Marketing Discovers Consumer Needs by

question 254

Multiple Choice

Marketing discovers consumer needs by

• A)implementing a marketing program.
• B)conducting effective marketing research.
• C)balancing the marketing mix elements-the 4 Ps of the marketing program.
• D)advertising to diverse groups of prospective buyers.
• E)copying the products and services of competitors.

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Definitions:

Specific Invoice Method

Valuing of inventory where each item is identified with a specific invoice.

Cost of Goods Sold

Financial obligations directly related to producing a company’s saleable goods, encompassing material and labor costs.

Periodic Inventory System

A method of inventory valuation where updates to inventory levels and cost of goods sold are made periodically at the end of an accounting period, rather than after each sale or purchase.

LIFO Method

An inventory valuation method that assumes the last items placed in inventory are the first sold during an accounting year.