In the Theories Category, we aim to provide reference notes on different theories of Marketing.
Pros and Cons of Product Concept Product concept in marketing refers to the belief that consumers opt for a product that has higher quality and performance. It argues consumers choose product quality over product price. Let’s explore some notable pros and cons of product concept of marketing. Pros of Product Concept The product concept of … Read more
What is Product Concept? The product concept of marketing lies in the idea that customers choose products that offer top-notch quality, performance, and features. This concept is crucial as it compels businesses to cater to customer demands effectively. While the focus is on product excellence, other business aspects like marketing, distribution, and customer service play … Read more
Pros and Cons of Production Concept The production concept is the marketing philosophy that relies on the belief that people buy product that has lower yet affordable prices. As such, it emphasizes companies to focus on mass production and earn profit through production efficiency. Let’s explore some pros and cons of production concept of marketing. … Read more
What is Production Concept? The production concept relies on the idea that customers are inclined to choose products that are easily accessible and cost-effective. Businesses under this philosophy aim to maximize profits by producing large quantities, benefiting from economies of scale. This approach originated during the Industrial Revolution to meet high demands stimulated by a … Read more
If you have read about marketing strategy – I am sure you have heard about the 4 Ps of Marketing – Product, Price, Place, and Promotion. But, did you hear about the 4 Cs of Marketing? If not, not to worry, in this article I will walk you through these 4 Cs of Marketing in … Read more
What are the 3 Ps of Marketing Mix? The 3 Ps of marketing mix includes the People, Process, and Physical Evidence which are added to the original Marketing Mix i.e. 4 Ps – Product, Price, Place, and Promotion. These additional 3 Ps of the marketing mix look into the service factors of the business. Since … Read more
What are the 4 Ps of Marketing Mix? The 4 Ps of Marketing Mix, developed by Jerome McCarthy in the 1960s, are the fundamental pillars of a marketing strategy. They consist of Product, Price, Place, and Promotion. These elements enable businesses to effectively reach their target markets and achieve sales goals. They’ve long served as … Read more