The Marketing Concept Changed the Focus from Finding the Right

question 45

Multiple Choice

The marketing concept changed the focus from finding the right customer for a product to producing the right product for a customer and doing it better than the competition by specifically focusing on all of the following EXCEPT ________.

• A)realizing a profit by satisfying customers over the long term
• B)creating one product designed to meet the needs of all customers
• C)aligning all functions of the organization to meet or exceed customer needs
• D)identifying customer needs before the product is designed and produced

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Definitions:

Concentration Ratio

A measure of the total market share held by a specific number of the largest firms within an industry, indicating the degree of market concentration.

Total Sales

The total revenue generated from the sale of products or services.

Monopolistically Competitive

Pertains to a market structure where numerous firms sell products or services that are similar but slightly differentiated, leading to non-price competition.

Herfindahl Index

A measure of market concentration that squares the market share of each firm in the industry, often used to indicate monopolistic or competitive tendencies.