MANAGEMENT

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: -The marketing concept is the idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business.

Detailed explanation-3: -The marketing concept involves identifying consumer needs and wants and then producing products (which can be goods, services, or ideas) that will satisfy them while making a profit.

Detailed explanation-4: -The importance of marketing for your business is that it makes the customers aware of your products or services, engages them, and helps them make the buying decision. Furthermore, a marketing plan, a part of your business plan helps in creating and maintaining demand, relevance, reputation, competition, etc.

Detailed explanation-5: -Listening to your customer’s needs helps to: Create products or services that appeal to the customer, whilst meeting their expectations; Optimise customer service relations, because understanding your customer’s needs will help you better identify how to resolve their problems; Anticipate future customer needs.