What is a marketing concept?
An organization uses the marketing concept when it identifies the buyer’s needs and then produces the goods, services, or ideas that will satisfy them (using the “right” principle). The marketing concept is oriented toward pleasing customers (be those customers organizations or consumers) by offering value.
What is marketing based on?
Marketing is based on consumers need and wants. The organization tries to satisfy consumers by providing quality product at competitive prices at a place of convenience with after sales services.
What is a marketing approach?
Thus, in reality, marketing approach involves analyzing consumers’ needs and evaluating the organizations capacity to supply those needs and whether it is appropriate to do so given the nature of the environment of business.
What is the “right” principle in marketing?
This concept is referred to as the “right” principle and is the basis of all marketing strategy. We can say that marketing is finding out the needs and wants of potential buyers (whether organizations or consumers) and then providing goods and services that meet or exceed the expectations of those buyers. Marketing is about creating exchanges.
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