A ________ Orientation Is a Management Philosophy That Focuses on Ways

question 67

Multiple Choice

A ________ orientation is a management philosophy that focuses on ways to satisfy customers' needs and wants.

• A)production
• B)selling
• C)promotion
• D)consumer
• E)new millennium

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Definitions:

Reference Point

A baseline or standard from which changes are measured, often used in decision-making and behavioral economics.

Consumer Decision

The process by which individuals select goods or services to fulfill their needs and wants.

Equilibrium Point

A state in which market supply and demand balance each other, and as a result, prices become stable.

Endowment Effect

A psychological and behavioral economics phenomenon where individuals value an owned object higher than a similar object they do not own.