When companies make marketing decisions by considering consumers wants and the long run interests of the company consumer and the general population they are practicing which of the following principle ?
Correct answer: D. Societal marketing
- A. Innovative marketing
- B. Consumer-oriented marketing
- C. Value marketing
- D. Societal marketing
Explanation
Societal marketing balances consumer wants with the long-run interests of consumers, the company, and society as a whole. Consumer-oriented marketing prioritizes customer needs but does not necessarily include this wider social and long-term balance.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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