Shortly After World War II, Sam Jackson Developed an Idea

question 88

Multiple Choice

Shortly after World War II, Sam Jackson developed an idea for a biodegradable lubricant that was superior to anything currently on the market.He was excited about his new idea, and he persuaded a number of his friends to help produce samples.While demand kept up with production at first, he soon found he had to hire a sales force to sell excess product to manufacturing companies in the area.He decided this was primarily because his company had several strong competitors that had recently come into the industry.This is a good example of behavior one would expect in the __________ era of U.S.business history.

• A)marketing concept
• B)production
• C)market orientation
• D)sales
• E)societal marketing concept

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Definitions:

Demand Decrease

A reduction in the quantity of a good or service that consumers are willing and able to purchase at various prices.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a certain price over a specific period.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a specific price level.

Equilibrium

A market condition in which the equilibrium of supply and demand leads to price stability.