First Objective in Marketing Is to Discover Consumer __________

question 156

Multiple Choice

first objective in marketing is to discover consumer __________.

• A) diversity of opinion to create advertising messages
• B) income to determine the ability to pay
• C) lifetime value
• D) characteristics to segment markets
• E) needs to identify reasons for buying

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Definitions:

Short Run

A time period in economic analysis during which at least one factor of production is fixed, influencing the firm's decisions on output and pricing.

Profit

The financial gain realized when the revenue generated from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Competitive Industry

An industry where no single firm has a large market share and each firm must compete on price, quality, and innovation to attract customers.

Market Price

The existing rate at which a product or service is available for buying or selling within a marketplace.