The Marketing Concept

question 113

Multiple Choice

The marketing concept

• A) focuses on building products that provide value to customers.
• B) excludes input from the Human Resources department.
• C) means building a competitive advantage through product differentiation.
• D) means that the whole firm is coordinated to achieve one goal: customer satisfaction.
• E) does not include the finance department.

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers within a certain period.

Labor Supply Curve

A graphical representation showing the relationship between the wage rate and the quantity of labor workers are willing to offer at that wage rate.

Marginal Cost

The cost uplift incurred by the creation of an extra unit of a good or service.

Weekly Wage

The total amount of compensation a person receives for work performed during a week, often equated in terms of hourly, daily, or piecework payments.