Thomas Saw Two Boxes of Breakfast Cereal in the Supermarket,with

question 45

Multiple Choice

Thomas saw two boxes of breakfast cereal in the supermarket,with identical ingredients and nutritional profiles.One was in a plain pack with the supermarket name on it;one was from a well-known cereal maker.He knew that his kids were fussy with the cereal they ate,so he bought the well-known cereal,despite the cost being higher.Which key concept of marketing does this illustrate?

• A)Exchange
• B)Branding
• C)Added value
• D)Marketing
• E)Distribution

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Definitions:

Exiting Industry

Refers to the process of firms leaving a specific market or sector, typically due to factors like unprofitability, competition, or changing market conditions.

Minimize Losses

The strategy or process of reducing the amount of losses incurred by a business, investment, or action as much as possible.

Fixed Costs

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance, remaining constant regardless of business activity levels.

Self-actualization Needs

According to Maslow's hierarchy, the highest level of psychological development where an individual reaches their full potential.