Purely cost-oriented approaches to pricing violate the marketing concept,so modifications that add demand analysis to the pricing decision are required.

Question

Quizplus · Accepted Answer

The marketing concept is centered around satisfying customer needs and wants, which cannot be achieved through purely cost-oriented pricing. Demand analysis allows companies to gauge consumer behavior and adjust pricing accordingly to maximize profitability while also meeting customer needs. Therefore, modifications that incorporate demand analysis are necessary to adhere to the marketing concept.

Purely Cost-Oriented Approaches to Pricing Violate the Marketing Concept,so Modifications