Which of the Following Best Explains What the "Marketing Concept

question 243

Multiple Choice

Which of the following best explains what the "marketing concept" means?

• A) Firms should spend more money on marketing than they have in the past.
• B) A firm's main emphasis should be on the efficient utilization of its resources.
• C) All of a firm's activities and resources should be organized to satisfy the needs of its customers--at a profit.
• D) A company's chief executive should previously have been a marketing manager.
• E) A firm should always attempt to give customers what they need regardless of the cost involved.

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Definitions:

Production Possibilities Curve

A graphical representation showing the maximum quantity of goods and services that an economy can produce when all resources are fully employed.

Education Level

A measurement of the highest stage or degree of formal learning or training that an individual has completed.

Labor Force

Refers to the total number of people, including both the employed and the unemployed, who are currently available to engage in the production of goods and services in an economy.

Entrepreneurs

Individuals who start, organize, manage, and assume the risk for a business venture.