Principles of Marketing: Marketing Concept Quiz

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Questions and Answers

What is the term used to describe the discrepancy between a consumer's current state and desired state?

Needs (correct)
Wants
Value
Demands

Which of the following reflects a consumer's evaluation of a product performance in relation to their expectations?

Satisfaction (correct)
Value
Wants
Demands

In marketing, what are wants shaped by?

Economic factors
Cultural and personality influences (correct)
Technological advancements
Market competition

What do we call wants backed by buying power in marketing?

Demands (B) Signup and view all the answers

Which assessment in the marketing environment analysis focuses on both positive and negative aspects?

SWOT analysis (B) Signup and view all the answers

What is the primary focus of marketing according to the given text?

Creating and exchanging products and values with others (B) Signup and view all the answers

What is the essence of the marketing concept?

Determining needs and wants of consumers and delivering desired satisfactions more effectively and efficiently than competitors (D) Signup and view all the answers

In the early 1900s, Henry Ford's Model T primarily fulfilled which basic need according to the text?

Transportation: Getting people from one place to another (A) Signup and view all the answers

During Henry Ford's time, who were Ford's main competitors as mentioned in the text?

Horse and Carriage (C) Signup and view all the answers

What term best describes Ford's approach to fulfilling consumers' needs with the Model T as per the text?

Fulfilling the basic need of transportation more efficiently than competitors (D) Signup and view all the answers

Flashcards

Consumer Needs

The difference between a consumer's current state and desired state.

Customer Satisfaction

Evaluating a product based on how well it meets expectations.