Question

Differentiate between Production concept' and 'Marketing concept' of marketing management philosophies on the basis of:

(a) Meaning

(b) Main focus

(c) Means

(d) Ends

Answer 1

(a) Meaning:

• Production Concept: The production concept of marketing management philosophy focuses on the idea that consumers will favor products that are widely available and affordable. Therefore, the organization should focus on improving production efficiency and reducing costs to make products accessible to a large number of consumers.

• Marketing Concept: The marketing concept of marketing management philosophy emphasizes understanding and meeting the needs and wants of target customers. It revolves around the idea of identifying customer needs and satisfying them more effectively than competitors, through the creation and delivery of superior value.

(b) Main focus:

• Production Concept: The main focus of the production concept is on maximizing production efficiency and reducing costs to make products widely available and affordable to consumers.

• Marketing Concept: The main focus of the marketing concept is on understanding and satisfying the needs and wants of target customers more effectively than competitors, through the creation and delivery of superior value.

(c) Means:

• Production Concept: The means in the production concept involve improving production efficiency, increasing economies of scale, and reducing production costs.

• Marketing Concept: The means in the marketing concept involve understanding customer needs and wants through market research, developing products that meet those needs, and creating marketing strategies to effectively communicate the value of those products to target customers.

(d) Ends:

• Production Concept: The ends in the production concept are focused on achieving high production levels, maximizing efficiency, and reducing costs to make products widely available and affordable.

• Marketing Concept: The ends in the marketing concept are focused on achieving customer satisfaction, building long-term customer relationships, and ultimately maximizing profits through the creation and delivery of superior value to customers.