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The term marketing refers to_____.

  • The term marketing refers to a philosophy that stresses customer value and satisfaction.
  • The marketing concept is a customer-focused approach to business that emphasizes the importance of understanding and meeting the needs and wants of customers.
  • It is based on the idea that the success of a business depends on creating and delivering products or services that meet the needs of its target market.
  • The marketing concept holds that businesses should focus on creating value for customers, and that customer satisfaction is the key to success.
  • This philosophy differs from the production- or sales-oriented approaches, which focus on producing or selling as much of a product or service as possible, regardless of customer needs or satisfaction.