The Commonly Used Market Knowledge Systems on Which Companies Rely

question 73

True/False

The commonly used market knowledge systems on which companies rely to keep pace with daily developments include internal records regarding marketing performance,marketing databases,competitive intelligence systems,and systems to organize client contact.

---

Definitions:

Total Fixed Costs

The overall sum of all costs that do not change with the level of output, such as rent, salaries, and insurance.

Total Costs

The aggregate expense incurred in the production and delivery of goods or services, combining direct, indirect, fixed, and variable costs.

Total Variable Costs

This represents the sum of all costs that vary with the level of output in the production process, such as materials and labor directly involved in making a product.

Average Fixed Costs (AFC)

The fixed costs of production (not varying with output) divided by the quantity of output produced; typically decreases as production increases.