The Key Assumption Underlying the Marketing Concept Is That ________

question 122

Multiple Choice

The key assumption underlying the marketing concept is that ________.

• A) if manufacturers make a product, consumers will buy it
• B) a company must determine the needs and wants of specific target markets and satisfy consumers' needs better than the competition
• C) the primary focus of a business should be producing as much as it can, in the cheapest way possible
• D) consumers are most interested in obtaining generic products at low prices
• E) consumers are unlikely to buy a product unless they are aggressively persuaded to do so

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service versus what they actually pay.

Federal Trade Commission

The Federal Trade Commission is a United States federal agency established to protect consumers and promote competition by preventing anticompetitive, deceptive, and unfair business practices.

Sherman Antitrust Act

A landmark federal statute passed in 1890 in the United States, which prohibits monopolistic business practices and aims to promote competition.

Sherman Act

A foundational antitrust law in the United States that prohibits monopolistic practices and promotes competition, enacted in 1890.