To Effectively Implement the Marketing Concept,an Organization Must

question 58

Multiple Choice

To effectively implement the marketing concept,an organization must

• A) balance meeting its own objectives and satisfying customer needs.
• B) make a large profit.
• C) meet consumer needs and wants.
• D) perform all of the marketing functions.
• E) produce quality products.

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Definitions:

Market Failure

A situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

Externality

A consequence of an economic activity experienced by unrelated third parties; can be either positive or negative.

Resource Dependency

A theory in organizational studies that describes how external resources dictate the behaviors and strategies of organizations.

External Constituencies

Groups or individuals outside an organization that are affected by its decisions and actions, such as customers, suppliers, and the community.