MANAGEMENT

Detailed explanation-1: -The marketing concept rests on four pillars: target market, customer needs, integrated marketing and profitability.

Detailed explanation-2: -The marketing concept is based on increasing a company’s ability to compete and achieve maximum profits by marketing the ways in which it offers better value to customers than its competitors. It’s all about knowing the target market, sensing its needs, and meeting them most effectively.

Detailed explanation-3: -It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand. The marketing mix and the 4Ps of marketing are often used as synonyms for one another.

Detailed explanation-4: -Importance of Marketing Mix Helps understand what your product or service can offer to your customers. Helps plan a successful product offering. Helps with planning, developing and executing effective marketing strategies. Helps businesses make use of their strengths and avoid unnecessary costs.