According to the Marketing Concept

question 280

Short Answer

According to the marketing concept,
the firm must coordinate its marketing and non-marketing activities.
customer satisfaction is the firm's only objective.
maximum short-run profit is the firm's only objective.
the marketing department should function independently of the rest of the firm.
the finance area becomes critically important because ways must be found to pay for all the marketing research activity that is necessary.

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Definitions:

Inflation

A measure of the rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.

Consumer Goods

Physical products purchased by consumers for personal or household use.

Technology

The application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machines, techniques, and software.

Productivity

Productivity measures the efficiency of production, often quantified as the ratio of output produced to the input used in the production process.