Introduction to Marketing Concepts

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What type of demand exists when consumers are adequately buying all products?

Overfull demand

Full demand (correct)

Declining demand

Latent demand

What is the primary difference between a need and a want?

A need is a specific object, while a want is a basic human requirement

A need is a basic human requirement, while a want is a specific object that satisfies the need (correct)

A need is a short-term requirement, while a want is a long-term requirement

A need is a societal influence, while a want is a personal influence

What type of demand occurs when consumers begin to buy the product less frequently or not at all?

Irregular demand

Negative demand

Latent demand

Declining demand (correct)

What type of needs are shaped by societal influences?

Wants Signup and view all the answers

What type of demand exists when consumers may share a strong need that cannot be satisfied by an existing product?

Latent demand Signup and view all the answers

What is the term for a need that is not explicitly expressed by the customer?

Unstated need Signup and view all the answers

What is the primary goal of segmentation in marketing?

To break down a large market into smaller, manageable parts Signup and view all the answers

What is the primary benefit of a value proposition?

It communicates the unique benefits of a product Signup and view all the answers

What is branding, in the context of marketing?

The process of distinguishing a product from competition Signup and view all the answers

What is customer satisfaction based on, according to the customer value triad?

The combination of quality, service, and price Signup and view all the answers

What is the primary purpose of marketing channels?

To reach a target market Signup and view all the answers

What is the term for the sum of tangible and intangible benefits and costs of a product?

Value Signup and view all the answers

What is the primary goal of a marketer, according to the provided content?

To seek a response from another party, called the prospect Signup and view all the answers

What is the definition of marketing according to the American Marketing Association (AMA) in 2017?

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Signup and view all the answers

What is the primary role of a marketer in demand management?

To influence the level, timing, and composition of demand to meet organization's objectives Signup and view all the answers

What is the definition of a market, according to the provided content?

A place where buyers and sellers meet, which can be physical or non-physical Signup and view all the answers

What is the primary goal of marketing, according to Dr. Philip Kotler's definition in 2012?

To explore, create, and deliver value to satisfy the needs of a target market at a profit Signup and view all the answers

Who is considered a marketer, according to the provided content?

Anyone who seeks a response from another party, called the prospect Signup and view all the answers

What is the primary function of service channels in the marketing process?

To provide support services such as warehouses, transportation, and insurance Signup and view all the answers

Which of the following is NOT a component of the broad environment in the marketing environment?

Task Environment Signup and view all the answers

What is the primary focus of the competition concept in marketing?

Identifying actual and potential rival offerings and substitutes Signup and view all the answers

What is the purpose of the distribution channels in the marketing process?

To display and sell products to buyers Signup and view all the answers

What is the term for the combination of the four Ps (Product, Price, Promotion, and Place) used to market services?

7Ps Signup and view all the answers

What is the primary function of the supply chain in the marketing process?

To stretch from raw materials to finished products carried to final buyers Signup and view all the answers