Using suitable examples, briefly compare and contrast the concepts of needs, wants, and demands. Discuss how these concepts relate to marketing practices
What will be an ideal response?
Human needs are states of felt deprivation. Needs are part of the human make-up; they are not created by external forces. Humans have a basic physical need for food, clothing, warmth, and safety, a basic social need for belonging and affection, and a basic individual need for knowledge and self-expression. Unlike needs, wants are not innate. Instead, wants are needs shaped by culture, society, and individual personality. For example, an American needs food, wants a Big Mac and soft drink, and demands lunch at McDonalds. Wants become demands when they are backed by consumers' buying power. Marketers conduct extensive research to understand customers' needs, wants, and demands. They then attempt to fulfill customers' needs, wants, and demands through their market offerings.
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The following information regarding fixed production costs from a manufacturing firm is available for the current year: Fixed costs in the beginning inventory $ 16,000 Fixed costs incurred this period 100,000 Which of the following statements is not true?
a. The maximum amount of fixed production costs that this firm could deduct using absorption costs in the current year is $116,000. b. The maximum difference between this firm's the current year income based on absorption costing and its income based on variable costing is $16,000. c. Using variable costing, this firm will deduct no more than $16,000 for fixed production costs. d. If this firm produced substantially more units than it sold in the current year, variable costing will probably yield a lower income than absorption costing.
Japan is mentioned in the age distribution section because
A. its declining population means that the country's social security funds will last a longer amount of time. B. it is the fastest-graying nation in the industrial world. C. its declining population means that the country's wealth will be spread among a smaller number of people, increasing its overall prosperity. D. in the future it may have almost as many retirees as children. E. its increasing fertility rate will allow it to compensate for an increased number of aged people.
When companies sell in other countries through limited direct contact or indirect intermediaries, they always consider themselves to be involved in foreign marketing.
Answer the following statement true (T) or false (F)
The "takings clause" prevents the government from taking private property for any reason
a. True b. False Indicate whether the statement is true or false