When Identifying a Company's Market, Managers Need to Avoid the Mistake

question 69

Multiple Choice

When identifying a company's market, managers need to avoid the mistake of:

• A) finding out what customers need.
• B) thinking of a market as a group of customers with similar needs who will exchange money for goods and services that meet those needs.
• C) trying to identify specific target markets within a general market.
• D) describing their markets solely in terms of the products they sell.
• E) thinking of the issue from the customer's point of view.

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Definitions:

Merchantability

A guarantee that a product will meet reasonable consumer expectations of quality and suitability for use as sold.

Express Warranty

A formal declaration by a seller or manufacturer promising the quality and reliability of a product, explicitly stated in a contract or agreement.

Advertisement

A public notice promoting a product, service, or event, intended to attract interest, engagement, or sales.

Motor Oil

A lubricant used in internal combustion engines to reduce wear on moving parts, clean the engine from sludge, and enhance performance.