ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The value of money or its equivalent placed on a good or service. This is any form of communication a business or organization uses to inform, persuade, or remind customers about its products or services. This means satisfying customers needs and wants while making a profit. It is a company-wide consumer orientation.

Detailed explanation-2: -Market orientation is an approach to business that prioritizes identifying the needs and desires of consumers and creating products and services that satisfy them.

Detailed explanation-3: -Customer satisfaction is defined as a measurement that determines how happy customers are with a company’s products, services, and capabilities. Customer satisfaction information, including surveys and ratings, can help a company determine how to best improve or changes its products and services.

Detailed explanation-4: -It is a series of activities fashion businesses undertake so that customers will buy products from them instead of their competitors. What is Marketing Concept? The idea that businesses must satisfy customers’ needs and wants in order to make a profit.

Detailed explanation-5: -The marketing concept rests on four pillars: target market, customer needs, integrated marketing and profitability.