Question 1

Which of the following concepts holds that consumers will favor products that are available and highly affordable?

Accepted Answer

The production concept holds that consumers favor products that are widely available and affordable. The focus of this concept is on maximizing production efficiency and minimizing costs.

Question 2

The ________ concept holds that consumers will favor goods and services that offer the most in quality,performance,and innovative features.

Accepted Answer

The concept described in the statement is the product concept, which focuses on creating high-quality, innovative products to meet consumers' needs and preferences. The other options (societal marketing, marketing, selling, production) do not specifically focus on the development of the product itself.

Question 3

According to the five-step model of the marketing process,the first step in marketing is ________.

Accepted Answer

The first step in the marketing process is to understand the marketplace and customer needs and wants. This involves conducting market research to gather information about customer needs, preferences, and behavior, as well as analyzing the competitive landscape and broader economic and societal factors that could impact the company's marketing efforts. Without a clear understanding of the market and customer needs, it is difficult to develop an effective marketing strategy that will resonate with customers and drive business results.

Question 4

Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability.This most likely reflects the ________.

Accepted Answer

The production concept focuses on maximizing efficiency and reducing production costs, which is reflected in Henry Ford's philosophy of perfecting the Model-T to reduce its cost for increased affordability.

Question 5

________ are defined as states of felt deprivation.

Accepted Answer

Needs are states of felt deprivation, they are basic requirements for survival and include things like food, water, shelter, and clothing. Ideas, demands, values, and exchanges are all related to human desires and motivations, but they are not the same as needs.

Question 6

Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.

Accepted Answer

Marketing myopia occurs when marketers focus too much on consumers' existing wants and ignore their underlying needs. They become short-sighted and fail to see the bigger picture of what the consumer really needs. It is important for marketers to understand the consumers' wants but also to recognize the needs that underlie those wants, in order to create products and services that truly meet their needs.

Question 7

A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.

Accepted Answer

A brand's value proposition is the set of benefits it promises to deliver to consumers to satisfy their needs. This is a key aspect of a brand's positioning strategy and helps differentiate it from competitors in the marketplace. The other choices are not directly related to a brand's value proposition.

Question 8

Which of the following is a difference between the marketing concept and the selling concept?

Accepted Answer

The marketing concept is centered around customer needs and wants, while the selling concept is focused on pushing existing products to customers.

Question 9

The selling concept is typically practiced with ________.

Accepted Answer

The selling concept is typically used for unsought goods that customers do not yet want or do not know they want. These products often require a significant marketing push to create demand, such as life insurance, cemetery plots, or other products that people generally do not think about until they are faced with a difficult situation.

Question 10

The selling concept holds that ________.

Accepted Answer

The selling concept holds that consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts. This approach focuses on creating sales transactions rather than building long-term customer relationships.

Question 11

GT Grand,a manufacturer of ultra-luxury cars,supplies customized vehicles based on the specific demands of customers in affluent market segments.The company's approach is most likely referred to as ________.

Accepted Answer

GT Grand's approach is clearly focused on catering to the needs and wants of specific market segments, rather than trying to appeal to everyone. This is known as target marketing.

Question 12

________ are the form human needs take as they are shaped by culture and individual personality.

Accepted Answer

Human needs are universal but wants are shaped by culture and individual personality. For example, the need for food is universal, but the type of food and the way it is prepared varies based on culture and personal preferences. Therefore, wants are the form that human needs take as they are shaped by culture and individual personality.

Question 13

Abel now has the buying power to purchase the computer that he wanted to buy six months ago.Abel's want has most likely become a(n)________.

Accepted Answer

Abel's want has become a demand because he now has the ability to purchase the computer. Demand refers to the willingness and ability of a consumer to purchase a product or service.

Question 14

________ is the act of obtaining a desired object from someone by offering something in return.

Accepted Answer

The act described in the question is known as an exchange, in which two parties engage in a transaction where one provides something of value in order to receive something they desire from the other party.

Question 15

Selecting particular segments of a population of customers to serve is called ________.

Accepted Answer

Selecting particular segments of a population of customers to serve is called target marketing. Process reengineering refers to redesigning business processes for improved efficiency and effectiveness. Brand synchronizing refers to aligning all aspects of a brand's identity for consistency. Mass customizing refers to producing goods and services to meet the individual needs and preferences of customers. Market positioning refers to creating a distinct image and identity for a product or brand in the minds of consumers.

Question 16

Dividing a market into several sections of customers is known as ________.

Accepted Answer

Dividing a market into several sections of customers is known as market segmentation. This process helps businesses target specific groups of customers to better meet their needs and preferences, ultimately leading to more effective marketing strategies and increased sales.

Question 17

Voize,a leading mobile phone manufacturer,focuses on low labor costs and mass distribution to ensure the continuous availability of its products at reasonable prices.Voize most likely follows the ________.

Accepted Answer

The production concept focuses on producing high-quality products at low prices through efficient production and distribution. Voize's strategy of focusing on low labor costs and mass distribution aligns with this concept.

Question 18

The production concept holds that ________.

Accepted Answer

The production concept focuses on producing large quantities of products at low prices, assuming that consumers will favor products that are widely available and inexpensive.

Question 19

When backed by buying power,wants become ________.

Accepted Answer

When wants are backed by buying power, they become demands, as consumers are willing and able to pay for them. Thus, they are requesting or demanding the product or service in question. A need is a necessity, whereas an offering is a product or service being offered for sale. Values and ideas are not directly related to the concept of wants becoming demands.

Question 20

According to the product concept,a company should ________.

Accepted Answer

The product concept emphasizes continuous product improvements and innovations to enhance quality and performance, assuming that customers will favor products offering the most quality, performance, and features.

Quiz 1: Marketing: Creating and Capturing Customer Value