Question 1

________ are basic human requirements,while ________ are wants for specific products backed by an ability to pay.

Accepted Answer

Needs are basic human requirements, while wants are desires for specific products backed by an ability to pay.

Question 2

The identification and profiling of distinct groups of buyers who might prefer or require varying product and service mixes is known as ________.

Accepted Answer

Segmentation involves dividing the market into different groups based on specific characteristics, needs, or preferences. This allows companies to tailor their products or services to meet the unique needs of each segment, therefore maximizing customer satisfaction and increasing sales. Integration refers to the process of combining various business functions or systems, while disintermediation is the removal of intermediaries in a supply chain. Cross-selling involves offering additional or related products to existing customers, while customization involves tailoring products or services to meet the individual needs of a specific customer.

Question 3

A(n)________ need is one that the consumer is reluctant or unwilling to explicitly verbalize.

Accepted Answer

A secret need is one that consumers may be reluctant or unwilling to express directly, often due to personal or societal reasons.

Question 4

________ reflects a customer's comparative judgment of a product's performance in relation to his or her expectations.

Accepted Answer

Satisfaction reflects a customer's comparative judgment of a product's performance in relation to his or her expectations. It is the overall evaluation or liking of a product/service by a customer after using it. A satisfied customer is likely to have positive feelings towards the company and may become a loyal customer.

Question 5

Rising promotion costs and shrinking profit margins are the result of ________.

Accepted Answer

Heightened competition leads to companies spending more on promotion to stand out and attract customers, which in turn can lead to shrinking profit margins as companies may have to lower prices to remain competitive.

Question 6

Automobile manufacturers,new car and used car dealers,financing companies,and insurance companies are all part of the automobile ________.

Accepted Answer

The term "metamarket" refers to a group of related products and services that supplement each other and are used together to satisfy a common need. In the case of the automobile industry, automobile manufacturers, new car and used car dealers, financing companies, and insurance companies are all part of the same metamarket since they all play a role in the process of buying and owning a car.

Question 7

The actual and potential rival offerings and substitutes that a buyer might consider are referred to as the ________.

Accepted Answer

The actual and potential rival offerings and substitutes that a buyer might consider are referred to as competition. Option A is incorrect because it refers to the network of companies and entities involved in getting a product or service from the supplier to the customer. Option B is incorrect because it refers to the overall market that includes all potential customers, regardless of location. Option C is incorrect because it refers to the specific benefits or advantages that a company offers to its customers. Option E is incorrect because it refers to the external factors that affect a company's marketing efforts.

Question 8

In an attempt to create greater competition and growth opportunities,countries often ________.

Accepted Answer

Deregulating industries is a common strategy used by countries to create greater competition and growth opportunities. This allows for more companies to enter the market and compete, which may lead to innovation, improved productivity, and lower prices for consumers. In contrast, increasing trade barriers or protecting industries can limit competition and hinder growth, while encouraging intermediation or reducing privatization may have less direct impact on competition and growth.

Question 9

During market segmentation analysis,the marketer identifies which segments present the greatest opportunity.These segments are called ________.

Accepted Answer

Target markets are the segment(s) that a marketer has chosen to focus its efforts and resources on. These segments are identified as presenting the greatest opportunity for the marketer to reach its goals and objectives. The other options listed (capital markets, tertiary markets, demographic markets, developing markets) do not accurately describe the concept of target markets.

Question 10

When Volvo runs ads suggesting that its cars are the safest that money can buy,it is trying to ________.

Accepted Answer

Volvo is positioning its product by highlighting the safety aspect, which can differentiate it from other car brands in the market. This is a common strategy used by companies to create a unique selling proposition for their product.

Question 11

The ________ includes the actors involved in producing,distributing,and promoting an offering.The main actors are the company,suppliers,distributors,dealers,and the target customers.

Accepted Answer

The task environment refers to the immediate actors involved in producing, distributing, and promoting an offering. These actors include the company, suppliers, distributors, dealers, and target customers. Therefore, the best choice is D. The economic environment refers to factors that affect consumer purchasing power and spending patterns, the management environment refers to the overall organizational structure and culture, the strategic environment refers to the external factors that affect a company's strategy, and the tactical environment refers to the execution of a company's strategy.

Question 12

A(n)________ need is a need that the consumer explicitly verbalizes.

Accepted Answer

A stated need is one that is explicitly verbalized by the consumer, as opposed to an unsought need which is a need the consumer may not even be aware of, or a secret need which the consumer may be hesitant to share. An affirmative need and a delight need are not commonly used terms in marketing.

Question 13

Consider the real estate industry.The ________ for this industry includes construction companies,financing institutions,paint manufacturers,interior decorators,furniture manufacturers,and plumbing industries.

Accepted Answer

The term "metamarket" refers to a group of related products and services that buyers see as substitutes for each other, meaning they compete for the same consumer dollar. In the case of the real estate industry, the metamarket includes all the industries and companies that contribute to the buying, selling, and maintaining of real estate properties. These may include construction companies, financing institutions, paint manufacturers, interior decorators, furniture manufacturers, and plumbing industries, among others.

Question 14

Industry boundaries are blurring rapidly as companies identify new opportunities at the intersection of two or more industries.This is called ________.

Accepted Answer

Industry convergence refers to the merging of two or more industries or the creation of entirely new industries through the intersection of existing ones. This trend is driven by advancements in technology and changing consumer demands, and it blurs traditional industry boundaries, creating new opportunities for companies to innovate and compete.

Question 15

Companies address needs by putting forth a ________,a set of benefits that they offer to customers to satisfy their needs.

Accepted Answer

A value proposition is a statement created by a company that outlines the benefits that a potential customer would receive by purchasing its product or service. It is a way for companies to address the needs of their customers by listing the specific features, advantages, and benefits that they offer. A brand is the image that a company portrays to the public, a deal is a special offer or promotion, a marketing plan is a strategy for selling a product or service, and demand refers to the amount of desire or interest that customers have in a product or service.

Question 16

The ________ is the channel stretching from raw materials to components to final products that are carried to final buyers.

Accepted Answer

A supply chain is the network of individuals, organizations, and resources involved in creating and delivering a product or service to customers. It encompasses all the activities involved in the production and delivery of a product, from the acquisition of raw materials to the delivery of the finished product to the end customer.

Question 17

When Frank buys his own house,he would like to have a home theater system and a jacuzzi.He plans to save enough money in the next three years so that he can fulfill his wish.Frank's desire for the home theater and the jacuzzi is an example of a(n)________.

Accepted Answer

Frank's desire for the home theater and jacuzzi is not a necessity for survival, so it is a want rather than a need.

Question 18

When companies measure the number of people who are willing and able to buy their products,they are measuring ________.

Accepted Answer

Measuring the number of people who are willing and able to buy a product is essentially measuring demand. The other options listed are related to measuring different aspects of consumer behavior, such as price elasticity, real needs, standard of living, and disposable income.

Question 19

The value of an offering is described as ________.

Accepted Answer

The value of an offering is the sum of the tangible and intangible benefits and costs to customers. It is not just the price of the product, the cost of manufacturing, or the demand for the product, but rather the overall value perceived by the customer. The intangible benefits gained from a product may be a part of the overall value, but it is not the only factor.

Question 20

If a marketer uses warehouses,transportation companies,banks,and insurance companies to facilitate transactions with potential buyers,the marketer is using a ________.

Accepted Answer

The answer of If a marketer uses warehouses,transportation companies,banks,and insurance...

Quiz 1: Defining Marketing for the New Realities

are basic human requirements,while are wants for specific products backed by an ability to pay.