The Essence of Marketing Is

question 33

Multiple Choice

The essence of marketing is

• A) to select a target market big enough to make marketing to it worthwhile.
• B) to collect market information and use it to develop long-lasting customer relationships.
• C) to develop satisfying exchanges from which both customers and marketers benefit.
• D) to modify marketing mix variables so as to secure the highest market share.
• E) to provide customers with the greatest amount of value.

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Definitions:

Psychosocial Development

The development of the personality and the acquisition of social attitudes and skills from infancy through maturity.

Erikson

A psychosocial development theorist known for his 8-stage theory of human development.

Initiative Versus Guilt

Erikson’s third psychosocial stage in which young children develop a sense of purposefulness, try new skills and activities, and take pride in their accomplishments, as well as feel guilt if they are unsuccessful.

Economic Labor

The work performed by individuals that contributes to the production of goods and services in an economy.