Which Statement Best Distinguishes Between Consumer Needs and Wants

question 160

Multiple Choice

Which statement best distinguishes between consumer needs and wants?

• A) Needs are far more influential than wants with respect to marketing decision making.
• B) Wants affect marketing decisions primarily for planned purchases while needs affect marketing decisions primarily for impulse purchases.
• C) Wants occur when a person feels deprived of luxury items while needs are solely possessions required to maintain relationships.
• D) Needs and wants are psychologically the same, but needs are those that a consumer can be guaranteed to satisfy.
• E) 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.

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Definitions:

Normal Balance

Normal Balance refers to the typical or expected balance side (debit or credit) of an account based on double-entry bookkeeping principles.

Financial Statement

Formal records that outline the financial activities and condition of a business, including the balance sheet, income statement, and cash flow statement.

Permanent/Temporary

Refers to types of accounts in accounting, where permanent accounts show cumulative amounts that carry over to future periods, and temporary accounts are closed at the end of each period.

Normal Balance

The side (debit or credit) of an account on which increases to the account are recorded under double-entry accounting.