Question

Marketing

a. involves persuading customers to buy a product
b. tries to accomplish a companys objectives by anticipating customers needs and trying to satisfy them.
c. is a social process involving all producer, intermediaries, and consumers
d. tries to amek the whole economic system fair and effective
e. begins with the production process

Answer 1

Marketing anticipates and meets customer needs while achieving company objectives, often through effective advertising that differentiates products and influences demand curves to boost profits.

Step-by-step explanation:

Marketing anticipates customers' needs and seeks to satisfy them in alignment with the company's objectives. It is much more than just persuading customers to buy a product; it involves a deep understanding of market dynamics, consumer behavior, and effective communication. Advertising plays a pivotal role in marketing within the context of monopolistic competition by making a firm's products appear differentiated from its competitors. This can be achieved by either making the firm's perceived demand curve more inelastic or by increasing the overall demand for the firm's product, both of which can potentially lead to greater quantities sold and/or higher prices, thereby increasing profits.

Marketing extends beyond mere sales persuasion, involving a comprehensive approach to understanding and satisfying customer needs aligned with company objectives. It encompasses market dynamics, consumer behavior insights, and effective communication strategies. In the context of monopolistic competition, advertising holds a crucial role by creating the perception of differentiation among a firm's products compared to competitors. This differentiation can make the firm's perceived demand curve less elastic, potentially increasing quantities sold or raising prices. Additionally, advertising can stimulate overall demand for the product, contributing to higher profits. This demonstrates the multifaceted impact of marketing and advertising in monopolistic competition, where the strategic presentation of products influences consumer behavior, competition, and ultimately, a company's success in the marketplace.

Answer 2

Marketing involves strategic efforts to meet company objectives by satisfying customer needs and engaging all participants in the economic system. It is not confined to persuasion or the production process, and successful advertising is essential for differentiating products and increasing profits.

Step-by-step explanation:

Marketing is a multi-faceted concept that does more than just persuade customers to purchase; it is a strategic effort aimed at achieving a company's objectives by identifying and satisfying customer needs. It is also considered a social process that engages producers, intermediaries, and consumers to make the economic system more efficient and equitable. Despite some misconceptions, marketing does not begin with the production process but involves the understanding of market demands and creating value for customers.

Advertising plays a crucial role in marketing by differentiating a company's products from its competitors. In a monopolistic competition, advertising can make a firm's demand curve more inelastic or increase the overall demand for its product. Ultimately, a successful advertising campaign translates into greater sales volumes and potentially higher prices, thus amplifying profits.