A Friend of Yours Comments, "I'm Starting My Own Business

question 36

Multiple Choice

A friend of yours comments, "I'm starting my own business. I have a perfect product that no one else can touch, but I have no use for marketing. That's just for the mega-corporations." Which of the following arguments would you NOT use in talking about marketing?

• A) Marketing helps new ventures organize, operate, and assess risk.
• B) Marketers help address unmet customer needs, regardless of the size of the firm.
• C) Marketing focuses on the product, but only as one element. Three other areas are Promotion, Price, and Place.
• D) Marketers are skilled at communicating the value of the product to potential customers.
• E) Marketing isn't essential now, but it will be in a year or two when the product takes off.

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Definitions:

Aggregate Income

The total amount of income generated by all individuals and entities in an economy over a specific period.

Aggregate Consumption

Aggregate consumption is the total amount of goods and services consumed in an economy, reflecting overall consumer spending.

Consumption Function

An economic formula representing the functional relationship between total consumption and gross national income.

Aggregate Income

The total income earned by all individuals and entities within an economy.