Marketing - Study Mode
[#331] Which one of the following is not a factor that reduces price sensitivity of a product?
Correct Answer
(B) Buyers are fully aware of substitutes
[#332] Which is the key feature/features of market as per Baker?
Correct Answer
(D) All of the above
[#333] Which of the following is a form of online word-of-mouth that encourages consumers to pass along company developed products and services or any other information online?
Correct Answer
(A) Viral marketing
[#334] Marketing Environment Systems covers
Correct Answer
(D) All of the above
[#335] In order for exchange to occur:
Correct Answer
(D) Each party must have something of value to the other party.
Explanation
Solution: In order for exchange to occur each party must have something of value to the other party. For an exchange to happen, both parties have to have something of value for each other. For instance, a man visiting a coffee shop might have enough money to buy a cup of coffee while the cafe has the coffee. Both parties must be able to communicate with each other, and both must want to exchange something and be able to do so. If the customer in the coffee shop can't make himself understood, or if he decides he doesn't want a cup of coffee, or if he turns out not to have quite enough money, then there will be no exchange. If all of the needed conditions are met, there will be an exchange of money for coffee.