Product-Oriented Firms

question 24

Multiple Choice

Product-oriented firms:

• A)are primarily concerned with the marketing concept
• B)are likely to be internally focused
• C)have broad product lines
• D)consider credit a customer service

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Definitions:

Bill of Exchange

A written, unconditional order by one party directing another party to pay a specified sum of money to a third party on demand or at a set date.

Call for Tenders

A formal invitation to suppliers to bid on supplying goods or services under specified conditions.

Prospective Bidders

Prospective bidders are individuals or entities that may be interested in submitting a bid or offer to acquire goods, services, or assets that are being offered.

Guarantor

A person or entity that agrees to be responsible for another's debt or obligations if the latter fails to fulfill them.