In Small Companies

question 117

Multiple Choice

In small companies,

• A) there is no need for marketing research.
• B) there should be a marketing research department--or there will be no one to do marketing research.
• C) the emphasis of marketing research should be on customer surveys.
• D) salespeople often do what marketing research gets done.
• E) there usually isn't enough money for a manager to use a search engine.

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Definitions:

Industry Equilibrium

A state where industry supply equals demand, leading to stability in prices and quantities produced and consumed.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, indicating a firm's surplus beyond the normal profit level.

Price-Searcher Market

A market structure where sellers have the ability to control or influence prices due to a lack of perfect competition.

Fast Food Market

The sector of the food service industry that specializes in food that can be prepared and served quickly.