Importance of the new or morden concept of the marketing, Marketing Management

Assignment Help:

Importance of the New or Morden concept of the marketing:

The importance of the New or Morden concept of marketing may be described as under:

1.      Helpful in product development: New or Morden concept of marketing is very helpful in the discovery and development of new products because this concept is based on intensive research regarding needs, wants and behaviour of consumers. Based on such research, the business man always tries for new and developed products so that he may produce and increase the demand for his product. Thus, this concept results in the development of products.

2.      More social satisfaction: the New or Morden concept of the marketing stresses upon the satisfaction of needs and wants of the consumers. It starts with the discovery of consumer needs and every activity of a business and in the industrial enterprises clusters around these needs. Under this concept, the goods of standard quality are provided to the consumers at reasonable prices, at the time and place most suitable to the consumers, through channels of distribution most convenient to the consumers and the best possible after sale services are provided. Thus, this concept provides for greater social satisfaction. In fact, it creates and delivers the standard of living to the society.

3.      Importance towards national economy:  modern concept of marketing is important not only from the consumer's and producer's point of view but also from the point of view of the country as a whole. This concept provides more employment, makers' maximum to the resources of the country. Restricts the wastage to the minimum and up gears, the industrial production. It provides more and new goods and services to the society and increases the standard of the living. Thus this concept of marketing is very helpful in the overall growth and in the development of the country.


Related Discussions:- Importance of the new or morden concept of the marketing

What are focus and drawback of production concept, What are focus and drawb...

What are focus and drawback of production concept? Production Concept: Focus: The focus of the firms subsequent the production concept is on lowering the cost of product

Develop a quality management plan, XYZ Limited, finalist for the European Q...

XYZ Limited, finalist for the European Quality Award (EQA), has doubled its share of the quality carpet sector in recent years and now holds over 10 per cent of the world market fo

Challenges facing a customer centric organization, The world is changing dr...

The world is changing dramatically with the internet becoming increasingly the panacea for all things that touch the customer and the customer-facing processes. However an enterpr

Various approaches for selecting target markets, What are the various appro...

What are the various approaches for selecting target markets? Once a firm understand its markets and the suitable bases for segmenting such markets, this should choose an appro

Sales and Marketing, Demonstrate your understanding of the principles of ma...

Demonstrate your understanding of the principles of marketing by illustrating the motivation behind energy drink consumers.

Measure the return on investment of an advertising campaign, Question 1: ...

Question 1: What role does copy play in a campaign? Why copy has to be written with great knowledge and skill. All relevant points needs to be addressed from Unit 6 compl

International marketing, Define international marketing and furnish its fea...

Define international marketing and furnish its features

Market analysis, Milk consumption per day 1)250ml 2)500ml 3)1 litr 4)More ...

Milk consumption per day 1)250ml 2)500ml 3)1 litr 4)More than 1 litr

Importance of media planning, Importance of media planning One signific...

Importance of media planning One significant role of the marketing manager is media planning. The media events of a business shouldn't be made 'on the spur of the moment.' Rath

Describe about advertising, Q. Describe about advertising? Meaning :-...

Q. Describe about advertising? Meaning :- It is derived as of the Latin word 'adverto' OR we can utter turn the customer towards the products. Definition: - As-per

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd