Here all the unattractive ideas and unfeasible ideas are weeded out leaving only the ideas where future action is possible. Concept Development and Testing: Here in this stage the idea is presented to the customers and their views and opinions of the ideas are documented. This eliminates the risk of any losses if the ideas are not accepted by the customers (Kahn). Business Analysis: This stage involves the business and financial analysis of the ideas and here the financial risks and the other business related analysis are completed. Prototype Development: Here the idea is developed and the product is developed in the physical form and the basic marketing strategy is developed. Test Marketing: At this stage the company puts the product up for sale in a few areas to check for the performance under the marketing plan (Jobber). This provides an insight to the company for the effectiveness of the marketing strategy and the demand of the product. Commercialization: The last stage of the new product development stage is the commercialization, where the complete marketing plan is developed and the full production is set into action ...
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(“Marketing Essay Example | Topics and Well Written Essays - 250 words - 12”, n.d.)
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(Marketing Essay Example | Topics and Well Written Essays - 250 Words - 12)
“Marketing Essay Example | Topics and Well Written Essays - 250 Words - 12”, n.d. https://studentshare.net/miscellaneous/391137-marketing.
A marketing concept embraces the philosophy that good marketing strategy always has the needs and wants of the target market in mind. Marketing concepts are formed as creative approaches to the problem of how to get a product needed and desired by a group of consumers to be selected and purchased by this group.
The Marketing Teacher (2000) cited Barwell to expound on the term by indicating that “the marketing concept is a philosophy, not a system of marketing or an organizational structure. It is founded on the belief that profitable sales and satisfactory returns on investment can only be achieved by identifying, anticipating and satisfying customer needs and desires” (Marketing Teacher, par.
Hence marketing becomes one of the most crucial aspects of a business. Kotler et al (2007:7) has defined market as ‘a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others’.
The guerilla marketing campaign of the T-Mobile company was run for five consecutive months by sponsoring near to 25 events in the local festivals, state, and county fairs. T-Mobile has very well comprehended the importance of such marketing initiatives for the company’s success by activating 5,000 new accounts at such events and organizing more than 26,000 “Mobile Makeovers” (Chipps 1).
This is because the objectives of the issues involved can have resemblance. Whether large or small, most marketers if not all, always struggle to meet customer requirements and at the same time meeting their own commercial and marketing objectives. The marketing planning process needs the harmonization of open- based decisions at the peak of the commercial level with more closely distinct actions at the bottom.
It is in this reason that the proponent of this paper tries to gather information about the basic concept of marketing and the probable impacts of internet on the dominant logic of marketing. Considering that the traditional-based marketing has