Marketing concept refers to the principle that the consumer is sovereignSovereign has everything to do with power. It often describes a person who has supreme power or authority, such as a king or queen. More, that is that the satisfaction of the consumers wants is to be emphasized at all stages of production and distribution. Goods and services have no value in themselves. It is only when they are desirable to customers that they have value.
The four components of marketing concept are;
1. Recognizing customer needs, tastes and expectations.
2. Developing a product or service to satisfy the needs, tastes and expectations of the customers.
3. Selecting the target market for the product.
4. Determining the method of marketing the product at a profit for the business.
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