In your own words define and explain ""marketing concept"" and the ""4P's."" Provide an example of a company that uses one or both approaches.

Answer and Explanation:

Market is at the center of any business thus efficient market is the determinant for the success of a business.

Marketing concept can be regarded as the system of interaction of business activities that are designed in order to plan, promote and cater to the wants and needs satisfying goods and services to the target consumers at the place and price of their convenience to fulfill the organizational goals.

Customer satisfaction is of utmost importance and the key for the business to prosper and be successful in a market.

The four P's are listed below:

1. Product:

The goods and services a company provides the consumers with are in wide range, varying quality, different designs, various features, packaging, brand name, etc in a market.

2. Price:

Different company follow different pricing policies.

It is the money for the goods or services a customer avails from a company. It includes price list, credit allowance, discounts, etc

3. Promotion:

It involves the communication of the features of goods and services of the company that attracts the consumers to purchase them.

It involves advertisement, public relations, promotion of sales, etc.

4. Place:

It involves those activities that involves the distribution of the company's produce to the end user more conveniently.

It includes Channels, inventory, logistics, transport, etc.