Business Idea
Jaya, Pooja and Manvi are school friends running their own successful businesses separately. They regularly meet and discuss their business ideas and exchange notes on production, customer satisfaction, product designing, product pricing, marketing efforts, selling techniques and social concerns etc. In one of such meetings, Jaya drew the attention of Pooja and Manvi towards exploitation of consumers. She said that most of the sellers were exploiting the consumers in various ways and were not paying attention to the social, ethical and ecological aspects of marketing, whereas she understood the importance of these factors and was trying to implement so. Pooja said that they were under pressure to satisfy the customer but stated that the customers would not buy, or not buy enough unless they are adequately convinced and motivated to do so. Manvi emphasized on the importance of keeping consumer's needs in mind and said that it was their duty to keep the customer satisfied and to take decisions from the point of view of consumers. She believes that someone who fails to identify customer preferences fails to satisfy the customer, cannot run their business with success in the long run.
Identify which of the following philosophy is advocated by Manvi for her business?
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → Marketing concept
Option (1) Selling concept — Incorrect. The selling concept pushes existing products through aggressive selling. That is Pooja’s view, not Manvi’s.
Option (2) Societal Marketing concept — Incorrect. This concept adds the long-term welfare of society to customer satisfaction. That is Jaya’s concern with the social, ethical and ecological side of marketing.
Option (3) Production concept — Incorrect. The production concept is about producing in large quantity at low cost. None of the three friends follows it.
Option (4) Marketing concept — Correct. Manvi keeps the consumer’s needs in mind and takes decisions from the consumer’s point of view. The marketing concept holds that a firm succeeds by finding out what customers need and satisfying them better than its competitors. Profit comes through customer satisfaction.
NCERT (2026-27 Edition): “The Marketing Concept 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. In other words, customer’s satisfaction become the focal point of all decision making in the organisation. …” |