Mgt301 Assignment Sol

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Sol :

The Marketing Management concept philosophy best suits EFU life insurance to win more customers because the marketing concept holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do. The marketing and selling concepts are often confused. The primary differences are:

• The Marketing Concept is suitable for almost any type of product and market.

• Companies that are following the marketing concept require baring less risk and uncertainty.

• Instead of making an assumption, the marketing concept finds out what really the consumer requires and acts accordingly to them.

• When customers do not know what they want, marketers can try customer driving marketing understanding customer needs even better than customers themselves do, and Creating products and services that will meet existing and latent needs now and in the future.

• Customer-driven companies research current customers to learn about their desires, gather new product and service ideas, and test proposed product improvements.

• Marketing concept works on facts gathered by its “market and customer first” approach.