MKTG 3131 Final

Emily had an excellent year as a saleswoman in 2010. She earned $97,000. She paid $17,000 for "necessities" such as mortgage, food, and clothing. She was given a six-week all expenses paid vacation by the company for her sales performance that had a value of $9,000. Her state and federal income taxes totaled $24,000. What was her discretionary income? A. $56,000 B. $65,000 C. $80,000 D. $97,000 E. There is not enough data provided to calculate her discretionary income

$56,000 Discretionary income is the money that remains after paying for taxes and necessities. Therefore, $97,000 = gross income less 17,000 for necessities less 24,000 for taxes equals $56,000 for discretionary income.

Small businesses make up the majority of the competitive landscape for most businesses. There are approximately __________ small businesses in the United States. Question options: 17 million 28.2 million 39 million 52 million 97 million

28.2 million

Which of the following statements best distinguishes between consumer needs and wants? 1. a. Needs are far more influential than wants with respect to marketing decision making. 2. b. Wants affect marketing decisions primarily for planned purchases while needs affect marketing decisions primarily for impulse purchases. 3. c. Wants occur when a person feels deprived of basic necessities such as food, clothing, and shelter while needs are determined by a person's knowledge, culture, or personality. 4. d. Needs occur when a person feels deprived of basic necessities such as food, clothing, and shelter while wants are determined by a person's knowledge, culture, or personality. 5. e. Needs and wants are psychologically the same

4. d. Needs occur when a person feels deprived of basic necessities such as food, clothing, and shelter while wants are determined by a person's knowledge, culture, or personality.

A local college of business offers an outstanding graduate business school education program. Marissa pays the tuition to attend and earns her MBA with a concentration in marketing management. Upon graduating, she is offered a high paying, fulfilling position. Was this a marketing exchange? 1. a. No, because the university earned a profit from Marissa's tuition. 2. b. No, because money was exchanged in the form of tuition and Marissa's income will come from her employer, not the graduate school. 3. c. No, because the school did not provide Marissa with a tangible product, only the potential of an education. 4. d. Yes, because the university promised Marissa she would graduate on time, and she did. 5. e. Yes, because paying tuition was exchanged for knowledge that directly led to Marissa's high paying, fulfilling new job.

5. e. Yes, because paying tuition was exchanged for knowledge that directly led to Marissa's high paying, fulfilling new job

Small businesses account for __________ of the gross domestic product (GDP). a. 25 percent b. 30 percent c. 50 percent d. 65 percent e. 80 percen

65 percent

Which of the following best illustrates the concept of derived demand? Question options: The number of retail stores in a downtown area decreases even though demand for retail goods increases. An increase in the number of new, single-family homes results from a spike in the gross national product. A Chinese plastics company increases its output because of its customers' higher toy exports to the United States. A heat wave results in an increased demand for air conditioners. Honda reducing its car prices causes GM to do the same.

A Chinese plastics company increases its output because of its customers' higher toy exports to the United States.

Scanning your memory for previous experiences with products or brands occurs during which stage of the consumer purchase decision process? A. information search B. purchase decision C. alternative evaluation D. postpurchase behavior E. problem recognition

A. information search

Which of the following is not a reason to segment a market? Question options: The ability to assign buyers to a segment is simple and cost-effective. It would cause an increase in market share or profit. All the buyers in the entire market have similar wants and needs. There is a potential marketing action to reach it. There are different wants and needs of buyers in the entire market.

All the buyers in the entire market have similar wants and needs.

Which of the following products failed in the marketplace because of perceived limited usefulness for consumers? Question options: Life is Good T-shirts Apple Newton Bell bicycle helmets 3M Post-it Flag+Highlighter Dr. Care toothpaste

Apple Newton

A student wants to buy a cell phone so she can share pictures with her friends, and an insurance claims adjuster wants to buy a cell phone to document accident reports. If they both purchase the same model phone, which statement is most accurate? A. The adjuster is a prospective customer because the phone will be used for work; the student is only a secondary user since the purpose of the phone is just for entertainment. B. Both the adjuster and students are potential customers because in their own way, they both benefit from the product. C. Neither the adjuster nor the student is a prospective customer, since most likely the company will pay for the adjuster's phone and the student's parents will pay for hers. D. The student is the prospective customer since there are more students buying phones for personal use than there are insurance adjusters buying phones for business use. E. Every person who uses a cell phone is a prospective customer whether they receive benefit from the phone or not

