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Marketing Basics and Concepts Quiz

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Questions and Answers

What is the starting point of marketing according to the text?

Social needs

Physical needs (correct)

Belongingness needs

Safety needs

Which term refers to desired products that are not essential for survival?

Wants (correct)

Needs

Demands

Products

What is the term used when a customer is willing and able to buy a need?

Wants

Demands (correct)

Self-actualization needs

Products

According to Maslow's Hierarchy of Needs, which level includes job security and physical safety?

Safety needs Signup and view all the answers

Which category includes achievement, mastery, and recognition in Maslow's Hierarchy of Needs?

Self-esteem needs Signup and view all the answers

What type of marketing involves hiring a famous person to endorse a brand's product or service?

Celebrity marketing Signup and view all the answers

What is the key difference between goods and services?

Goods are tangible products, while services are intangible products Signup and view all the answers

What is the key factor in deciding which product to buy and where to buy?

Customer value Signup and view all the answers

What is the main idea behind marketing myopia?

Too much focus on the product to the point of losing sight of underlying customer needs Signup and view all the answers

What is the difference between a satisfied and a dissatisfied customer?

A satisfied customer is one who feels the product met their expectations, while a dissatisfied customer feels the product did not meet their expectations Signup and view all the answers

What is the primary focus of Total Quality Management (TQM)?

Continuous improvement of the company's products, services and marketing process Signup and view all the answers

What is the purpose of market segmentation?

To aggregate prospective buyers into groups or segments for marketing purposes Signup and view all the answers