The Marketing Concept

Front

What does it mean for a company to be product-oriented?

Back

It means the company develops a product and tries to sell it at a price that covers production costs and makes a profit.

Front

Why didn't companies spend much on marketing in the past?

Back

Because there wasn't much competition.

Front

What is the current business environment like?

Back

It is highly competitive with many similar products available.

Front

What must a producer do to be successful today?

Back

They must develop a product that meets consumers' needs and wants better than other products.

Front

What does the term 'market' refer to?

Back

It refers to the group of consumers interested in a product, who can afford to buy it and are allowed to purchase it.

Front

What is the focus of most companies today?

Back

Most companies are market-oriented.

Front

What do companies study to understand their customers?

Back

They study the market to find out consumers' preferences and the prices they are willing to pay.

Front

What is a target market?

Back

It is a specific group of consumers that a company hopes to sell to.

Front

What is the marketing concept?

Back

It is the idea that companies must meet the needs of their customers to be successful.

Front

Who becomes the centre of all the activities in a market-oriented organisation?

Back

The potential customer.