B. Both the adjuster and students are potential customers because in their own way, they both benefit from the product.

Paul Avery is a salesperson at the only Ford automobile dealership in Wausau, Wisconsin. However, there are several other auto dealerships in town, offering both domestic and foreign cars and trucks. Paul works hard to keep his customers satisfied because he knows that if his customers are unhappy, they can simply buy a car from one of the many other comparable dealers in Wausau. This is an example of A. pure competition. B. monopolistic competition. C. an oligopoly. D. a monopoly. E. incremental competition

B. monopolistic competition.

The five stages a buyer passes through in making choices about which products and services to buy is called the __________. A. information decision process B. purchase decision process C. alternative evaluation process D. postpurchase behavior process E. problem recognition process

B. purchase decision process

Which era of U.S. business history does the following statement best describe? "We are in the business of satisfying needs and wants of consumers." A. The production era B. The sales era C. The marketing concept era D. The marketing orientation era E. The societal marketing era

C. The marketing concept era

The owner of your local KFC franchise has had a good year with rising revenues and reduced operating costs that resulted in a personal income of approximately $100,000. One-third of that was taken for local, state, and federal income taxes, and another third went to pay for mortgage, car payments, food, clothing, and other necessities. What is the remaining third called? A. Windfall B. Bonus C. Discretionary income D. Disposable income E. Franchising fee

Discretionary Income. Since discretionary income is the money that remains after paying for taxes and necessities, $100,000 less one third for taxes and one third for necessities, leaves one third for discretionary income.

Sociocultural influences which affects the consumer purchase decision process, include all of the following except ___________. A. personal influence B. reference groups C. family D. culture and subculture E. values, beliefs, and attitudes

E. values, beliefs, and attitudes

Which of the following organizations engage in marketing? Question options: the Chicago Cubs the San Francisco Opera the City of Denver the president of the United States Every organization or individual can engage in marketing to some extent.

Every organization or individual can engage in marketing to some extent.

Lexi wants to find the perfect gift for her older sister's college graduation. She started looking for the gift last month and expects to spend another couple of weeks to find a gift her sister will use and like. Lexi is engaging in Question options: routine problem solving. limited problem solving. extended problem solving. problem recognition. integrated problem solving.

Extended problem solving

The name given to the generational cohort who are described as self-reliant, supportive of racial and ethnic diversity, and better educated than previous generations is Question options: Generation Z. Generation Y. millennials. Generation X. baby boomers.

Generation X

Which of the following is the best example of a convenience product? Question options: Kindle Fire Lexus LS 460 luxury automobile flight on United Airlines Roget's Thesaurus Hidden Valley Ranch salad dressing

Hidden Valley Ranch salad dressing

The American business period that attempts to satisfy consumer needs while achieving organizational goals is called the __________ era. A. sales B. production C. marketing concept D. societal marketing concept E. consumerism

Marketing Concept Era

Which of the following statements about personality is most accurate? Question options: Personality is dynamic and typically changes several times as a person matures. Most personality traits are inherited or formed at an early age. Personality is the energizing force that makes consumer behavior purposeful. Most personality traits are formed during adulthood and don't change thereafter. People with compliant personalities prefer lesser known brand names.

Most personality traits are inherited or formed at an early age.

Five situational influences have an impact on a consumer's purchase decision process: purchase task, social surroundings, physical surroundings, antecedent states, and __________. A. competition B. temporal effects C. perceived value D. independent variables E. economic effects

Temporal Effects

In the United States, grapefruit is almost exclusively eaten as a breakfast fruit. This situation is most closely related to which of the following situational influences? A. purchase task B. social surroundings C. physical surroundings D. temporal effects E. antecedent states

Temporal Effects

A college student is taking a full course load, working 20 hours per week, and still has to take out a student loan to cover tuition. One day, he sees a classmate driving a new Lexus LFA sports coupe (price: $375,000) and feels he just has to have one for himself. What factor is most likely to prevent a successful marketing exchange between the student and the local Lexus dealer located in an affluent suburb about 20 miles from his university? Question options: The local Lexus dealer only has one Lexus LFA sports coupe in stock—red, which is the color he wants. The student does not have the resources to qualify for a $375,000 auto loan. Although the Lexus LFA sports coupe is a great car, there may be other cars with better gas mileage and resale value. He's afraid that if someone at school sees him with the car, he might lose his student loan. His girlfriend wants him to drive a Kia Soul.

