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MGT 301 Principles of Marketing Assignment No 1 due date 9 Nov 2018 , please discuss solution.
Assignment No 1
Principles of Marketing (MGT 301)
Topic: MARKETING MANAGEMENT PHILOSOPHIES
1. To introduce students to the concept of marketing management philosophies.
2. To make students understand how to practice a particular marketing management philosophy
in an organization.
After attempting the assignment
1. Students will know about the application of suited marketing management philosophy.
EFU General Insurance was established in 1932. It has a
much diversified customer base. It provides its customers
with a variety of services for individual as well as corporate
users. It provides coverage for fire, motor, life, marine,
aviation and many other areas. Its success can be revealed
by the fact that in 2017 its operations crossed a figure of
Rs.20 billion in terms of premium contribution. EFU is the
first one achieving this mile stone in Pakistan.
As far as insurance market is concerned, there are few
people who are aware of its importance. Many of the
population are unaware of the benefits of insurance
including several people thinking it to be contradictory to religious norms. These people are
being dealt with another strategy with the introduction of Takaful. Which relates insurance with
some religious matters but still there exist lack of knowledge because of its complications.
EFU is mostly carrying out its push marketing campaigns through print, electronic media,
newsletters and publications in shape of advertising campaigns and sales promotion. Pakistan is a
huge market of almost 200 Million people where there are many prospects for insurance
company like EFU.
After reading the above case, which market management philosophy best suits EFU life
insurance to win more customers? Provide at least three valid reasons for selection of
philosophy. (4+6=10 Marks)
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Please discuss the solution.
i think it must be selling concept ..because with respect to insurance ,strong promotional efforts are required. is ka answer ya selling hay ya marketing ..aur koii concept is case say match nahii kartaa....what u say?
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The philosophy of Marketing Management Concept is very useful of EFU life insurance it attracts / convince more and more customers. The EFU adoption marketing concept of insurance fully meets the organizational targets. The marketing plan determines the needs and wants of end user. It provides desired satisfaction efficiently and effectively to the customers. Thus, its marketing strategies is capturing the market and customer and increasing in capital day by day. The clients and shareholders are also getting benefits on quarterly basis. The vision of marketing concept is very much clear it does not reflects no confusion on business development plans. The most of companies having very confused types of plans. There are also some hidden charges involved. The marketing plan of the EFU life insurance is creating difference with its progress an increase in share capital and developing business and more and more profit earning. The EFU selling concept is above board.
The primary difference is given below:-
The marketing plans / selling concept should be suitable for all types of products prevailing in market.
The companies whom are following marketing concept in real sense are enhancing its profitability with very less margin of risk and uncertain loss.
The marketing concept must be based on factual grounds instead of assumptions and must understand needs and wants of customer / end user.
The Marketing Management concept philosophy best suits EFU life insurance to win more customers because the marketing concept holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do. The marketing and selling concepts are often confused. The primary differences are:
The Marketing Concept is suitable for almost any type of product and market.
Companies that are following the marketing concept require baring less risk and uncertainty.
Instead of making an assumption, the marketing concept finds out what really the consumer requires and acts accordingly to them.
When customers do not know what they want, marketers can try customer driving marketing understanding customer needs even better than customers themselves do, and Creating products and services that will meet existing and latent needs now and in the future.
Customer-driven companies research current customers to learn about their desires, gather new product and service ideas, and test proposed product improvements.
Marketing concept works on facts gathered by its “market and customer first” approach.
Note: kindly write in ur own words don’t copy paste if you found any mistake then correct ur self I m not responsible in case of zero marks
M.TariK MaliC why societal concept cannot be used as it is newest of Marketing concept