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Characteristics of the New or Morden concept or product oriented concept of the marketing:
Main characteristics of this concept of marketing are as follows:
1. According to this concept, consumer is the key of the market and his needs and wants are the goals of the business activities.
2. Marketing is the entire process of understanding and satisfying the needs and wants of consumers.
3. Under this concept, first of all the needs and wants of consumers are discovered; then these needs and wants are converted into goals and services; then demand is created for these goals and services; then these and goals and the services are physically distributed from the producer to the consumer and after sale services are provided so that the needs of consumers may be satisfied in most effective manner.
4. This concept assumes that the object of earning the profit can be achieved only when the needs of the society are satisfied.
5. According to this concept, Marketing is the creation and delivery of standard or living to the society.
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