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Questions and Answers
Which of the following best defines marketing management?
Which of the following best defines marketing management?
- Creating, delivering, and communicating superior products
- Choosing target markets and getting, keeping, and growing customers (correct)
- Identifying and meeting human and social needs
- Focusing on existing wants and losing sight of consumer needs
What is the difference between needs and wants?
What is the difference between needs and wants?
- Needs are shaped by culture and individual personality, wants are a state of deprivation
- Needs are wants backed by buying power
- Needs are physical necessities, wants are social and individual desires (correct)
- Needs are backed by buying power, wants are wants shaped by culture
What does marketing myopia refer to?
What does marketing myopia refer to?
- Focusing on existing wants and losing sight of underlying consumer needs (correct)
- Selling a solution to the problem rather than just the product
- Identifying and meeting human and social needs
- Focusing on a specific, limited segment of the market
What is narrow orientation in business strategy?
What is narrow orientation in business strategy?
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According to Levitt, what should firms sell?
According to Levitt, what should firms sell?
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