The student does not have the resources to qualify for a $375,000 auto loan.

Temporal effects include A. the purpose of the purchase. B. other people present. C. the time of day. D. the crowding in retail stores. E. the consumer's mood

The time of day

Grouping potential buyers into meaningful segments involves meeting some specific criteria that answer the following question: Question options: Is this product useful on a global scale? Is it possible to reposition this product? Is there too much competition for this product? Is the market loyal to the product? Would segmentation be worth doing and is it possible?

Would segmentation be worth doing and is it possible?

Which of the following statements about the family life cycle is most accurate? Question options: The majority of households today are composed of traditional families. Income and gender are two of the variables considered in the family life cycle. Young singles represent a target market for recreational travel, automobiles, and consumer electronics. Single divorcees are more likely to buy life insurance than any other group. The most financially secure group of any family life cycle stage is single parents with children.

Young singles represent a target market for recreational travel, automobiles, and consumer electronics.

The specialized group of consumers with a structured set of relationships involving a particular brand, fellow customers of that brand, and the product in use is referred to as Question options: a brand community. a VALS. an opinion leader. a social class. a buzz group.

a brand community

The energizing force that stimulates behavior to satisfy a need is referred to as Question options: a personality. an antecedent state. a motivation. a cognitive dissonance. a perception.

a motivation

Whether an individual is buying for personal use or use for his household, or an organization is buying for its own use or for resale, the individual or organization would be considered A. a prospective customer. B. the primary marketing decision maker. C. a potential marketing risk. D. an informed buyer. E. an unqualified prospect

a prospective buyer

If a customer is reluctant to try a new product because she's afraid it might make her ill, the company is most likely facing __________ barrier. Question options: a usage a risk a value an emotional a psychological

a risk

A brand community refers to A. the relatively permanent, homogeneous divisions in a society that consists of people who share similar values, interests, behaviors, and brands. b.a specialized group of consumers with a structured set of relationships involving a particular brand, fellow customers of that brand, and the product in use. c. people to whom an individual looks as a basis for purchasing particular brands. d.those buyers who, through the size of their purchases, affect where marketing dollars will be spent on a particular brand. e. those brands with whom a person does not wish to be identified

a specialized group of consumers with a structured set of relationships involving a particular brand, fellow customers of that brand, and the product in use.

A marketing program refers to a. a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. b. the selection of product benefits and attributes that are added to or subtracted from a given product to create variations within a product line. c. the marketing manager's controllable factors—product, price, promotion, and place—that can be used to solve a marketing problem. d. the specific ratio within a marketing budget that divides resources between advertising, promotions, and personal selling. e. the allocation of resources within a firm towards individual marketing mix elements.

a. a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

The demographic situation, consisting of married couples with children youger than 18 years old and whic constitutes 21 percent of all US households is referred to as an a. traditional family b. typical household c. socialized household d. reference group e. ideal family unit

a. traditional family

A salesforce survey forecast involves Question options: asking prospective customers if they are likely to buy the product during some future time period. asking the firm's salespeople to estimate sales during a coming period. selecting the forecasting alternative that would allow a firm to survive financially even if the forecasts were totally incorrect. making decisions without any intervening steps. averaging the projections obtained from just regional sales managers and then making the final projection.

asking the firm's salespeople to estimate sales during a coming period.

A __________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. a. marketing strategy b. marketing program c. macromarketing tactic d. micromarketing tactic e. customer relationship management

b. marketing program

Airlines have developed frequent-flyer programs to encourage passengers to use the same airline repeatedly to create loyal customers. Airlines are using __________ segmentation here. Question options: psychographic behavioral demographic social geographic

behavioral

The 80/20 rule is most closely related to which basis of segmentation? Question options: geographic psychographic opportunistic demographic behavioral

behavioral

Baby boomers can be defined as the generation born Question options: between 1918 and 1945. between 1946 and 1964. between 1965 and 1976. between 1977 and 1994. since 1995.

