MANAGEMENT

Detailed explanation-1: -What is the advantage to a business of having its employees generate product ideas as a group? More participants provide a variety of perspectives. It is easier to develop and implement a product concept. Group members tend to reach consensus quickly.

Detailed explanation-2: -Profitability is a measure of an organization’s profit relative to its expenses. Organizations that are more efficient will realize more profit as a percentage of its expenses than a less-efficient organization, which must spend more to generate the same profit.

Detailed explanation-3: -Production Concept-focuses on the internal potentials of the company and not based on the desires and needs of the market. 2. Sales Concept-refers to the idea that people buy more goods and services through personal selling and advertising done aggressively to push them into the market.

Detailed explanation-4: -Marketing is the process of getting the right goods or services or ideas to the right people at the right place, time, and price, using the right promotion techniques and utilizing the appropriate people to provide the customer service associated with those goods, services, or ideas.