Question

Amar is engaged in manufacturing of refrigerators. He surveyed the market and found that customers need a refrigerator with a separate provision of water cooler in it He decided and launched the same refrigerator in the market. Identify and explain the market philosophy involved.

Answer 1

In the given case, the marketing philosophy involved is:

The Marketing Concept: The focus of the marketing concept is on the customer's needs and the customer satisfaction. Integrated marketing is the means to achieve the firms objective of maximising profit under this concept. The purpose of marketing is to generate customer value at a low profit.

The following are the pillars of the marketing concept:

(i) Identification of market or customer who are chosen as the target of marketing efforts.

(ii) Understanding needs and wants of the customers in the targeted market.

(iii) Development of products or services for satisfying needs of the targeted market.