Theory question 106
Marketing Concept(a) Explain the following marketing terms: (i) supply; (ii) wants. (b) Wox Ltd operates on marketing and product concepts while Manti Ltd operates on production and selling concepts.
State two features each of the concepts used by the two companies.
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(a)(i) Supply: the quantity of a product that sellers are willing and able to offer for sale at a given price and time.
(ii) Wants: the particular products people desire to satisfy their needs, shaped by culture and personality.
(b) Marketing concept (Wox Ltd), any two: starts with customers' needs; uses marketing research; integrated marketing; aims at customer satisfaction and long-term profit.
Product concept (Wox Ltd), any two: focus on product quality, performance and features; continuous product improvement; assumes customers want the best product.
Production concept (Manti Ltd), any two: focus on efficient mass production; low costs and low prices; wide availability.
Selling concept (Manti Ltd), any two: aggressive selling and promotion; sells what the firm makes; aims at sales volume; used for unsought goods.
Give each point as a full sentence, with an example where possible.