Complete Acceptance of the "Marketing Concept" Would Require

question 198

Multiple Choice

Complete acceptance of the "marketing concept" would require:

• A) making sure that all departments focus their efforts on satisfying customer needs.
• B) having all production, finance, accounting, and personnel managers report directly to the marketing manager.
• C) placing less emphasis on profit as the objective of the firm.
• D) trying to satisfy the needs of each and every customer.

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Definitions:

Gains

Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases in liabilities.

GAAP

GAAP, which stands for Generally Accepted Accounting Principles, is a set of accounting standards and conventions that guide how financial statements are prepared and reported.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that aims to ensure transparency and comparability of financial statements globally.

Expenses

Outflows of resources or incurring of liabilities from a company's operations, including costs for materials, labor, and overhead required to generate revenue.