MANAGEMENT

Detailed explanation-1: -The value of money or its equivalent placed on a good or service. This is any form of communication a business or organization uses to inform, persuade, or remind customers about its products or services. This means satisfying customers needs and wants while making a profit. It is a company-wide consumer orientation.

Detailed explanation-2: -Customer orientation is a business approach that puts the needs of the customer over the needs of the business. Customer-oriented companies understand that the business won’t thrive unless it consistently improves customer focus. It’s a way of thinking that aligns your business goals with your customers’ goals.

Detailed explanation-3: -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.

Detailed explanation-4: -The Societal Marketing Concept. This concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors (this is the original Marketing Concept).

Detailed explanation-5: -It is a series of activities fashion businesses undertake so that customers will buy products from them instead of their competitors. What is Marketing Concept? The idea that businesses must satisfy customers’ needs and wants in order to make a profit.