between 1946 and 1964

Ben & Jerry's is an ice cream producer owned by Unilever. If the Firm identified that its managers lacked the expertise to create additional growth for the Firm's products, a marketing manager would likely incorporate this knowledge into its SWOT analysis as Answers: a. a weakness if the company has a strong working relationships with Unilever. b. an opportunity if the company shares this information directly with its competitors. c. a weakness if the company does not seek to gain that additional expertise d. a threat if Ben & Jerry's does not have resources to develop additional expertise.e. part of a marketing plan; this information would not be part of a SWOT analysis.

c. a weakness if the company does not seek to gain that additional expertise

Which of the following products would have a fad product life-cycle curve? Question options: women's hosiery car tattoos electric cars convection ovens sport drinks

car tattoos

To serve both buyers and sellers, marketing seeks to __________ and satisfy the needs and wants of prospective customers. Question options: change create manipulate discover measure

change

The feeling of postpurchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives is referred to as Question options: angst. the temporal state. the dissociative state. selective perception. cognitive dissonance.

cognitive dissonance

All of the following statements are true except Question options: LEED stands for Leadership in Energy and Environmental Design. today's college graduates now seek green jobs that involve some aspect of social responsibility. colleges of business have yet to establish sustainability course electives and case studies. many students want to be involved with organizations such as Net Impact to use business to improve the world. millennials want to make a difference by making the world a better place.

colleges of business have yet to establish sustainability course electives and case studies.

All of the following are situational influences that can have an impact on a consumer's purchase decision process except Question options: physical surroundings. purchase task. temporal effects. consumer involvement. antecedent states.

consumer involvement

Which of the following terms best describes the marketing concept? Question options: consumer-oriented production-oriented sales-oriented society-oriented competition-oriented

consumer-oriented

The National Center for Public Policy and Higher Education reports that since 1980, college tuition and fees have increased by 440 percent whereas family incomes have risen less than 150 percent. This is an example of a(n) __________ economy. a. deflationary b. recessionary c. disinflationary d. inflationary e. depressive

depressive

One test of whether marketing research should be done is if Question options: different outcomes will lead to different marketing actions. multiple changes can be implemented simultaneously. interpreting the data can be done using a jury of executive opinions. the decision to undertake it is unanimous. there is a budget for the research.

different outcomes will lead to different marketing actions.

Income used to buy luxury items such as a Regent cruise is referred to as A. gross income. B. disposable income. C. annual income. D. consumable income. E. discretionary income

discretionary income

The money that remains after paying for taxes and necessities is referred to as Question options: net income. discretionary income. disposable income. household income. gross income.

discretionary income

The concept of the diffusion of innovation shows how a product "diffuses" or spreads through the population over time. The consumer population is divided into five categories of product adopters based on when they adopt (i.e., first buy) a new product. Each product adopter category has a unique profile. Consumers who are deliberate adopters with many informal social contacts are called Question options: innovators. early adopters. early majority. late majority. laggards.

early majority.

When past experience is insufficient, the risk of making a wrong decision is high, and the cost of gathering information is low, a consumer is more likely to use an __________ for information. Question options: internal search informal search expert directed search external search experiential search

external search

The family life cycle concept describes the distinct phases a family progresses through from __________, each phase bringing with it identifiable purchasing behaviors. Question options: formation to retirement birth to death the birth of children to retirement the birth of children until they leave home marriage to retirement unless a divorce, separation, or death occurs

formation to retirement

All of the following are environmental forces that affect an organization except Question options: economic. geographical. social. regulatory. technological.

geographical

Environmental trends arise from all of the following forces except Question options: competitive. economic. regulatory. geographical. social.

geographical

The purpose of copyright law is to Question options: provide incentives for increased competition. give inventors of new and novel products the right to exclude others from making, using, or selling products that infringe the patented invention. level the playing field between inventors who work for large corporations and those who work on their own. guarantee the quality and safety of any product produced or distributed in the United States. give an author of a literary, dramatic, musical, or artistic work the exclusive right to print, perform, or otherwise copy that work.

give an author of a literary, dramatic, musical, or artistic work the exclusive right to print, perform, or otherwise copy that work

Which of the following statements best describes a good that can be marketed? A. Goods are physical objects B. Goods are intangible items C. Goods are intangible concepts and thoughts about products, actions, or causes D. Goods look at the flow of an entire nation's goods and services E. Goods are concern with the marketing activities of an individual or organization

goods are physical objects

During the __________ stage of the product life cycle, product proliferation occurs to help differentiate a company's brand from competitors. Question options: introduction growth maturity decline harvest

growth

The __________ stage of the product life cycle is characterized by rapid increases in sales. Question options: introduction growth maturity decline harvest

growth

The __________ stage of the product life cycle is characterized by the appearance of competitors. Question options: decline maturity introduction growth harvest

growth

The stage of the new-product process that develops a pool of concepts to serve as candidates for new products is referred to as Question options: idea generation. product development. open innovation assessment. screening and evaluation. new-product strategy development.

idea generation.

