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This is linked to what the perceived value of the product is to the customer rather than an objective costing of a product. How a product is priced will directly affect how it sells. It covers the actual amount the end user is expected to pay for a product. It is key to understand those problems that the product is attempting to solve. All products follow a logical product life cycle and it is vital for marketers to understand and plan for the various stages and their unique challenges. The product is either a tangible good or an intangible service that seems to meet a specific customer need or demand. The societal concept creates a became of social and environmental welfare, customers relationships and sales. Marketing managers with this approach are also concerned about the well being of society and feel a responsibility to tend to the world around them.

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A manager that takes the marketing approach will conduct extensive market research to determine the needs of consumers and how to fulfill them better than its competitors. The marketing concept works on the philosophy that the consumers buy products that fulfill their needs. Because of this, the selling concept entails very aggressive marketing. The number one focus for the manager is to make money no matter the quality, needs of consumers, supply or demand. Where the production and product concept focus on manufacturing, the selling focuses on the making of an actual sale. Therefore, the focus is on manufacturing more products to make sure it is widely available.

The philosophy has is вЂњsupply creates its own demandвЂќ. The production concept is used when the demand for a product is higher than its supply. Therefore, the focus is more on quality and less on quantity. CONCEPT OF MARKETING MANAGEMENT:Д¬ontrary to the production concept this concept assumes consumers value products of a higher quality as opposed to price and availability. Marketing management is the directing of an organizationвЂ™s resources to develop and implement the best possible strategy in order to reach its best-desired consumer segment with the goal of maximizing sales of a particular product or services.

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