Marketers First Identify Consumer Needs and Then Provide Products That

question 16

Multiple Choice

Marketers first identify consumer needs and then provide products that satisfy those needs.This practice is referred to as ________.

• A)the stakeholder orientation
• B)the marketing concept
• C)total quality management
• D)the production orientation
• E)the marketing mix

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Definitions:

Income Distribution

The way in which total income is shared among the population or different groups within society.

Substitute Factor

A factor or input that can be used in place of another to produce a good or service.

Factor Production

Refers to the inputs or resources used in the process of producing goods and services, including land, labor, capital, and entrepreneurship.

Labor Demand Curve

A graphical depiction of the relationship between the quantity of labor that employers wish to hire and the wage rate, assuming other factors are constant.