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Business Studies

Importance of Consumer Protection for Consumers

Raman, Jogind...

Question

Raman, Joginder, Joins, lqbal and Shreya are friends. They are operating different business. Each one has his/her own concept regarding operating their business.
Raman believes in producing products at a large scale. Thereby decreasing the average cost of the products and selling it at a reasonable price.
Joginder focuses on providing best quality products because he believes that a customer always wishes to buy a good quality product The price of the product is secondary, John is of the belief that most important aspect of business is sales and so he undertakes aggressive selling and promotional effort.
Iqbal believes that his firm can achieve its goals only by identifying the needs of the customer and satisfying them better than the competitors.
Shreya on the other hand feels that her firm has a responsibility towards the society as well. So she provides customer satisfaction along with using techniques which are environmental friendly.
(i) What are the marketing concepts followed by each of them?
(ii) Raman's concept is successful for him because he is into manufacturing and selling iodised salt under the brand 'Healthy salt, this product has a ready market and vast consumer base, also the products is standardised so he can focus on production at a large to cut down the cost per unit. Write any business which can be successfully run by the others using their concepts.
(Joginder - John - Iqbal - Shreya)

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Solution

(i) Raman - Production, Joginder - Product Concept, John - Selling Concept
(ii) lqbal - Marketing, Shreya - Societal Concept

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