The Marketing Process

What is the product offered by the Daytona International Speedway and the Daytona 500? How does the Daytona 500 create and deliver customer satisfaction through the five types of utility?

The overall concept of marketing is a management philosophy according to which a firm 's goals can be best achieved through identification and satisfaction of the customers stated and unstated needs and wants. Companies should identify the needs of their customer and produce products and

Product: It is the physical product or service offered to a customer. Product decisions include aspects like packaging, appearance, service, warranty etc.

Marketing Concept The marketing concept can be defined as the idea that an organization should strive to satisfy the needs of customers, while also trying to achieve the organization’s goals.1 The marketing concept is about matching a company 's capabilities with customer wants. This matching process takes place in what is called the marketing environment. Businesses have to take into account their competitors, as well as changes in the political, economic, social and technological environment. The before mentioned factors must be taken into account as an organization tries to match its capabilities with the needs and wants of its target customers. An organization that adopts the

| The marketing concept stresses the commitment to satisfying customer needs and wants with an entire range of marketing tools, not just selling or advertising.

(LO1) Marketing concept is defined as “is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those

1. Strategies: A business strategy is the means by which it sets out to achieve

Product- anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.

            The Marketing Concept.  This is a business philosophy that challenges the above three business orientations.  Its central tenets crystallized in the 1950s.  It holds that the key to achieving its organizational goals (goals of the selling company) consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its selected target customers. The Marketing Concept represents the major change in today’s company orientation that provides the foundation to achieve competitive advantage.  This philosophy is the foundation of consultative selling.

This concept states that customers prefer products that own high quality, performance, and innovative features. The management focuses on producing and improving continuously its products and service.

Product Orientation – This is when the company decides to focus mainly on their products features and the quality of the products rather than the customers. The company will choose to produce high quality products to

Product concept: This is when a business products is part of their business brand image. The products shape the business and its unique selling point in the market.

3. Eddy's Ice Cream developed a line of whole fruit sorbets targeted at people who are loyal Eddy's consumers, but dislike all the fat and calories in

Production concept assumes that customers will want to buy products or services that are easily available and affordable. Hence, management would focus more on production efficiency and distribution of the product. This concept is useful when the demand of a product is higher than its supply. Coca-cola is one of the successful examples of companies that adopt production concept. The company makes Coca-cola can be purchased almost everywhere in a country, either urban area or rural area.

The traditional view of marketing is that the firm makes something and then sells it. A) Will not work in economies where people face abundant choice. B) New