Chill out Private Ltd is a company engaged in the business of manufacturing beverages. In the month of March ,Shyam, the manager of Chill-Out ,plans to bring out a new drink for the summer season. He distributed free samples of the new launch and got the feedback from the customers. The feedback report clearly indicated that customers have preference for mango flavour over strawberry flavour and jamun flavour over imli. Accordingly, the production was adjusted and the marketing department prepared their promotional and advertising campaigns. As per the sales performance report, Shyam further modified his production plans. (a)Identify and explain the concept of management highlighted here. (b) State the characteristics of the concept identified. (c)What are the importance of above mentioned concept
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