The Marketing Concept

Flashcard
•
Business
•
4th Grade
•
Easy

Fran Da
Used 1+ times
FREE Resource
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10 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What does it mean for a company to be product-oriented?
Back
It means the company develops a product and tries to sell it at a price that covers production costs and makes a profit.
2.
FLASHCARD QUESTION
Front
Why didn't companies spend much on marketing in the past?
Back
Because there wasn't much competition.
3.
FLASHCARD QUESTION
Front
What is the current business environment like?
Back
It is highly competitive with many similar products available.
4.
FLASHCARD QUESTION
Front
What must a producer do to be successful today?
Back
They must develop a product that meets consumers' needs and wants better than other products.
5.
FLASHCARD QUESTION
Front
What does the term 'market' refer to?
Back
It refers to the group of consumers interested in a product, who can afford to buy it and are allowed to purchase it.
6.
FLASHCARD QUESTION
Front
What is the focus of most companies today?
Back
Most companies are market-oriented.
7.
FLASHCARD QUESTION
Front
What do companies study to understand their customers?
Back
They study the market to find out consumers' preferences and the prices they are willing to pay.
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