 'The pure entrepreneur, on the other hand, proceeds by his alertness to discover and exploit situations in which he is able to sell for high prices that which he can buy for low prices. Pure entrepreneur profit is the difference between the two sets of prices. The discovery of a profit opportunity means the discovery of something obtainable for nothing at all. No investment at all is required; the free ten-dollar bill is discovered to be already within one is grasps ' (Kirzner, 1973, 48). The marketing concept has changed significantly over time. In today 's business world the customer is at the forefront, not all businesses in the past followed this concept, as they placed other factors first rather than their customers this is shown as follows:Production Oriented was the focus of the actual business and not the customer needs, as where this has now changed and we can see that it is more focused on customer needs. Production Orientation is when the company believe that they have a superior product, based on quality and features. Due to this thinking the company assume the customers will like it to. In today 's market the customers decide as to what product they like. Sales Orientation is the focus where the company makes a product or provides a service, and then sells or offers it to the target market. This causes problems, as consumers may not like what is being offered
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