What concept states that a business must satisfy customer needs and wants in order to make a profit?

The concept that a business must satisfy customer needs and wants in order to make a profit is known as the Marketing Concept. This principle emphasizes that understanding and addressing the desires of customers is essential for a business's success and sustainability. By focusing on the needs and wants of customers, businesses can develop products and services that are more likely to be successful in the marketplace, ultimately leading to customer satisfaction and, consequently, profit.

This approach encourages businesses to conduct thorough market research and engage in open communication with their target audience to gain insights into what customers value. By aligning their operations with these insights, businesses can create a competitive advantage, as they are more likely to meet or exceed customer expectations.

In contrast, concepts such as market share, product strategy, and sales approach do not center on customer satisfaction to the same degree. Market share focuses on a company's portion of the market relative to competitors, product strategy refers to the planning and development of products without necessarily considering customer desires, and the sales approach tends to prioritize selling existing products over understanding and adapting to customer needs. The Marketing Concept, therefore, stands out as the key principle that links customer satisfaction directly to profitability.