ENTREPRENEURSHIP

Detailed explanation-1: -Marketing Concept: The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the firm. The focus is on the customers. 7 functions of marketing: distribution, financing, marketing information management, pricing, product/service management, promotion, and selling.

Detailed explanation-2: -marketing conceptThe idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organization’s goals.

Detailed explanation-3: -The marketing concept involves identifying consumer needs and wants and then producing products (which can be goods, services, or ideas) that will satisfy them while making a profit.

Detailed explanation-4: -The importance of customer satisfaction. Customer satisfaction is important because it illustrates whether your customer base likes what you’re doing. Research shows that high satisfaction leads to greater customer retention, higher lifetime value, and a stronger brand reputation.