Question

Type the correct answer in the box. Which marketing-related concept is described in the following scenario? The booming Industrial Revolution brought about an increase in the manufacturing of products. There was a strong emphasis on manufacturing a large number of products at the most reasonable cost. This marketing concept is called the _______ .

Answer 1

Answer: Production concept

Explanation:

Production concept is based on concentrating on the efficiency of the production and manufacturing. The basis of production concept is to make the goods available to the consumer at affordable prices. By producing in mass quantities the companies believed they can reduce the cost of production.

Also that supply can be increased when the cost of production is lower. Economies of scale can be achieved by the company when they reduce cost of production they can increase their profit earning capacity.