Theory question 101
Marketing Concept(a) Explain the following terms in marketing: (i) Needs; (ii) Wants; (b) State four functions of marketing in a company.
(c) Explain four concepts of marketing.
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(a)(i) Needs: basic human requirements for survival, such as food, clothing and shelter.
(ii) Wants: the particular forms of products people desire to satisfy their needs, shaped by culture and personality (e.g. jollof rice instead of 'food').
(b) Any four: marketing research; product planning and development; pricing; promotion; distribution; selling; buying; storage; financing; risk bearing.
(c) Any four, explained: production concept (cheap, widely available products; focus on efficient production); product concept (best quality and features); selling concept (aggressive selling and promotion); marketing concept (find and satisfy target customers' needs better than competitors); societal marketing concept (satisfy customers while protecting society's long-term welfare).
Give each point as a full sentence, with an example where possible.