Asked by Peter Kervin on May 11, 2024
Verified
The marketing concept is also referred to as the four Ps of marketing.
Marketing Concept
A business philosophy suggesting that company success lies in understanding and meeting the needs of its consumers.
Four Ps
Stands for Product, Price, Place, and Promotion, which are considered the core elements of the marketing mix used to market a product or service effectively.
Marketing
The endeavors, structures, and methods focused on producing, sharing, providing, and trading products and services that are valuable to consumers, associates, and the broader public.
- Acquire knowledge on the definition and components involved in marketing.
- Ascertain the constituents of the marketing mix and their duties.
Verified Answer
JP
Jenny PadillaMay 16, 2024
Final Answer :
False
Explanation :
The marketing concept is a business philosophy that focuses on identifying and meeting the needs and wants of customers, while the four Ps of marketing (Product, Price, Place, Promotion) are components of the marketing mix, a framework for implementing marketing strategies.
Learning Objectives
- Acquire knowledge on the definition and components involved in marketing.
- Ascertain the constituents of the marketing mix and their duties.