MGT 301-Assignment 1
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| MGT 301-Assignment 1 |
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Question 1 |
Soluton:
The marketing concept represented in the above scenario is the "Societal Marketing Concept."
The Societal Marketing Concept focuses on meeting the needs and wants of target markets while also considering the long-term well-being of society and the environment. In this case, the car manufacturer recognizes the increasing concern for environmental sustainability and aims to fulfill the demand for electric vehicles (EVs). By investing in research and development to design and produce EVs, they are addressing the needs of eco-conscious consumers who desire environmentally friendly transportation. This approach aligns with the principles of the Societal Marketing Concept as it emphasizes the company's commitment to societal well-being and addresses the growing demand for environmentally sustainable products.
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Question 2 |
Soluton:
In the given scenario, the demand situation can be described as "Derived Demand."
Derived demand refers to the demand for a particular product or service that is driven by the demand for another related product or service. In this case, the increasing concern for environmental sustainability has created a demand for eco-friendly transportation options. As consumers become more conscious of the environmental impact of gasoline-powered vehicles, the demand for electric vehicles (EVs) has emerged. The car manufacturer recognizes this derived demand and invests in research and development to design and produce EVs in order to meet the market demand generated by consumers' desire for environmentally friendly vehicles. Essentially, the demand for EVs is derived from the underlying demand for eco-friendly transportation solutions resulting from environmental concerns.
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