The Process of Discovering Consumer Needs and Wants,creating the Goods

question 23

Multiple Choice

The process of discovering consumer needs and wants,creating the goods and services to meet those needs,then pricing,promoting and delivering those goods and services is the definition of:

• A) Marketing
• B) Management
• C) International business
• D) International economics
• E) Consumer behavior

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Definitions:

Sequential Game

A type of game in game theory where players make decisions one after another, allowing for the observation of predecessors' actions before making a decision.

First Mover

A business strategy where a company is first to enter a specific market or industry, potentially gaining a competitive advantage in brand recognition, customer loyalty, and more.

Nash Equilibrium

A concept in game theory where each player's strategy is optimal given the strategies of all other players, resulting in no incentive to deviate.

Dominant Strategy

A strategy in game theory that is considered the best response regardless of what any other players do, providing the most advantageous outcome for a player.