Question
A bank designs a savings account after studying the needs of salaried professionals for easy digital access and zero minimum balance. This reflects which concept?
Solution
The marketing concept focuses on identifying customer needs first and then designing products accordingly. In this scenario, the bank studied salaried professionals’ requirements and designed the account accordingly — which is classic customer-oriented marketing. Why Other Options Are Incorrect • A. Production concept: Focuses on efficiency and mass production, not customer needs. • B. Product concept: Focuses on improving product features assuming customers value quality automatically. • C. Selling concept: Focuses on aggressive promotion, not customer need analysis. • E. Societal marketing concept: Includes societal welfare along with customer satisfaction, which is not mentioned here. Banking Example: Many banks launched zero-balance salary accounts after studying urban workforce preferences.
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