GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It refers to the group of people who do not have the ability but willingness to buy a particular product.
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It refers to only the set of people who have the purchasing power to buy a particular product.
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It refers to the set of actual and potential buyers for a product.
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It refers only to the people who show interest in a particular product.
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Detailed explanation-1: -In the modern marketing sense, the term market has a broader meaning. It refers to a set of actual and potential buyers of a product or service.
Detailed explanation-2: -It relates to finding out the consumers and to develop a product as per their needs rather than providing them with the already manufactured goods. Modern marketing concept aims at complete customer satisfaction by fulfilling their needs and wants. Consumer concept believes in giving attention to individual customer.
Detailed explanation-3: -2. Modern Marketing Concept : Modern marketing concept focuses on customer’s need and wants and it aims in meeting the customer’s satisfaction. Modern marketing is customer oriented. It is based on new marketing concept and refers to a broader concept.
Detailed explanation-4: -Which of the following statements is true of the marketing concept? It states that an organization should satisfy customer wants and needs while meeting organizational objectives.
Detailed explanation-5: -Production Concept This concept works on an assumption that consumers prefer a product which is inexpensive and widely available. This viewpoint was encapsulated in Says Law which states ‘Supply creates its own demand’.