Read the following case study and answer question.

Ranvijay is an entrepreneur who has set up his enterprise with the manufacturing of an innovative product i.e. GPRS glasses with Al feature which is going to help the blind people in navigation and identifying places and people in front through voice. He has given a unique name to his product "Elinir". For all the usage instructions to reach to the consumer, he got them printed over the packaging which is made up of biodegradable material. He wants to get it advertised by some celebrity but fears that the cost of product may increase with the involvement of celebrity and will make it unaffordable. He is also planning to open his own outlets and his own website in order to sell the product.

Identify the marketing management philosophy adopted by Ranvijay :

Societal Marketing concept

The correct answer is option (4) : Societal Marketing concept

1. Production concept

This concept is based on the idea that consumers will prefer products that are widely available and affordable. Therefore, the focus of business activities is on production of goods at large scale, thereby reducing the average cost of production. The production concept assumes that consumers will favour those products which are widely available at an affordable price.

2. Selling concept:

 This concept is based on the idea that consumers will not buy enough of a product unless it is aggressively promoted and sold. Therefore, the focus of business activities is on selling techniques and promoting the product to generate sales. The selling concept assumes that consumers are unlikely to buy a product unless they are persuaded to do so through advertising and other promotional activities.

3. Marketing concept :

This concept is based on the idea that the key to achieving organizational objectives is to understand the needs and wants of target customers and to deliver the desired satisfaction better than competitors. Therefore, the focus of business activities is on understanding the needs and wants of customers in the target market, developing products or services for satisfying those needs, and satisfying those needs better than the competitors. The marketing concept assumes that customer satisfaction is the means to achieving the firm's objective of maximizing profit.

4. Societal marketing concept :

This concept is based on the idea that a company's marketing activities should not only satisfy customer needs and wants but also enhance the well-being of society. Therefore, the focus of business activities is on developing products or services that satisfy customer needs and wants while also taking into account the long-term interests of society. The societal marketing concept assumes that a company's marketing activities should be guided by ethical and social considerations in addition to economic considerations.