Mkt 201 Exam 1 Questions And Answers 100% Correct 2024

hat is the most important part of a marketing plan and why {Ans: The most important part of a marketing plan is the in depth analysis of the market for their product. This includes competitor information, their customer base, suppliers, strategic alliances, and the general economic climate for that product. The customer base in of prime importance because without a steady base of customers, a product cannot survive, regardless of whatever merit it might have. This is also a good opportunity to analyze the different potential customer segments rather than the general population.}Cutting middlemen out of the channel is known as: {Ans: disintermediation.}The biggest purchaser of goods and services in the world is the U.S. consumer. {Ans: False}Consumers respect _____ and often ask for their input before they buy goods and services. {Ans: opinion leaders}What is Derived Demand? {Ans: Derived demand is demand that springs from, or is derived from, a source other than the primary buyer of a product. (For example, due to the increase in sales of MP3 players, headphones sales are also increased {there is a derived demand for headphone}).}A group of people who have the same economic or educational status in