A Company That Follows the Marketing Concept Philosophy Should

question 18

Multiple Choice

A company that follows the marketing concept philosophy should:

• A)serve all customer needs at all costs.
• B)understand that the customer is always right.
• C)understand that there is no such thing as a bad customer.
• D)serve only profitable customers.

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Definitions:

Households

Entities comprising one or more persons who live together and make joint decisions about consumption and other aspects of their lives; considered a basic unit in economics for analysis of consumption patterns.

Firms

Business entities or organizations that produce goods or provide services with the aim of earning profits.

Opportunity Cost

The expense incurred by not selecting the next most favorable option when deciding or opting for one action instead of another.

Hourly Wage

The amount of money paid to an employee for one hour of work.