A Market Orientation Towards Consumers and Competitors Requires

question 94

Multiple Choice

A market orientation towards consumers and competitors requires:

• A)a firm to engage in industrial espionage.
• B)involvement of managers and employees throughout the firm.
• C)the development of multiple target markets and marketing mixes.
• D)considerable corporate downsizing.

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Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource or input.

Total Revenue Product

The overall income generated by a firm from selling its output, factoring in the quantity of output sold and the price per unit.

Marginal Physical Product

The additional output that results from using one more unit of a factor of production, keeping other factors constant.

Marginal Revenue Product

Marginal Revenue Product measures the increase in revenue realized from employing one additional unit of input, such as labor or capital, holding all other inputs constant.