The Marketing Function May Serve Multiple Vertical or Geographical Markets

question 6

Multiple Choice

The marketing function may serve multiple vertical or geographical markets in a(n) :

• A) Matrix organization
• B) Functional organization
• C) Product organization
• D) Divisional organization
• E) Hierarchical organization

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Definitions:

Cournot Duopolists

Firms in a duopoly (a market with only two producers) that set their output levels independently to maximize profits, anticipating the other's response.

Inverse Demand

A representation of demand that shows how the quantity demanded of a good or service varies inversely with price.

Total Cost

The sum of fixed and variable costs incurred by a business in producing a particular level of output.

Residual Demand Curve

The demand that remains for a firm's product after accounting for the demand captured by competitors in the market.