The Societal Marketing Concept Sees All Marketers Adhering to Principles

question 16

Multiple Choice

The societal marketing concept sees all marketers adhering to principles of social responsibility in the marketing of their goods and services which means that:

• A) marketers should focus on satisfying the needs and wants of their target market.
• B) marketers should focus on preserving the environment and enhancing the well-being of society.
• C) marketers should balance the needs and wants of their target markets in ways that preserve and enhance the well-being of consumers and society.
• D) marketer should balance the needs and wants of their target markets with their business objectives.

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Definitions:

Consumers Surplus

The gap between the aggregate sum consumers are ready and capable of paying for a good or service versus what they actually shell out.

Elastic Demand

A market condition where the quantity demanded of a good or service significantly changes in response to a change in price.

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in price.

No-Name Brand

Products that are sold without a brand name, often packaged plainly and priced lower than branded counterparts, focusing on basic functionality.