The Business Philosophy That Advocates Determining What Consumers Want and Need,and

question 29

Multiple Choice

The business philosophy that advocates determining what consumers want and need,and then designing products to satisfy those needs,is known as _____.

• A)consumer orientation
• B)self-sufficiency
• C)work ethics
• D)production enhancement

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Definitions:

Monitoring

Monitoring refers to the regular observation and recording of activities taking place in a project or system over time, often for the purpose of ensuring compliance with standards or the progress towards objectives.

Needs And Wants

Basic requirements for survival (needs) contrasted with desires that can be fulfilled through purchasing goods and services (wants).

Managerial Accounting

Managerial accounting involves the processes of identifying, analyzing, recording, and presenting financial information that can be used internally by managers for planning, decision-making, and operational control.

Financial Accounting

The field of accounting focused on the summary, analysis, and reporting of financial transactions relating to a business, following standardized guidelines.