Please check and correct my answers for the following multiple choice questions:
1-For Tesla, a new firm that makes an electric sports car, estimating how many competitors will make electric vehicles and what kinds they will make, is:
*A. One of the universal functions of innovation*
B. A production activity
C. An example of the micro-macro dilemma
D. A part of marketing
2-Predicting what types of bicycles different customers will want and deciding which of these customers the business will try to satisfy are activities a firm should do as part of:
A. Production
B. A command economy
*C. Marketing*
D. Making goods or performing services
3-Which of the following statements best describes the modern view of marketing?
A. Marketing is concerned with generating a single exchange between a firm and a customer.
B. The job of marketing is to get rid of whatever the company is producing.
*C. Marketing begins with anticipating potential customer needs.*
D. Marketing should take over production, accounting, and financial services within a firm.
4. Professional Dental Supply has been successfully selling dental instruments to dentists for the past 20 years, and has developed strong customer relations. When looking for new marketing opportunities, Professional Dental Supply will most likely look at:
A. Market development
B. Market penetration
*C. Product development*
D. Diversification
The first one is marketing.
2,3 correct.
4) I don't know. Could be C, but I wonder why not try to sell to other dentists? B.
To compete more successfully with its many competitors offering packaged cookies, Famous Amos added its own line of extra chunky premium cookies. This seems to be an effort at:
A. Market development.
B. Combination.
C. Market penetration.
D. Product development.
To compete more successfully with its many competitors offering packaged cookies, Famous Amos added its own line of extra chunky premium cookies. This seems to be an effort at:
A. Market development.
B. Combination.
C. Market penetration.
D. Product development.
Combination
1- For the first question, the correct answer is D. A part of marketing.
To arrive at this answer, you need to understand the main purpose of the question. The question is asking about estimating competitors and their offerings for Tesla, a new firm that makes electric sports cars. This is not a universal function of innovation (option A), a production activity (option B), or an example of the micro-macro dilemma (option C). Instead, predicting and estimating competitors is a part of marketing strategy. By understanding the market landscape and competitors' offerings, a firm can better position itself and its products.
2- For the second question, the correct answer is C. Marketing.
To verify this answer, you need to understand the activities described in the question. The question mentions predicting customer preferences and deciding which customers to target. These activities are integral parts of marketing. Production (option A) focuses on the creation of goods, a command economy (option B) is an economic system, and making goods or performing services (option D) does not encompass the marketing activities described.
3- For the third question, the correct answer is C. Marketing begins with anticipating potential customer needs.
To check this answer, you need to understand the modern view of marketing. The question asks for the best description of the modern view of marketing. The modern view emphasizes understanding customer needs and desires, and it begins by anticipating potential customer needs. This answer aligns with the modern marketing approach. The other options are not accurate representations of the modern view of marketing.
4- For the fourth question, the correct answer is C. Product development.
To validate this answer, you need to analyze the given scenario. The question mentions that Professional Dental Supply, a company with established customer relations, is looking for new marketing opportunities. In this case, the company is likely to explore product development, which involves creating new products or improving existing ones to meet customers' changing needs. Market development (option A) refers to expanding into new markets, market penetration (option B) involves increasing market share with existing products, and diversification (option D) refers to entering new industries with new products. None of these options align with the scenario provided.