Which Era of U

question 201

Multiple Choice

Which era of U.S.business history does the following statement best describe? "We are in the business of satisfying needs and wants of consumers."

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

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Definitions:

Selling and Administrative Expenses

Costs related to selling a product and managing a business, excluding direct production costs.

Standard Cost

A predetermined cost of manufacturing, selling, or any business operation, which is used for budgeting and assessing performance.

Fixed Manufacturing Overhead

Refers to the consistent, non-variable costs associated with manufacturing a product, such as factory lease payments and salaries of permanent staff.

Direct Labor

The wages and other costs for labor that are directly involved in the manufacturing of a product or the provision of a service.