In an inflationary economy, the cost to produce and buy products and services __________ as prices __________. Question options: increases; increase increases; decrease decreases; increase decreases; decrease does not change; increase

increases; increase

When a marketing researcher uses a collection of reports, customer letters, financial statements, and surveys from different departments within her firm to make marketing decisions today, she is using Question options: internal secondary data. primary data. external secondary data. sensitivity analysis. probability data.

internal secondary data.

The Child Protection Act (1966) and the Consumer Product Safety Act (1972) are examples of Question options: pricing-related legislation. laws specifying product requirements. fair trade legislation. distribution-related legislation. requirement contracts

law specifying product requirements

A product life cycle for which little customer education is required and there is a very short introductory period is an example of a __________ product. Question options: high-learning fashion low-learning fad generalized

low-learning

A __________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. Question options: marketing strategy marketing program macromarketing tactic micromarketing tactic customer relationship management

marketing program

ChoiceShirts is an online company that makes made-to-order T-shirts. Its online customers can order their shirts using any downloaded photo inserted into 600 templates or even design a shirt from scratch. This is an example of Question options: family branding. mass customization. multiple products and multiple market segments. one product and multiple market segments. specialty customization.

mass customization.

Sampling and statistical inference are special __________, which are vital in marketing research to solve all or part of a problem. Question options: systems styles methods manners modes

methods

The approaches that can be used to collect data to solve all or part of a marketing research problem are referred to as Question options: methods. proposals. strategies. tactics. analyses.

methods

The form of competition in which many sellers compete with their products on a substitutable basis is called A. pure competition. B. cross-market competition. C. oligopoly. D. monopolistic competition. E. monopoly.

monopolistic competition

Facts and figures obtained by watching, either mechanically or in person, how people actually behave are referred to as __________ data. Question options: inspection hypothetical primary source observational eyewitness

observational

Melanie manages a local store for a national drugstore chain and had received complaints from several customers about rude employees. To check on her customer service, Melanie hired a team of researchers, who posed as customers shopping in the store. Occasionally, they bought something, but their primary purpose was to take notes and record the actions of the service staff. The research information Melanie received was a form of __________ data. Question options: secondary developmental observational national questionnaire

observational

The purpose of environmental scanning is to Question options: only identify trends in the marketplace. only interpret trends in the marketplace. only forecast trends in the marketplace. identify, interpret, and forecast trends in the marketplace. only identify and interpret trends in the marketplace.

only identify and interpret trends in the marketplace.

Individuals who exert direct or indirect social influence over others are referred to as Question options: decision makers. achievers. innovators. buzz managers. opinion leaders.

opinion leaders

A consumer's purchases are often influenced by the views, opinions, or behaviors of others. Two aspects of personal influence that are important to marketing are __________ and word-of-mouth activity. Answers: a. parental guidance b. peer pressure c. opinion leadership d. government regulation e. psychographics

opinion leadership

Considering the two main types of data, if facts and figures are newly collected for a project, which type of data is being collected? Question options: internal primary data secondary data external primary data primary data internal secondary data

primary data

Jamie goes shopping with a friend and notices her friend's durable ripstop nylon wallet. She thinks of her own worn wallet and realizes she needs a new one. In which stage of the consumer purchase decision process was Jamie when she had this realization? Question options: information search problem recognition purchase behavior alternative evaluation prepurchase cognition

problem recognition

Specialty products refers to Question options: products for which there are many substitutes. products purchased for their prestige or high perceived value. products a consumer will make a specific effort to search out and buy. items for which the consumer compares several alternatives on several criteria such as price, quality, or style. items that the consumer does not know about or knows about but does not initially buy.

products a consumer will make a specific effort to search out and buy.

