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Question
"Today's Market Concept is known as Consumer Oriented Concept". Give a reason either for or against this statement.
Solution
Today's market concept prioritizes understanding and meeting consumer needs and preferences. Businesses focus on delivering value to customers through personalized products, services, and experiences. Companies invest in market research to gather insights into consumer behaviour and preferences, allowing them to tailor their offerings accordingly. Emphasizing customer satisfaction and building long-term relationships helps businesses retain customers and gain a competitive advantage. Modern marketing strategies aim to create and communicate value effectively, ensuring products and services align with consumer expectations.
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