Question

The marketing concept refers to

a. the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.
b. the belief that an organization should continuously collect information about customers' needs, share this information across departments, and use it to create customer value.
c. the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.
d. the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.
d. the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals

Answer 1

The marketing concept emphasizes satisfying customer needs and exceeding competition by understanding buyers and developing positive long-term perceptions of a firm's offerings. Technological and global shifts have intensified competition, requiring more strategic marketing and advertising that affects demand elasticity or volume.

Step-by-step explanation:

The marketing concept refers to the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition. Today's marketing concept focuses on the process of identifying prospective buyers, thoroughly understanding them, and developing favorable long-term perceptions of the organization and its offerings.

This way, buyers will choose them over competitors in the marketplace. The rise of technology and globalization has increased competition and changed market dynamics, emphasizing the need for effective marketing strategies. Additionally, advertising in monopolistic competition can either make a firm's perceived demand curve more inelastic or cause an increase in demand for the firm's product by shifting the demand curve to the right. Either outcome can allow the firm to sell more or at higher prices, thus improving profits.