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Question
In which stage of marketing is the consumer considered the king? Explain this stage briefly.
Solution 1
The consumer is considered the king in the marketing-oriented stage.
- In the marketing-oriented stage, the business philosophy shifts to a customer-centric approach, emphasizing the importance of understanding and satisfying customer needs and preferences. Companies conduct extensive market research to gather insights into consumer behaviour and tailor their products and services accordingly.
- The goal is to deliver superior value and achieve high customer satisfaction, fostering long-term loyalty and repeat business. This stage acknowledges that a business's success hinges on its ability to meet the evolving demands of its consumers, making the consumer "king."
Solution 2
The consumer is considered the king in the marketing-oriented stage (1960 - 1980).
- At this stage, the producers realized that business policies and programmes should be based on customer satisfaction.
- In this stage, marketing aims to know the customer so well that the product or service fits him or her and thus sells itself.
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