The First Objective in Marketing Is to Discover Consumers' __________

question 251

Multiple Choice

The first objective in marketing is to discover consumers' __________.

• A)diversity of opinion to create advertising messages
• B)income to determine the most lucrative price point for a product
• C)lifetime value of an offering to the organization
• D)characteristics that would be useful to segment markets
• E)needs to create products that could satisfy them

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Definitions:

Inputs

The resources such as labor, materials, and capital used in the production process.

MRTS

Marginal Rate of Technical Substitution, indicating how much of one input can be reduced when one more unit of another input is used, keeping output constant.

MRTS

Marginal Rate of Technical Substitution; the rate at which one input can be reduced for every increase in another input while maintaining the same level of output.

Capital

Financial assets or the financial value of assets, such as cash and other tangible assets, used in operations to generate income or profit.