Which of the Following Best Describes the Marketing Concept

question 62

Multiple Choice

Which of the following best describes the marketing concept?

• A) It is primarily concerned with what the competition is doing.
• B) It satisfies customer wants and needs legally and responsibly.
• C) It only affects an organization's marketing department.
• D) It is concerned with the achievement of short-term goals.

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Definitions:

Price Elastic

Describes a situation where the demand for a product changes significantly in response to a change in the product's price.

Price Inelastic

A situation where the demand for a product does not change significantly in response to price changes.

Price Volatile

Characterizes a market or commodity whose price is subject to rapid, unexpected, and often large changes.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded for a given period.