What is the Marketing concept? How does it help in the effective marketing of goods and services.
Answers
SOLUTION :
Marketing concept :
This concept emphasizes that in the long run profits can be maximized by identifying and satisfying the needs of present and potential customers. Therefore, customer satisfaction became the focal point of all business decisions.
It helps in the effective marketing of goods and services in the following ways :
(a) It helps in the identification of the market and target customers.
(b) It helps in understudying the needs of the target customers.
(c) It helps in deciding the price of a product or services to be rendered.
(d) It helps in understanding the nature of competition and government policies.
(e) It helps in the developing the products as per the needs of the customers.
(f) It helps in satisfying the needs of the customers with the best of after sale services.
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Answer:
The marketing concept involves identifying consumer needs and wants and then producing products (which can be goods, services, or ideas) that will satisfy them while making a profit.