Mid Term Question
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The marketing concept represented in the above scenario is the societal marketing concept. The company recognizes the increasing concern for environmental sustainability and aims to meet the needs of eco-conscious consumers by investing in research and development to design and produce EVs. This approach considers not only the company's profit and customer satisfaction but also the long-term benefits to society and the environment. By focusing on producing environmentally friendly products, the company demonstrates its commitment to social responsibility, which can lead to increased customer loyalty and positive brand image.
The demand situation represented in the above scenario is latent demand. Latent demand refers to the potential demand for a product or service that is currently unfulfilled. In this case, there is a growing demand for environmentally friendly transportation, and the company is investing in research and development to design and produce EVs to meet that demand. The demand is not yet fully realized, as the company is introducing a new product category that has not been widely adopted in the market. However, by recognizing and addressing this latent demand, the company aims to gain a competitive advantage and capture market share in the growing EV market.
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