The marketing concept is based on which of the following pillars?
A) Identification of market or customer who are chosen as the target of marketing effort.
B) Understanding needs and wants of customers in the target market.
C) Development of products or services for satisfying needs of the target market.
D) Satisfying needs of target market better than the competitors.
E) Bringing continuous improvement in the quality and features of products.
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → A, B, C and D only
(A) Identification of market or customer who are chosen as the target of marketing effort. — Correct. The firm first chooses its target market.
(B) Understanding needs and wants of customers in the target market. — Correct. It then learns what those customers need and want.
(C) Development of products or services for satisfying needs of the target market. — Correct. It makes products or services that meet those needs.
(D) Satisfying needs of target market better than the competitors. — Correct. It tries to satisfy the needs better than its competitors.
(E) Bringing continuous improvement in the quality and features of products. — Incorrect. Continuous improvement in quality and features is the focus of the product concept. The fifth pillar of the marketing concept is doing all this at a profit.
NCERT (2026-27 Edition): “The Marketing Concept … To sum up, the marketing concept is based on the following pillars: |