Name: Qazi Muzammil Ahmed

Roll No: L1F18BBAM0663

Subject: Fundamental of Marketing

Mid Term

1). Outline the five core marketing concepts. Explain any one of your choice with
relevant example from your country.
Five core marketing concepts are:
The Production Concept. this idea is that the oldest of the concepts in business. It holds that
buyers will prefer products that are widely available and cheap . Managers that specialize in this idea
consider achieving high production efficiency, low costs, and mass distribution. They assume that buyers
are primarily curious about product availability and low prices. This orientation is sensible in developing
countries, where consumers are more curious about obtaining the merchandise than in its features.

the Product Concept. This orientation holds that buyers will favor those products that provide the
foremost quality, performance, or innovative features. Managers that specialize in this idea consider
making superior products and improving them over time. They assume that buyers admire well-made
products and may appraise quality and performance. However, these managers are sometimes trapped
during a romance with their product and don't realize what the market needs. Management might
commit the “better-mousetrap” fallacy, believing that a far better mousetrap will lead people to beat a
path to its door.

The Selling Concept. this is often another common business orientation. It holds that buyers and
businesses, if left alone, will ordinarily not buy enough of the selling company’s products. The
organization must, therefore, undertake an aggressive selling and promotion effort. this idea assumes
that buyers typically show buying inertia or resistance and must be coaxed into buying. It also assumes
that the corporate features a whole battery of effective selling and promotional tools to stimulate more
buying. Most firms practice the selling concept once they have overcapacity. Their aim is to sell what they
create instead of make what the market wants.
 The Marketing Concept. this is often a business philosophy that challenges the above three
business orientations. Its central tenets crystallized within the 1950s. It holds that the key to achieving its
organizational goals (goals of the selling company) consists of the corporate being simpler than
competitors in creating, delivering, and communicating customer value to its selected target customers.
The marketing concept rests on four pillars: target market, customer needs, integrated marketing and
profitability. The Marketing Concept has evolved into a fifth and more refined company orientation: The
Societal Marketing Concept. this idea is more theoretical and can undoubtedly influence future sorts of
marketing and selling approaches.

5.Societal Marketing Concept: “The concept of societal marketing has taken over
it is the organisation's job to determine the needs, requirements, and interests of the targeted
market and to deliver the specified satisfaction more efficiently and effectively competitors, in a
way that protects or promotes the consumer and the community welfare.” Ethical and social
considerations are built on the concept of effective marketing who enters consumer care and
encourages them to make a change. Case-based public marketing can be considered a cause-
related marketing. This means that the general purpose of these programs is to perform to bring
benefits and well-being to both consumers and partners Program (in public-funded programs). In
causal-related marketing it should be noted that some consumers are looking for signs of good
interaction nationality. This applies to these programs where both the public marketing and
product sales are included. In other words, consumers are not buying Decisions regarding, for
example, energy saving for household items, can be made expectations of corporate public interest
in environmental issues not only profit.
In social marketing and causes there is also the question of corporate reputation as a good
cooperative citizen. This sets the organizational conditions for all work.

Example:

Companies that do not import raw materials practice a more contained sort of societal marketing by
marketing products made with materials obtained from local sources. this sort of selling takes under
consideration the well-being of an area social organization. a corporation that purchases raw materials
from local farmers or other businesses can market its products using this fact as a key a part of its
marketing strategy. Hanif Farm Industries

2). Why strategic planning and developing mission statement for an organization
is important. Explain.
Strategic objectives are necessarily supported the simplest information you've got at the time and your
most realistic assessments of what your company are able to do. Organizations also enjoy building a
stage into the strategic planning process that involves evaluating goals and progress after an elapsed
period of your time in light of the company's success in achieving these goals and developments that
have arisen within the interim. for instance, if you propose to grow your ironmongery shop business 20
percent during a selected year, but a formidable competitor opens a superstore down the road, you'll
likely redefine your objectives and evaluate progress in terms of preserving market share. the method of
strategic planning is often as important to a corporation because the results. Strategic planning is often
an especially valuable process when it includes employees altogether departments and in the least levels
of responsibility brooding about how their activities and responsibilities fit into the larger picture, and
about their potential contributions.

Mission statements are an incredibly important navigational tool once you are brooding about the longer
term of your company. By identifying the aim of your work, you'll better understand the goals your
company should be committed to accomplishing. Once those goals are set, you and your team can
develop a sound strategy to realize them. By having this strong foundation, you'll build your organization
from the bottom up and ensure its stability through the challenges ahead. The mission statement is that
the bedrock of any organization. Make sure it’s as strong because it must be. You, your team, and your
partners will turn to this as a guideline for all actions. At an equivalent time, potential customers can
judge your brand supported its mission statement to make a decision whether it suits their own values or
not. The mission statement shouldn’t just be your beginning. It should stick with you thru every decision
you create as you're employed toward your goals.

The simplicity of the mission statement requires you to isolate only the most important part of your
company’s purpose. By developing a mission statement, you want to evaluate every option and choose
what is going to best fit your company and its future. By talking through your decision process with the
mission statement, you'll help your team run through problems and concepts. The mission statement
opens this communication and can refocus a team that has been pulled apart in too many different
directions.

3). Discuss how an organization can react to the changes in the marketing
environment. Discuss with relevant example from your country.
There are two approaches organizations can follow while responding to the environmental changes of
environment. These are popularly referred to as reactive marketing and proactive marketing:
1. Reactive Marketing
The reactive marketing views marketing environmental forces as totally uncontrollable and difficult to
predict. this is often a passive approach, under which, the organization tries to regulate its marketing mix
and program consistent with the changes within the environment. The adjustments happen only after
changes occur within the environment. The organization analyses the environmental changes and finds
suitable thanks to avoid the threat and utilize the new opportunities within the market. In essence, they
await the environment to vary and react only after the change takes place. Example:
2. Proactive Marketing
Organizations that adopt the environmental management perspective follows proactive marketing.
Proactive marketing believes that although many of the environmental forces like demography,
economy, culture and natural factors aren't controllable, the environmental forces like politics, law and
technology are often influenced by correct and calculated moves. Proactive marketing uses political,
psychological, economic and PR skills to influence the environmental forces to the organization's benefits.
The technique of political lobbying, financing political parties and elections, using publicity to shape
popular opinion and lots of others are employed by organizations to bring the environmental forces to
their favour.

Example: Nowadays, Haier is using Proactive Marketing to bring the environmental forces to their favour.