Which of the Following Action Elements Is Required for Successful

question 7

Multiple Choice

Which of the following action elements is required for successful Marketing (Big M) ?

• A) Aligning all internal organizational processes and systems around the product
• B) Ensuring that everyone in an organization understands the concept of customer orientation
• C) Find somebody at the lower level of the firm to consistently champion this Marketing (Big M) business philosophy
• D) Remembering the fact that the marketing department is where Marketing (Big M) takes place
• E) Creating market-driven, not market-driving, strategies

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Definitions:

Equilibrium Price

The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers, leading to a balance in the market.

Demand Schedule

A chart indicating the amount of a product or service buyers are prepared and capable of buying at different price levels.

Shortage/Surplus

A state in the marketplace where the demand for a good surpasses its supply, causing a shortage, or where the supply of a product outpaces its demand, resulting in a surplus.

Demand Schedule

A chart detailing the amount of a product that buyers are ready and capable of buying at different price levels.