MANAGEMENT

Detailed explanation-1: -This assumes that in the long run an organisation can achieve its objective of maximisation of profit by identifying the needs of its present and prospective buyers and satisfying them in an effective way.

Detailed explanation-2: -The product concept emphasizes the fact that product improvement is the key to profit maximization for a firm as with the increase in the supply of the products, customers look for products that are superior in quality, performance, and features.

Detailed explanation-3: -In fact, being customer centric–putting the customer’s perspectives and needs at the heart of everything you do–might not be possible 100% of the time. It might not even make sense to always listen to your customers and act on their every whim and fancy. Sometimes the business knows better.

Detailed explanation-4: -The Production Concept. This concept is the oldest of the concepts in business. It holds that consumers will prefer products that are widely available and inexpensive.

Detailed explanation-5: -Marketing concept is a set of strategies that the firms adopt where they analyse the needs of their customers and implement strategies to fulfil those needs which will result in an increase in sales, profit maximisation and also beat the existing competition.