Question 1. Choose the correct answer for each of the following multiple-choice

Question

Question 1. Choose the correct answer for each of the following multiple-choice (3 marks, 0.5mark for each) 1. Which of the following holds that consumers will not buy enough of the firm's products unless it undertakes a large scale selling and promotion effort. Societal Marketing concept Production concept Product concept Selling concept 2. Select the correct definition of a market. A market is a collection of people who actually or potentially want or need a product, and are able to exchange in order to acquire it. A market is a collection of buyers and sellers willing to exchange a product. A is a mechanism that determines the price of products and services. None of the above. l. 3. Customer satisfaction occurs when Customers make positive comments about a product or service. The value customers receive from a product equals or exceeds the expectation they had of that value. successful transaction occurs. A customer repeats a purchase. 4. The act of obtaining a desired object from someone by offering something in return a A value proposition. Exchange Value a. Donation 5. Human needs as shaped by individual personality and culture. Wants Demands Values Exchanges 6. Which of the following is most essential to any definition of marketing? demand management the production concept customer relationships making a sale

Explanation / Answer

1.

1) c) Product concept

2) b) A collection of buyers and sellers willing to exchange a product

3) b) Value that a consumer receives from a product equals or exceeds the expectation they had of that value

4) b) Exchange

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