Marketing Managers Use Marketing Research for All of the Following

question 11

Multiple Choice

Marketing managers use marketing research for all of the following EXCEPT ______.

• A) assess the ineffectiveness of marketing activities
• B) identify trends
• C) reduce risk and uncertainty
• D) inform marketing mix decisions

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Definitions:

Total Revenue Product

The total revenue generated by a factor of production, calculated by multiplying the marginal product of the factor by the market price of the output.

Marginal Revenue Product

The additional revenue generated from utilizing one more unit of an input, like labor or capital.

Substitution Effect

The shift in consumer behavior toward different products as a result of changes in their relative costs, prompting the replacement of one item with another.

Output Effect

The impact on the economy when production increases, leading to a higher real GDP and potentially affecting employment and price levels.