Refer to the Scenario Below to Answer the Following Question(s)

question 1

Multiple Choice

Refer to the scenario below to answer the following question(s) .
Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Atop a cliff overlooking the Maine coast, Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendous downturn in business during winter. "But, given the established industries in the nearby towns, very little year-round competition, and our close proximity to Portland," Carol added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!"
So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carol's plan also involved a seasonal promotional gimmick-to be implemented from early winter to late spring-that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers-both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals.
"We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that are a part of the local cuisine, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Carol then added, "Actually there are so many possibilities. With an indoor pool area, I will eventually offer weekend getaways throughout winter."
-Carol Veldt's plan also involves a seasonal promotional gimmick that she wants to promote aggressively. This is an example of the ________ concept.

• A) selling
• B) marketing
• C) product
• D) production
• E) societal marketing

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Definitions:

Economic Assets

Resources with economic value that an individual, company, or country owns or controls with the expectation that it will provide future benefits.

Wealth

Money and economic assets that a person or family owns.

Income

Amount of money a person receives, usually through wages or salaries.

Stocks

Shares of ownership in a corporation, representing a claim on part of the corporation's assets and earnings.