The ________ Is a Business Philosophy That Says the Customers

question 140

Multiple Choice

The ________ is a business philosophy that says the customers' want-satisfaction is the economic and social justification for a firm's existence.

• A) Six Sigma concept
• B) TQM concept
• C) scientific approach to business
• D) marketing concept
• E) sales heuristic

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Definitions:

Cooperative

A cooperative is a business or organization owned and operated by the members who use its services or products, with profits shared or reinvested for the benefit of members.

Market Advantage

A favorable position a company gains in the market, typically through superior products, marketing strategies, or cost efficiencies, which provides a competitive edge over rivals.

Limited Partnership

A business structure where one or more general partners manage the company and are liable for its debts, while the limited partners have limited liability and do not manage the company.

Management Responsibilities

The duties and tasks associated with directing and controlling an organization or one of its units, including planning, organizing, leading, and controlling.