Question

Short Answer Question.
Explain briefly the pillars of marketing concept.

Answer 1

The marketing concept is based on the following pillars:

(i) Identification of market or customer who are chosen as the target of marketing effort.

ii) Understanding needs and wants of customers in the target market.

(iii) Development of products or services for satisfying needs of the target market.

(iv) Satisfying needs of target market better than the competitors.

(v) Doing all this at a profit.