Question:
Differentiate between 'Production Concept' and 'Marketing Concept' of marketing management philosophies on the basis of:
(a) Meaning
(b) Main Focus
(c) Means
(d) Ends
Differentiate between 'Production Concept' and 'Marketing Concept' of marketing management philosophies on the basis of:
(a) Meaning
(b) Main Focus
(c) Means
(d) Ends
(a) Meaning
(b) Main Focus
(c) Means
(d) Ends
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The Production Concept focuses on efficiency and cost reduction, whereas the Marketing Concept emphasizes customer satisfaction as the key to long-term profitability. Businesses must adapt their approach based on market conditions and consumer expectations.
Updated On: Feb 24, 2025
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Solution and Explanation
| Basis | Production Concept |
|---|---|
| (a) Meaning | Assumes that consumers prefer products that are widely available and affordable. |
| (b) Main Focus | Focuses on increasing production efficiency and quantity. |
| (c) Means | Uses mass production and cost reduction to achieve business objectives. |
| (d) Ends | Aims to earn profit through high production volume. |
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