Marketing - Study Mode

[#221] In marketing theory, every contribution from the supply chain adds ________ to the product.
Correct Answer

(A) Value

Explanation

Solution: In marketing theory, every contribution from the supply chain adds Value to the product. A basic marketing theory states that to maximize sales, a company must position its products or services in the marketplace in such a way that consumers believe they need a particular product for service or that a product or service they need has a particular benefit.

[#222] In ________ consumers may share a strong need that cannot be satisfied by an existing product.
Correct Answer

(B) Latent demand

Explanation

Solution: In Latent demand consumers may share a strong need that cannot be satisfied by an existing product. Latent demand is basically the desire for a product that a consumer is unable to satisfy because he is himself unable to point it out or doesn't realise what is missing until pointed out.

[#223] Marketing is both an “art” and a “science” there is constant tension between the formulated side of marketing and the ________ side.
Correct Answer

(A) Creative

Explanation

Solution: Marketing is both an “art” and a “science” there is constant tension between the formulated side of marketing and the Creative side. Marketing is a science because marketing is about understanding and influencing behaviors. Psychology, the science of behaviors, studies how people react to certain stimuli in predictable ways. This is similar to Newton's' third law - cause and effect. For every marketing action there is a reaction. The science is in anticipating the reactions to your actions. Marketing is an art because marketing is about appreciating the nuances of human behaviors. Beauty is in the eye of the beholder. Beauty is art.

[#224] Mr. Lopez buys goods and services for use in the production of products that are sold and supplied to others. Mr. Lopez is involved in ________.
Correct Answer

(D) Business buyer behavior

Explanation

Solution: Mr. Lopez buys goods and services for use in the production of products that are sold and supplied to others. Mr. Lopez is involved in business buyer behavior. Business buyer behaviour is the intent and behaviour shown by companies and employees into making purchases for the organization. Business buying behaviour is the concept of understanding the needs and wants of a business and making appropriate purchases, which ultimately help a company get profits.

[#225] The ________ holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well being.
Correct Answer

(C) Societal marketing concept

Explanation

Solution: The Societal marketing concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well being. Societal marketing concept holds that a company's marketing policy must consider society's long-term interests, consumers' wants, the company's profit.