A simultaneous evaluation of both product attributes and seller characteristics represents which stage of the consumer purchase decision process? Question options: purchase decision information search financial transaction alternative evaluation postpurchase behavior

purchase decision

In _________, there are many sellers and they each have a similar product. Companies that deal in commodities common to agribusiness are found in this form of competition. A. pure competition B. limited competition C. oligopoly competition D. monopoly competition E. cross-market competition

pure competition

The form of competition in which ever company has a similar product is referred to as __________. A. pure competition B. cross-market competition C. oligopoly D. monopolistic competition E. monopoly

pure competition

The form of competition in which there are many sellers and they each have a similar product is referred to as Question options: pure competition. singular competition. an oligopoly. monopolistic competition. a monopoly.

pure competition

An Arizona cardiac surgery practice agreed to pay the U.S. Department of Health and Human Services a $100,000 settlement following an investigation of potential violations of the Health Insurance Portability and Accountability Act (HIPAA) Privacy and Security Rules. The practice posted clinical and surgical appointments for its patients on an Internet-based calendar that was publicly accessible, which drew complaints for failing to protect health information of consumers. HIPAA rules are an example of __________ forces in the marketing environment. Question options: economic ecological technological social regulatory

regulatory

Recently, U.S. dairies, struggling to increase milk sales, tried to change the way adults thought about chocolate milk. The dairies wanted to __________ chocolate milk in the minds of adult consumers. Question options: segment differentiate explain promote reposition

reposition

Set during the marketing research process, __________ are the specific, measurable goals the decision maker seeks to achieve in conducting the marketing research. Question options: measures of success research constraints marketing research plans hypothetical scenarios research objectives

research objectives

Facts and figures that have already been recorded before the project at hand are referred to as Question options: primary data. empirical data. secondary data. demographic data. observational data.

secondary data.

Which type of consumer product is purchased relatively infrequently and the purchase decision takes some time because the consumer compares offerings during the shopping experience? Question options: convenience product shopping product specialty product unsought product discretionary product

shopping product

A factor that might doom a product in the marketplace is referred to as Question options: an albatross. a land mine. a pitfall. a showstopper. a wild card.

showstopper

Green technologies such as smart grid electricity services, online energy management, and consumer-generated energy are __________ forces that would be identified through an environmental scan. Question options: social competitive regulatory technological economic

technological

Rob only has 30 minutes for lunch, so he typically goes somewhere within a block or two of his building and is careful about what he orders. This is an example of which situational influence in the purchase decision process? Question options: purchase task social surroundings physical surroundings temporal effects antecedent states

temporal effects

Marketing refers to Question options: the production of products or services that will generate the highest return on investment. the strategies used in the advertising and promotion of products and services to customers around the globe. the process of identifying target market segments for a product or service. the activity involved in getting a product or service from the manufacturer to ultimate consumers and organizational buyers. the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Consumerism refers to Question options: a movement of conspicuous consumption that began when World War II ended. conducting business in a way that protects the natural environment while making economic progress. a collaborative effort between buyers and sellers to create an exchange where each benefit. the recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth. the grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.

the grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.

The lack of profit in the introductory stage of the product life cycle is very often the result of Question options: pricing the product too low in an attempt to quickly gain market share. targeting the wrong target market segment. a lack of wholesaler support. the large investment costs in product development. ineffective execution of the marketing program

the large investment costs in product development.

Marketing seeks to discover the needs and wants of prospective customers and satisfy them. Essential to this process is the idea of exchange, which refers to Question options: the trade of things of value between buyer and seller so that each is better off after the trade. the negotiation phase between the manufacturer and the seller. the financial remuneration (monetary payment) for a product or service. the transport of tangible goods to new owners. the practice of swapping products and services for other products and services rather than for money.

the trade of things of value between buyer and seller so that each is better off after the trade.

A firm conducting an environmental scan of the marketplace might uncover key __________ such as the growing popularity of video bloggers and the increasing mobility and connectivity of consumers. Question options: profits responsibilities idealisms codes trends

trends

All of the following are factors required for marketing to occur except Question options: a desire and ability on the part of two or more parties (individuals or organizations) to be satisfied. something to exchange between two or more parties (individuals or organizations). two or more parties (individuals or organizations) with the same wants. two or more parties (individuals or organizations) with unsatisfied needs. a way for the parties (individuals or organizations) to communicate.

two or more parties (individuals or organizations) with the same wants.

The benefits or customer value received by users of a product is called Question options: utility. synergy. consumerism. cost-benefit ratio. customer lifetime value.

utility