question_answer 21)

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 customers need, 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 customer wants. Marketing concept helps in effective marketing of goods and services by using the following (i) Identification of market or customer who are chosen as the target of marketing effort. (ii) Understanding needs and wants of customers in the target market. (iii) Development of products or services for satisfying needs of the target market. (iv) Satisfying needs of target market better than the competitors. (v) Doing all this at a profit.