Marketplace & Customer Needs Quiz

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Questions and Answers

What is the difference between needs and wants?

Needs are states of felt deprivation, wants are backed by buying power
Needs are backed by buying power, wants are states of felt deprivation
Wants are some combination of products, services, information, or experiences offered to a market to satisfy a need or want
Wants are shaped by culture and individual personality, needs are human wants (correct)

What is marketing myopia?

Focusing on underlying consumer needs
Focusing on creating, maintaining, and growing desirable exchange relationships
Focusing on existing wants and losing sight of underlying consumer needs (correct)
Focusing on obtaining a desired object from someone by offering something in return

When do consumers market?

When they search for products
All of the above (correct)
When they make purchases
When they interact with companies to obtain information

What is the difference between microenvironment and macroenvironment in marketing?

Microenvironment includes actors close to the company while macroenvironment includes larger societal forces (B) Signup and view all the answers

Which of the following is NOT a component of microenvironment in marketing?

Cultural forces (A) Signup and view all the answers

What is generational marketing?

Marketing to people based on their lifestyle or life stage instead of age (C) Signup and view all the answers

What is value marketing in the economic environment?

Offering buyers greater value—the right combination of quality and service at a fair price (D) Signup and view all the answers

What is environmental sustainability in marketing?

Developing strategies and practices that create a world economy that the planet can support indefinitely (C) Signup and view all the answers

What is the natural environment in marketing?

The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities (A) Signup and view all the answers

What is the most dramatic force in changing the marketplace according to the text?

Technological environment (A) Signup and view all the answers

What is the difference between microenvironment and macroenvironment?

Microenvironment includes actors close to the company while macroenvironment includes societal forces. (C) Signup and view all the answers

What are the six macroenvironmental forces that affect marketing decisions?

Demographic, economic, natural, technological, political, and cultural forces. (C) Signup and view all the answers

What is generational marketing?

Segmenting people by lifestyle or life stage instead of age. (D) Signup and view all the answers

What is value marketing?

Offering financially cautious buyers greater value—the right combination of quality and service at a fair price. (B) Signup and view all the answers

What is environmental sustainability?

Developing strategies and practices that create a world economy that the planet can support indefinitely. (B) Signup and view all the answers

What is the natural environment?

The physical environment and the natural resources that are needed as inputs by marketers. (D) Signup and view all the answers

What are marketing intermediaries?

Firms that help the company to promote, sell, and distribute its goods to final buyers. (C) Signup and view all the answers

Flashcards

Needs vs. Wants

Needs are basic human requirements, while wants are shaped by culture and individual preferences.

Marketing Myopia

Focusing too much on existing products/wants and ignoring underlying customer needs.

Microenvironment vs. Macroenvironment

Microenvironment includes actors close to the company (e.g., suppliers, competitors), while macroenvironment includes larger societal forces (e.g., demographics, economy).