Question

Which statement best describes marketing's role in creating value?

a) "Marketing doesn’t contribute to value creation"
b) "Marketing shapes consumer wants and needs"
c) "Value creation through marketing is solely for organizations"
d) "Marketing has no impact on consumer behavior"

Answer 1

Marketing's primary role in creating value is by shaping consumer wants and needs, influencing purchasing behavior, and enhancing the perceived value of a product or service.

Step-by-step explanation:

The statement that best describes marketing's role in creating value is: "Marketing shapes consumer wants and needs." Marketing contributes to value creation by understanding customer needs, identifying target markets, developing products and services that satisfy those needs, and communicating the benefits of these products and services to the customers. Effective marketing strategies result in the development of a value proposition that resonates with consumers, encourages purchases, and fosters brand loyalty. By influencing consumer behavior, marketing plays a crucial role in driving sales and profitability for organizations while enhancing the perceived value of a product or service to the consumer.