GENERAL KNOWLEDGE

Detailed explanation-1: -Keeping in mind the same philosophy these companies put in all their marketing efforts in reducing the cost of production and strengthening their distribution system.

Detailed explanation-2: -Philosophy of marketing is defined as a strategy in which we focus exclusively on the needs of the customer in order to maintain the profitability of the company. Everything that is not related to the target audience will be relegated to the background.

Detailed explanation-3: -Marketing is referred to as the process of creating, communicating and delivering products for the customers in order to satisfy their needs and wants. The purpose of a marketing philosophy is to identify those needs and fulfil them.

Detailed explanation-4: -Product Concept is a marketing philosophy which assumes that customers admire quality-rich products, with advanced features. Production Concept is an approach which believes that customers are willing to buy the products which are easily available at low prices.

Detailed explanation-5: -Companies adopt one of four philosophies when deciding on how to create an organizational marketing process. The four philosophies are production, sales, marketing and societal marketing orientations.