What Does the Marketing Concept Involve

question 86

Multiple Choice

What does the marketing concept involve?

• A)focusing on customers' wants so that the organization can distinguish its product (or products) from the competitors' products
• B)selling products at the highest prices that the market will bear with the idea of maximizing profits in the short run
• C)selling as much product as possible under the assumption people will buy more goods and services if aggressive selling techniques are used
• D)focusing on production in order to increase product quality and lower prices

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Definitions:

Shutdown Point

The level of operations at which a company does not benefit from continuing operations or producing any output due to high variable costs.

Output

The total amount of goods or services produced by an economic system or entity within a given period.

Peak Efficiency

Refers to the highest level of operational productivity or performance a company or economy can achieve under ideal conditions.

ATC Curve

Average Total Cost Curve, a graphical representation in economics that shows the average total cost of producing different quantities of a good or service.