In a Firm with a Production Orientation

question 266

Multiple Choice

In a firm with a production orientation,

• A)customer needs determine company plans.
• B)relationships with customers extend beyond a single sale.
• C)costs that do not give value to customers are eliminated.
• D)marketing research,if used at all,is for determining customers' reactions.
• E)advertising is focused at the need-satisfying benefits of goods and services.

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Definitions:

Rational Persons

Individuals who use reason and logic to make decisions, typically in economic theory, assuming that people aim to maximize their self-interest.

Correctness

The quality or state of being free from errors, inaccuracies, or faults.

Milton Friedman

An American economist known for his strong belief in free-market capitalism and for being a leading proponent of the efficiency of markets and the reduction of government intervention.

Social Obligation

The responsibility or duty of an individual or organization to act in the best interests of society at large, often beyond legal requirements.