Madern concept of marketing
Answers
Answer:
The marketing concepts business philosophy is an idea that brands should analyze the needs of their potential customers and make efforts to satisfy those needs.
Modern concepts of marketing are broad concepts. It means finding out the consumer and make the goods as per their needs rather than to provide them what the seller has made
1. Generation of Employment Opportunities:
Marketing generates employment for people engaged in – salesmanship, advertising, transportation, warehousing, insurance, wholesaling and retailing.
2. Increase in Social Welfare:
Marketing philosophy based on a maximisation of consumer satisfaction, leads to an increase in social welfare. Accordingly, marketing means, a delivery of the standard of living to masses, in the society.
3. Emphasis on a Scientific Bent of Mind:
Marketing promotes a scientific bent of mind; because it is centrally based on the concept of marketing research. Moreover, marketing encourages innovation and creativity on the part of people engaged in marketing management.
4. Better Quality of Production:
Marketing leads to an improvement in the quality of production; because competitors trying to out beat one another in the process of marketing would naturally undertake better quality of production. Moreover, international marketing would always exhort manufacturers to come out with super-class production, to capture foreign markets.
5 Encourages Healthy Competition:
Marketing encourages a healthy competition among manufacturers. This not only ensures more profitably to them by excelling one another; but also leads to a better utilisation of scarce resources of the economy-as each competitor would undertake production of those goods and services which result in maximum consumer satisfaction.
Explanation: