The Question "What Do Customers Want

question 3

Multiple Choice

The question "What do customers want?"

• A)is not relevant because customers will show their preferences through their behaviour.
• B)must be asked by managers, and an accurate answer obtained and understood, since it's the driving force behind generating profit.
• C)can be outsourced to a market research company.
• D)is best answered by ensuring that certain managers are educated in Marketing.

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Definitions:

Very Localized

Referring to something that is confined to a very small or specifically defined geographic area or community.

Total Sales

The aggregate revenue generated from selling goods or services over a specified period.

Concentration Ratio

A measure used in economics to assess the degree of market control held by the largest firms in the industry.

Differentiated Oligopoly

A market structure where a few companies control a large portion of the market share and compete by selling similar but not identical products.