A Market Consists of Potential Buyers of a Good or Service

question 47

Multiple Choice

A market consists of potential buyers of a good or service. However, for a market to exist

• A) the business requires wholesalers and retailers.
• B) one firm must dominate in sales and product development.
• C) people must have unsatisfied wants and needs as well as a willingness and ability to buy.
• D) the product must be laboratory tested and approved by the Food and Drug Administration (FDA).

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Definitions:

Customer Relationships

The ongoing interactions and engagements a company maintains with its customers to foster loyalty and satisfaction.

Data Collection Techniques

These are methods used to gather information from various sources, including surveys, interviews, observations, and existing databases.

Marketing Strategy

A company's plan for promoting and selling its products or services, including market research, advertising, and sales tactics.

Long Term

The long term refers to an extended period of time, often relating to strategic planning, investments, and outcomes that are expected to unfold or mature over several years.