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) Doing all this at a loss.

Choose the correct answer from the options given below.

ABCD

The correct answer is option 2- ABCD.

E) Doing all this at a loss.- This is wrong as all activities are done to earn profit.

Marketing orientation implies that focus on satisfaction of customer’s needs is the key to the success of any organisation in the market. It assumes that in the long run an organisation can achieve its objective of maximisation of profit by identifying the needs of its present and prospective buyers and satisfying them in an effective way. All the decisions in a firm are taken from the point of view of the customers. 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.

Thus, the focus of the marketing concept is on customer needs and the customer satisfaction becomes the means to achieving the firms’ objective of maximising profit. The purpose of marketing is to generate customer value at a profit.