Which Conditions Are Necessary For Marketing To Occur

Question: Which of the following is a factor required for marketing to occur?

-a healthy competitive environment

-an affordable and actionable advertising campaign

-a sense of social responsibility

-an ability to see hidden potential within an environmental force

-something to exchange

Answer: something to exchange

Explanation: Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) a way for the parties to communicate; and (4) something to exchange.

Question:

Answer: two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchange

Question:

Answer: Needs occur when a person feels deprived of basic necessities such as food, clothing, and shelter while wants are determined by a person’s knowledge, culture, or personality.

Question: The marketing manager’s controllable factors—product, price, promotion, and place—that can be used to solve a marketing problem are referred to as

Answer: the marketing mix

Question: In recent years, many large firms have changed the title of the head of marketing from vice president of marketing to

Answer: chief marketing officer (CMO)

Explanation: These CMOs have an increasingly important role in top management because of their ability to think strategically.

Question:

Answer: a customer satisfaction

Explanation: Customer satisfaction can be measured directly with surveys or tracked through customer complaints. This action by Dole seems to be one intended to reduce the number of complaints about its bananas and thus improve satisfaction.

Question: All of the following are names the Boston Consulting Group (BCG) has given to describe the four quadrants in its growth-share matrix except which?

-dogs

-stars

-sloths

-cash cows

-question marks

Answer: sloths

Explanation: The BCG has given names to describe the four quadrants in its growth-share matrix. They are cash cows, stars, question marks, and dogs.

Question: The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called

Answer: environmental scanning

Question: The Kansas state legislature recently banned the use of tanning beds by anyone under the age of 18. This restriction would be an example of which environmental force?

Answer: regulatory

Explanation: Government regulation like the Kansas law is considered one of the uncontrollable environmental forces that include social, technological, economic, competitive, and regulatory forces.

Question: Income used to buy luxury items, such as a voyage aboard Cunard’s Queen Mary 2, is referred to as

Answer: discretionary income

Explanation: Discretionary income is the money that remains after paying for taxes and necessities. It is the money that is used for luxury items such as a Cunard cruise.