Marketing Concept Refers to

question 155

Multiple Choice

Marketing concept refers to

• A)the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its shareholders, and customers.
• B)the belief that an organization should focus its efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value.
• C)the orientation of creating, communicating, delivering a product or service to a specific segment of the market, and providing the greatest customer value at the highest possible price.
• D)directing a firm's activities towards advertising, promotion, and sales in order to reach the greatest number of potential customers.
• E)the idea that an organization should strive to satisfy the needs of consumers, while also trying to achieve the organization's goals.

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Definitions:

Seasonal Nature

The characteristic of certain processes, businesses, or industries that experience regular and predictable changes that recur every calendar year.

Cash Cycle

The cash cycle is a period between the outlay of cash for the purchase of inventory and the receipt of cash from customer sales, measuring the efficiency of a company's cash management.

Accounts Payable Period

The time it takes for a company to pay off its suppliers after a purchase is made, typically measured in days.

Liberal Accounts Receivable Policy

A policy that involves offering lenient credit terms to customers, such as extended periods before payment is due, which can encourage sales but may increase the risk of bad debts.