The Marketing Concept Focuses on Building Products That Provide Value to Customers

question 109

Short Answer

The marketing concept
focuses on building products that provide value to customers.
excludes input from the human resources department.
means building a competitive advantage through product differentiation.
means that the whole firm is coordinated to achieve one goal: to serve customers at a profit.
does not include the finance department.

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Definitions:

Nucor's Profit-Sharing Program

A compensation scheme implemented by the steel company Nucor, designed to share a portion of profits with employees, thereby aligning their interests with the success of the company.

Steel Produced

The quantity of steel that has been manufactured and processed from raw materials.

Skill-Based Pay Programs

Compensation systems that pay employees based on their skills, expertise, and the variety of tasks they can perform, rather than their job title or position.

Job-Related Skills

Specific skills and capabilities that enhance an individual’s performance in their current or future employment roles.