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Q5 - Q5 Write short notes on Short Note 1 Marketing Concept...

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Q5. Write short notes on: Short Note 1. Marketing Concept: This concept holds that achieving organizational goals depend on determining the needs and wants of largest markets and delivering the desired satisfactions more effectively and efficiently than competitors. The marketing concept is essentially a point of view about business. It enunciates that business is basically a ‘need satisfying process’. Businesses must be managed keeping the consumer and his need as the focus. The concept prescribes that all the goals of business, including profit, must be realized through consumer orientation and generation of consumer satisfaction. The marketing concept was born out of the awareness that a business should start with the determination of consumer wants and end with the satisfaction of those wants. Thus, the concept puts the consumer at both, the beginning and the end of the business cycle. It stipulates that any business should be organized around the marketing function and its task should be one of anticipating, stimulating and meeting customers’ requirements. A business cannot succeed by supplying products and services that are not designed to serve the needs of the customers. In short, the marketing concept represents a shift in orientation: From production to marketing From product to customer From supply to demand From sales to satisfaction From internal to external The marketing concept has the following four distinguishing features: 1. Consumer Orientation: An overwhelming emphasis on the consumer and his need is the first distinguishing feature of the marketing concept. This enables the firm to look at its business from the consumers’ point of views. When a firm adopts the marketing concepts, the consumer becomes the focal point of the business. The concept forces the business to accept “the consumer as he is” with all his inherent
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contradictions – and treat him as the pivot around which the entire business has to be built. In other words, the concept aims to practice the textbook idea of “consumer sovereignty”. 2. Integrated Management with Marketing as the Fulcrum: Integrated management action is the second distinguishing feature of the marketing concept.
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