GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The idea that a business should strive to satisfy consumer wants and needs while achieving company goals.
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the shop
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Must also determine how much customers are willing to pay.
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None of the above
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Detailed explanation-1: -The Marketing Concept is preoccupied with the idea of satisfying the needs of the customer by means of the product as a solution to the customer’s problem (needs). The Marketing Concept represents the major change in today’s company orientation that provides the foundation to achieve competitive advantage.
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: -Selling focuses on the needs of the seller, marketing on the needs of the buyer. The quotation above is not from Drucker but rather from Theodore Levitt in his classic 1960 Harvard Business Review article, “Marketing Myopia, ‘’ which differentiated between the selling concept and the marketing concept.
Detailed explanation-4: -Marketing also satisfy needs. Marketing creates a transaction for exchanging the product for a value and thus create a satisfaction to the buyer’s needs. Marketing is based on identifying and satisfying customers’ needs profitability.