When Studying Consumer Needs, a Marketer Should

question 91

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 these alternatives are correct.

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Definitions:

Equivalent Units

A concept used in process costing that converts partially completed units into a smaller number of fully completed units to simplify cost calculations.

FIFO Method

An accounting method where the first items added to inventory are the first ones to be sold or used.

Equivalent Units

A concept used in cost accounting to express the amount of work done by manufacturers in terms of fully completed units of output.

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and constitute a significant portion of the production costs.