BUISENESS MANAGEMENT
MARKETING
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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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(b) It refers to only the set of people who have the purchasing power to buy a particular product.
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(c) It refers to the set of actual and potential buyers for a product.
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(d) 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: -Modern marketing concept is a broad concept. 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.
Detailed explanation-3: -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-4: -The modern marketing concepts are: Learning and comprehending the wants/needs of the consumer through online interaction. Creating products that meet the needs of the target consumer. Leading the competition in customer satisfaction. Making sure a business’ efforts make a profit for the organization.
Detailed explanation-5: -The marketing concept rests on four pillars: target market, customer needs, integrated marketing and profitability.