Marketing — Business Studies STD 12 Commerce — Question

The marketing concept implies that the firm can achieve its goals by identifying the needs of customers in a chosen market and satisfying them better than the competitors. This essentially involves that the firm must develop products and services that customers require, and not what it can make. Customer satisfaction is the precondition for realising the firm's goals or objectives. A pre-requisite for the success of an organisation is to understand the customer needs and develop product or services for satisfying them better than the competitors. Through the means of integrated marketing, the goal of profit maximisation through customer satisfication is achieved.