Briefly explain the term 'Marketing Oriented Stage.'

The marketing-oriented stage (1960–1980) emerged due to keen competition and growing consumer awareness. In this stage:

1. Producers realised that business policies and programmes should be built around the goal of customer satisfaction.
2. Management began to think of itself not as producing products but as providing value satisfaction to customers.
3. The aim of marketing was to know and understand the customer so well that the product or service fits him and sells itself.
4. The consumer was considered the 'king' and customer satisfaction became the principal reason for corporate existence.