The Marketing Concept Includes a Goal Orientation to Remind Managers

question 105

Multiple Choice

The marketing concept includes a goal orientation to remind managers of which of the following?

• A)Achieving long-term organizational goals is as important as satisfying customers.
• B)Customers must be satisfied no matter what the long-term effect on the firm.
• C)The only reason for any business to exist is to make a profit.
• D)The objective is to find a target market that differs from that of the competition.

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Definitions:

Elasticities

Measures of how much the quantity demanded or supplied of a good responds to changes in prices, income, or other factors.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various price levels at a given point in time.

Supply

The total amount of a specific good or service available for purchase at any given price level, influenced by costs, technological innovations, and other factors.

Deadweight Loss

A loss of economic efficiency that can occur when equilibrium for a good or service is not achieved or is not achievable.