What is the marketing concept? How does it help in the effective marke

1.	What is the marketing concept? How does it help in the effective marketing of goods and services?
Answer» Orientation of marketing implies that focus on the satisfaction of customer's needs is the key to the success of any organization in the market. All the decisions in the firm are taken from the point of view of the customers, e.g., What product will be produced, with what features and at what price shall it be sold or where shall it be made available for sale will depend on what do the customers want. Marketing concept helps in effective marketing of goods and services by using the following. Identification of market or customers who are chosen e.g the target of marketing effort. Understanding needs and wants of customers in the target market. Development of products or services for satisfying needs of the target market. Satisfying needs of target market better than the competitors. Doing all this at a profit.

What is the marketing concept? How does it help in the effective marketing of goods and services?

Answer»

Orientation of marketing implies that focus on the satisfaction of customer's needs is the key to the success of any organization in the market. All the decisions in the firm are taken from the point of view of the customers, e.g., What product will be produced, with what features and at what price shall it be sold or where shall it be made available for sale will depend on what do the customers want.

Marketing concept helps in effective marketing of goods and services by using the following.

Identification of market or customers who are chosen e.g the target of marketing effort.
Understanding needs and wants of customers in the target market.
Development of products or services for satisfying needs of the target market.
Satisfying needs of target market better than the competitors.
Doing all this at a profit.

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