Question

Item 28Item 28According to the _________ concept, a firm must (1) find out what customers want and provide it, (2) make sure everyone in the organization has customer satisfaction as an objective, and (3) provide goods and services that will earn a profit.

Answer 1

Answer:

Marketing concept.

Explanation:

The marketing concept can be defined as a concept which suggests a firm to examine the needs of customers, satisfy their needs, and work to earn profit. The concept of marketing emerged after the World War 2 when customers had a choice to buy a certain product that meet their changing needs.

There are five types of marketing concepts.

1. The Production Concept
2. The Product Concept
3. The Selling Concept
4. The Marketing Concept
5. The Societal Marketing Concept

So, the correct answer is that it is the marketing concept that performs the stated functions.