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Answer of MBA203 Marketing Management Q1. Define Marketing and various marketing orientations.

Answermarketing can be described as ‘the art of anticipating and serving customer needs’.
 Marketing is a social process which alleviates individuals and groups to get what they need and want through creating and
exchanging products and value with others. This definition rests on the core concepts of:
·         Needs, wants, and demands
·         Products
·         Value and satisfaction
·         Exchange and transactions
·         Markets

List various marketing orientations:
1. The production concept
The basic proposition of this concept is that customers will choose products and services that are widely available and are of low cost. So, managers try to achieve higher volume by lowering production costs and following intensive distribution strategy.

2 The product concept
This concept is based on the idea that consumers will favour those products that offer attributes like quality, performance, and other innovative features. Managers focus on developing superior products and improving the existing product lines over a period of time.

3 The selling concept
This concept proposes that customers, whether individuals or organisations, will not buy enough of the firm’s products unless they are persuaded to do so through the selling effort. The marketers believe that the consumers need to be motivated to buy a firm’s products or services through persuasion and selling action.  

4 The marketing concept
The reason for success lies in the company’s ability to create, deliver, and communicate a better value proposition through its marketing offer, in comparison to the competitors, for its chosen target segment. 


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