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Question
Distinguish between elastic demand and inelastic demand.
Answer
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The __________ element of the marketing mix includes discounts and allowances.A. productB. priceC. promotionD. placeE. people
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Points of difference refer toA. the fundamental, passionate, and enduring principles of an organization that guide its conduct over time.B. the cluster of benefits that an organization promises customers to satisfy their needs.C. a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.D. those characteristics of a product that make it superior to competitive substitutes.E. the use of percentage points of market share to allocate marketing resources effectively for different product lines within the same firm.
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According to the textbook, the terms firm, company, and organizationA. refer to for-profits, non-profits, and government agencies respectively.B. refer to non-profits, government agencies, and for-profits respectively.C. refer to government agencies, for-profits, and non-profits respectively.D. refer to for-profits, government agencies, and non-profits respectively.E. can be used interchangeably to cover both profit and nonprofit organizations.
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Market segmentation refers toA. identifying small groups of customers with dissimilar needs.B. aggregating prospective buyers into groups and selecting only those whose needs cannot be met by competitors' products.C. aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.D. aggregating different products into more reasonable product groupings to better serve consumers' needs.E. those characteristics of a product that make it superior to competitive substitutes.
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A target market refers toA. people who could purchase a product regardless of who ultimately uses it.B. one or more specific groups of potential consumers toward which an organization directs its marketing program.C. former customers who now use competitors' products.D. the cluster of benefits that an organization develops to satisfy consumers' needs.E. people with both the desire and the ability to buy a specific offering.
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Which of the following statements regarding organizational foundation is most accurate?A. An organizational foundation specifies its goals.B. An organizational foundation defines the business that it is in.C. An organization's foundation empowers stakeholders to have a voice in the strategic marketing process.D. An organization's foundation is its philosophical reason for being - why it exists.E. An organization's foundation is the company, its product, and its customers.
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Today's visionary organization uses three key elements to specify its foundation, set a direction, and __________.A. set financial goalsB. assign job responsibilitiesC. formulate strategiesD. establish production parametersE. establish detailed marketing tactics
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