Explanation

a.

(I) Product concept: This is an orientation that assumes that the customer will favour products that are of high quality. Thus, companies concern themselves with quality, performance and innovative product features

(ii) Selling concept: The selling concept is based on the assumption that even when products are of high quality, available and affordable, consumers would still not buy unless they are persuaded to buy. thus, companies engage in promotional efforts to break consumers' resistance.

(iii) Production Concept: this concept assumes that consumers would buy products that are available and at lower prices, thus companies Concern themselves with mass production.

(iv) Societal marketing Concept: It is the concept that assumes that when a company is making marketing decisions, she would put into consideration the societal long term interest.

b.

i. Calculation of markup
markup = Selling price - Cost
= 6,000 - 4,000
= 2000

ii. Calculation of percentage markup on cost
Percentage markup on cost = \(\frac {Markup} {Cost} \times \frac{100}{1}\) 
= \(\frac{2,000}{4,000} \times \frac{100}{1}\)

= 50%

iii. Calculation of percentage markup on selling price
Percentage markup on selling price = \(\frac {Markup} {Selling Price} \times \frac{100}{1}\) 
= \(\frac{2,000}{6,000} \times \frac{100}{1}\)

= 33.33%

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