Nations Bank has engaged in extensive marketing research to learn more about its customers - especially those in the 18 to 30 age group. The research identified that these consumers do not enjoy visiting a bank branch location and prefer to manage their banking via their smart phone, tablet, or computer. The bank has invested in sophisticated applications that enable consumers to deposit checks, check their balances, pay bills, and transfer funds. Nations Bank believes this investment in research to understand consumer needs enables them to develop the right array of services that will lead to improved market success and overall performance. This is an example of a(n):

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This is an example of a marketing concept, which emphasizes understanding and meeting the needs and wants of customers. Nations Bank's actions of conducting research to understand the preferences of a specific customer segment and then developing services that cater to those preferences align with the principles of the marketing concept.

Nations Bank Has Engaged in Extensive Marketing Research to Learn