Explanation

(a) Explanation of marketing terms:

(1) Needs are basic requirements for human existence and survival.

(ii) Wants: wants are desires for a product or service that consumers wish to satisfy:

(b) Functions of marketing in a company:

i. Marketing helps in identifying consumer needs and wants (market research)

ii. It assists in promoting a company's product at the market outlet (merchandising)

iii. It helps in estimating the demand for a firm's products (market forecast)

iv. It assists in setting prices for a fin's product, using an effective pricing strategy.

v. It generates revenue for the firm through the sales of the company's products

vi. It helps in making goods available to the target markets by choosing an effective distribution channel for the company's products

 vii. It recruits and trains the salesforce for sales promotion and personal selling activities

viii. It segments the market to meet the needs of different customers.

(c) Concepts of marketing:

i. Production concept: This orientation believes that consumers prefer products that are cheap and available. The concern of companies adopting this concept is to achieve economies of scale through effective and efficient production/distribution.

ii. Product concept: This philosophy proposes that consumers prefer products offering the most quality performance or innovative features. The concern of companies adopting this concept is to ensure high quality of its products, even if it is sold at high prices;

Selling concept: this orientation assumes that consumers and businesses, if left alone would not buy enough of a fin's products except they are coerced to do so through aggressive sales and promotional efforts;

iv. Marketing concepts: This concept holds that the key to achieving organizational goals consists of determining the needs and wants of the target market and delivering the desired expectation more efficiently than competitors;

v. Societal marketing concept: This philosophy emphasizes the satisfaction of consumers and society's long-term interest when a company makes marketing decisions. 

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