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Questions and Answers
What must marketers do to gain an edge in the market?
What must marketers do to gain an edge in the market?
- Identify target markets
- Create a product/service mix
- Understand customer needs
- Position the product in the mind of the target buyer (correct)
What shapes needs, wants, and demands?
What shapes needs, wants, and demands?
- Society (correct)
- Marketers
- The individual
- All of the above
What must marketers do after identifying target markets?
What must marketers do after identifying target markets?
- Learn what buyers want
- Position the product (correct)
- Create a product/service mix
- Understand customer needs
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Study Notes
- Needs, wants, and demands are all shaped by society.
- Needs preexist marketers and want s are shaped by society and the individual.
- Marketers must decide which target markets to pursue and what product/service mix to offer.
- After identifying target markets, the marketer must position the product in the mind of the target buyer.
- To gain an edge in the market, marketers must help buyers learn what they want.
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