Question

State any two features of modern concept of marketing.

Hint:

Modern marketing = Customer-centric + Long-term relationship building.

Answer 1

Step 1: Meaning of modern marketing concept.
The modern concept of marketing is consumer-oriented. It believes that the main purpose of business is to satisfy the needs and wants of customers rather than only focusing on selling goods.
Step 2: Two features.
1. Customer satisfaction:
The modern marketing philosophy states that business must identify the needs of consumers and produce goods and services to satisfy them.
Example: Companies like Amazon and Flipkart use consumer feedback to improve services.
2. Integrated approach:
Marketing is not the sole responsibility of the sales department, but all departments like production, finance, and R and D should work together to satisfy consumers.
Step 3: Conclusion.
Thus, modern marketing is need-oriented, long-term, and aims at building customer relationships along with profits.