Marketing: Understanding the Marketplace and Customer Needs
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Questions and Answers

What is the difference between needs, wants, and demands in marketing?

  • Needs are states of felt deprivation, wants are the form human needs take, and demands are human wants that are backed by buying power. (correct)
  • Needs are states of felt deprivation, wants are backed by buying power, and demands are the form human needs take.
  • Needs are backed by buying power, wants are states of felt deprivation, and demands are shaped by culture.
  • Needs are shaped by culture, wants are human wants that are backed by buying power, and demands are some combination of products, services, information, or experiences.

    • What does marketing myopia refer to?

  • Creating market offerings to satisfy needs or wants of the target market.
  • Focusing on underlying consumer needs and creating desirable exchange relationships.
  • Focusing only on existing wants and losing sight of underlying consumer needs. (correct)
  • Obtaining a desired object from someone by offering something in return.

    • What is exchange in the context of marketing?

  • Offering some combination of products, services, information, or experiences to satisfy a need or want.
  • Focusing on consumer needs and wants to develop market offerings.
  • Creating, maintaining, and growing desirable exchange relationships.
  • The act of obtaining a desired object by offering something in return. (correct)

    • What are market offerings?

    <p>Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.</p> Signup and view all the answers

    Define needs, wants, and demands in the context of marketing.

    <p>Needs are states of felt deprivation, wants are the form human needs take shaped by culture and personality, and demands are wants backed by buying power.</p> Signup and view all the answers

    Explain the concept of marketing myopia.

    <p>Marketing myopia is the situation where a company focuses only on existing wants and loses sight of underlying consumer needs.</p> Signup and view all the answers

    What is a market offering?

    <p>A market offering is a combination of products, services, information, or experiences offered to a market to satisfy a need or want.</p> Signup and view all the answers

    Describe the concept of exchange in the context of marketing.

    <p>Exchange is the act of obtaining a desired object from someone by offering something in return. Marketing actions aim to create, maintain, and grow desirable exchange relationships.</p> Signup and view all the answers

    What are needs in the context of marketing?

    <p>States of felt deprivation</p> Signup and view all the answers

    Explain demands in the context of marketing.

    <p>Human wants that are backed by buying power.</p> Signup and view all the answers

    Define wants in the context of marketing.

    <p>The form human needs take as they are shaped by culture and individual personality.</p> Signup and view all the answers

    What are market offerings?

    <p>Combination of products, services, information, or experiences offered to a market to satisfy a need or want.</p> Signup and view all the answers

    Describe marketing myopia.

    <p>Focusing only on existing wants and losing sight of underlying consumer needs.</p> Signup and view all the answers

    Explain the concept of exchange in marketing.

    <p>The act of obtaining a desired object from someone by offering something in return.</p> Signup and view all the answers

    What is the importance of understanding the marketplace and customers?

    <p>To create, maintain, and grow desirable exchange relationships.</p> Signup and view all the answers

    Identify the five core marketplace concepts.

    <p>Needs, wants, demands, market offerings, and exchange.</p> Signup and view all the answers

    What do marketing actions aim to do?

    <p>Create, maintain, and grow desirable exchange relationships.</p> Signup and view all the answers

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