Marketing Aims and Objectives

What is the difference between customer wants and needs?

• Wants are essential for survival, needs are not.

• Needs are essential for survival, wants are not.

• Wants and needs are the same.

• Needs are always more expensive than wants.

How do brands develop new products based on customer wants and needs?

• By ignoring customer feedback.

• By analyzing market trends and customer feedback.

• By copying competitors' products.

• By reducing production costs.

What is one way to improve profitability and increase market share?

• Decrease product quality.

• Increase prices without improving products.

• Innovate and improve product offerings.

• Reduce customer service efforts.

What are customer wants shaped by?

• Basic necessities

• Culture, media, and personal identity

• Daily life requirements

• Financial constraints

How are needs different from wants according to the text?

• Needs are shaped by culture

• Needs are more basic and necessary for daily life

• Needs are influenced by media

• Needs are desires

Why must marketers differentiate between needs and wants?

• To increase product prices

• To promote products effectively

• To reduce production costs

• To create more advertisements

What is the primary reason businesses gather customer feedback?

• To increase prices

• To create products that meet needs and wants

• To reduce production costs

• To expand globally

What was Snapchat's initial function before evolving?

• A photo editing app

• A simple disappearing message app

• A video streaming service

• A social networking site

Which customer base does IKEA's marketing strategy primarily target?

• Retirees

• Young professionals, families, and students

• High-income individuals

• Art collectors

What does market leadership refer to?

• The business with the largest market share in a given sector

• The business with the highest profit margins

• The business with the most employees

• The business with the most locations