When Studying Consumer Needs, a Marketer Should

question 177

Multiple Choice

When studying consumer needs, a marketer should:

• A) know that a product may be a want or a need depending on what the consumer has learned during his/her life.
• B) try to understand how the marketing mix can satisfy a set of needs, rather than only one.
• C) realize that he or she cannot create needs, merely identify them.
• D) all of the above.
• E) none of the above.

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Definitions:

Rent Ceiling

A government-imposed limit on how high rents can go, aimed at keeping housing affordable.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing the additional value created by the firm beyond that required to compensate its resource suppliers.

Shortage

A condition where the demand for a product exceeds its supply in the market.

Ceiling Price

Ceiling price is a legally imposed maximum price on goods or services, above which transactions cannot legally occur, often implemented to prevent price gouging during shortages.