A Critical Aspect of the Marketing Function Is Identifying Gaps

question 20

True/False

A critical aspect of the marketing function is identifying gaps in the market so that a firm can develop new products to fill those gaps.

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Definitions:

Looking-glass Self

A concept in sociology suggesting that an individual's self-perception is influenced by how others perceive and interact with them.

Self-concept

The entirety of an individual's thoughts and feelings regarding themselves, including their identity and perception of their own abilities and attributes.

Vicious Cycle

A sequence of reciprocal cause and effect in which two or more elements exacerbate each other, leading to a worsening scenario.

Self-Fulfilling Prophecy

The tendency for a prediction to actually occur once it is believed; for example, when a victim believes that prejudice against him or her is true, then fulfills these negative expectations.