New FLASH SALE Dhamaka - Flat 60% Off on All Courses

    Question

    _____________ marketing concept focuses on delivering

    customer satisfaction along with improving the consumer's and the society's well-being.
    A Production Concept Correct Answer Incorrect Answer
    B Product Concept Correct Answer Incorrect Answer
    C Selling Concept Correct Answer Incorrect Answer
    D Marketing Concept Correct Answer Incorrect Answer
    E Societal Marketing Concept Correct Answer Incorrect Answer

    Solution

    The Production Concept  holds that consumers will favour products that are available and highly affordable, and that management should therefore focus on improving production and distribution efficiency. Revolves around economies of scale Useful when: Demand > Supply Product Concept holds that consumers will favour products that offer the most quality, performance and innovative features, and that an organization should thus devote energy to making continuous product improvements. The Selling Concept  holds that consumers will not buy enough of the organization's products unless it undertakes a large-scale selling and promotion effort.  The Marketing Concept  holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do. The Societal Marketing Concept  holds that the organization should determine the needs, wants and interests of target markets. It should then deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer's and the society's well-being.   

    Practice Next