Dynamic Economies Differ from Static Economies in That Dynamic Economies

question 60

Multiple Choice

Dynamic economies differ from static economies in that dynamic economies:

• A) need not match marketing efforts with the market needs and wants.
• B) have rapidly changing consumption patterns.
• C) have rigid consumption patterns.
• D) define marketing as typically nothing more than a supply effort.
• E) do not require the marketer to be prepared for economic shifts and emerging markets.

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Definitions:

Substitutes

Goods or services that can be used in place of each other, where an increase in the price of one leads to an increase in demand for the other.

Relatively Inelastic

Describes a situation where the demand or supply for a good or service changes only slightly in response to changes in price.

Price Elastic

Refers to a situation where the demand or supply for a product or service significantly changes in response to its price change.

Soft Drinks

Non-alcoholic beverages that are usually carbonated and contain various flavorings and sweeteners.