When a Firm Makes a Total Company Effort to Satisfy

question 329

True/False

When a firm makes a total company effort to satisfy its customers, and profit-not just sales-is an objective of the firm, the company is practicing the "marketing concept."

---

Definitions:

Human-capital Investment

The process of acquiring and enhancing an individual's skills and knowledge, which increases potential productivity and earnings.

Discrimination

Unfair treatment of individuals based on characteristics such as race, gender, or age, rather than merit or performance.

Wage Differentials

The variation in wage rates due to factors such as occupation, industry, location, or the skills and experience of workers.

Labor-market Discrimination

The unfair treatment of workers based on characteristics such as race, gender, age, or religion, rather than job qualifications or performance.