Question

Question 2

State whether the statements are true or false:

1. The marketing concept calls on marketers to balance consumer wants, desires, company profits, and society's interests. [ ]

2. The marketing mix includes production, price, promotion, and packaging; this is known as the four Ps of marketing. [ ]

   

3. A key component of the augmented product is the warranty. [ ]

4. A good illustration of a specialty product is a magazine or a newspaper. [ ]

5. One study found that the number one success factor for new-product introduction is a unique, superior product. [ ]

Answer 1

1) Solution: True
Explanation: The marketing concept targets to balance consumer requirements, profits of company, and society's interests

2) Solution: False
Explanation: The four Ps of marketing are - Price, Promotion, Product, and Place

3) Solution: True
Explanation: The augmented products consists of the components such as warranty

4) Solution: True
Explanation: Classified ads in newspaper and magazine are illustration of a specialty product

5) Solution: True
Explanation: The new features and higher value new superior products are likely to be success factor for new-product