BP1-Q1 - Marketing Principles

Demand is the action or business of promoting and selling products or services, including market research and advertising.

• TRUE

• FALSE

Needs are the physiological necessities required for human survival.

• TRUE

• FALSE

Wants are more physiological indicating preferences that can improve the consumer's life condition.

• TRUE

• FALSE

Marketing is the willingness to buy and ability to pay for a particular product or services.

• TRUE

• FALSE

Perfect competition is a market system characterized by many different buyers and sellers.

• TRUE

• FALSE

In oligopoly, there is only one producer of a particular good or service, and generally no reasonable substitute.

• TRUE

• FALSE

A monopsony has only one buyer for a particular good or service giving the buyer significant power in determining the price of the products produced.

• TRUE

• FALSE

Monopolistic competition exists when many companies offer competing products or services that are similar, but not perfect, substitutes.

• TRUE

• FALSE

Pure monopoly has a handful of producers that make up a dominant majority of the production and providing uncompetitive prices in the market.

• TRUE

• FALSE

It considers the product to be produced and then earns profit through sales volume.

• PRODUCT CONCEPT

• SELLING CONCEPT

• MARKETING CONCEPT