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Identify and explain the marketing management philosophy which implies that products and services are bought not merely because of their quality or brand name, but because they satisfy a specific need of a customer.

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Marketing concept:

(i) It assumes that in the long run, an organisation can achieve its objective of maximization of profit by identifying the needs of the present and prospective buyers and satisfying them in an effective way.

(ii) Customer satisfaction is the focus point of all decision making in the organisation.

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