WAEC Commerce 2013 Objective — Question 27

Question 27 of 50 from the West African Examinations Council (WAEC) Commerce 2013 Objective paper, with the correct answer and a full explanation.

The concept which says that a company's production policy should be centered on the ultimate user of the product is known as a

A. market segmentation
B. consumer sovereigntyCorrect
C. marketing mix
D. marketing research

Explanation

Consumer sovereignty is an economic concept which establishes the fact that consumer's preferences determine the production of goods and services. This means a company will produce goods and services that consumers will buy.

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