Question

According to the marketing concept, while customer satisfaction is the main goal, it is also important for a business to achieve its own objectives. Which of the following is one way a business can achieve its own objectives?

a) Develop innovative goods, services, or ideas.
b) Develop what competitors are manufacturing.
c) Work on its promotion strategy.
d) Find out what consumers desire.

Answer 1

A business can achieve its own objectives by developing innovative goods, services, or ideas that provide a competitive advantage and result in above-normal profits. This strategy, as advocated by Samsung's CEO, emphasizes innovation as the key principle for business success.

Step-by-step explanation:

One way a business can achieve its own objectives, according to the marketing concept, is to develop innovative goods, services, or ideas. Innovation is a critical driver in gaining a competitive advantage and can lead to higher profits by either reducing the cost of production or by offering products with unique features that meet consumer desires.

For instance, as Gregory Lee, CEO of Samsung, emphasized, the "Relentless pursuit of new innovation is the key principle of our business", which allows consumers to explore new technological possibilities. Innovating gives a company a temporary edge, which can translate into above-normal profits before competitors catch up. In addition to producing innovative goods, differentiation strategies including promises like satisfaction guarantees, a reputation for high quality, and unique services can also help businesses achieve their objectives.