BCOR 350 Exam 1-Marketing

Marketing is a process of creating customer value.
What is​ marketing?
reap the rewards of creating customer value
In the final step of the​ five-step marketing​ model, companies​ __________.
customer needs
The basic concept underlying marketing is that of​ __________.
exchange
​__________ is the act of obtaining a desired object from someone by offering something in return.
value proposition
A​ brand’s __________ involves the set of benefits or values it promises to deliver to consumers.
production
The​ __________ concept holds that consumers will favor products that are available and affordable.
customer value and satisfaction
Customer relationship building blocks consist of​ __________.
does not attempt to maximize customer satisfaction
Although a​ “customer-centered” firm seeks to deliver high customer satisfaction relative to​ competitors, it​ __________.
Mobile marketing
Which is the​ fastest-growing digital marketing​ platform?
mobile
​__________ marketing is perhaps the​ fastest-growing digital marketing platform.
marketing
the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
product concept
__________ is the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.
backed by buying power
demands are
The idea that consumers will favor products that offer the most quality, performance, and features
describe product concept
Build profitable relationships and create customer delight
what is the 4th step in the marketing process
wants
shaped by culture and an individual’s personality
customer lifetime value
__________ is the value of the entire stream of purchases a customer makes over a lifetime of patronage.
A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
what is the marketing concept
The art and science of choosing target markets and building profitable relationships with them
what is marketing management
process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
marketing is best described as the
needs
refers to a state of felt deprivation
The total combined values of all of the company’s customers
what is customer equity
selling concept
__________ is the idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort.
Customer relationship management
__________ is the overall process of building and maintaining profitable customer relationships.
the changing economic environment
due to ___, marketers are increasingly emphasizing value
the idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests
the societal marketing concept is best described as
marketing myopia
Which term refers to the mistake of paying more attention to the specific products that a company offers than to the benefits and experiences produced by those products?
market offerings
__________ are some combination of products, services, information, or experiences offered to a market.
market
Which of the following is the set of all actual and potential buyers of a product or service?
customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
customer-perceived value is the __
customer satisfaction
__________ is the extent to which a product’s perceived performance matches a buyer’s expectations.
the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
production concept is
understand the marketplace and customer needs and wants
To create and capture customer​ value, companies must engage the first step of the marketing​ process, which is​ __________.
satisfying customer needs
Marketing was once understood in the sense of making a sale.​ Today, marketing is understood in the new sense of​ __________.
create value
The key element of successful marketing today is to​ __________.
Capture value from customers.
What is the final step in the marketing​ process?
marketing
Engaging customers and managing profitable customer relationships is the simplest definition of​ ________.
need; want
You are thirsty and decide to have an iced tea. Your thirst is a​ ________ and your choice of iced tea is a​ ________.
​(1) Needs, wants​, and demands​; ​(2) Market​ offerings; (3) Value and satisfaction​; ​(4) Exchanges and relationships​; and ​(5) Markets
Which of the following correctly identifies the five core customer and marketplace​ concepts?
build profitable customer relationships
The primary goal of consistently delivering superior value is to​ ________.
The set of actual and potential buyers of a product or service
In marketing​ terms, what is a​ market?
​products, services, and experiences
Market offerings include​ ________.
They share a particular need​ and/or want.
The actual and potential buyers in a market share which of the following​ characteristics?
Segmenting and targeting
The first step to a successful​ value-driven marketing strategy is to determine whom to serve with a market offering. To make this​ decision, marketers engage in which two​ activities?
To differentiate and position a market offering in the marketplace
What is the purpose of a value​ proposition?
The product concept
Which marketing orientation states that consumers will favor products that offer the most in​ quality, performance, and innovative​ features?
The marketing concept
Which of the following uses a​ sense-and-respond philosophy to promote a​ customer-centered marketing​ orientation?
The societal marketing concept
Companies such​ asIBM, Walmart, and Google now look beyond economic gain​ and, in their marketing​ strategies, they also consider the​ well-being of​ customers, the depletion of natural​ resources, the viability of​ suppliers, and the interests of the local community. This reflects which marketing​ philosophy?
​Product, price,​ place, promotion
What are the 4 Ps of​ marketing?
Creating superior customer value and satisfaction
What is the key to building lasting customer​ relationships?
​Customer-perceived value
​__________ is the​ customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.
Building relationships through​ consumer-generated content is expensive and takes time.
Which of the following is an accurate statement about building customer relationships in the modern marketing​ era?
customer equity
The total combined lifetime value of a​ company’s current and potential customers is called​ __________.
True friends
For which customer relationship group should a company make continuous relationship investments to​ delight, engage,​ retain, and grow​ them?
the Internet of Things
In​ today’s global​ environment, everything and everyone are digitally connected to everything and everyone else. The term used to describe this is​ __________.
Consumers are showing an enthusiasm for frugality.
How has the Great Recession of 2008-2009 affected marketers in terms of consumer​ attitudes?
​Not-for-profit marketing
​Vince’s Video has suffered in the current economy because fewer people have the money for videos and because more people use online streaming sites such as YouTube and Hulu. The videos that​ Vince’s Video does sell are often outpriced by versions coming from China or​ Taiwan, or they are accused of being damaging to the environment. Which of the following marketing impacts has NOT affected​ Vince’s Video?
defining the​ company’s mission
The first step in strategic planning involves​ __________.
customers
A​ company’s mission statement should be focused on​ __________.
portfolio
The major activity in strategic planning is the analyses of a business​ __________.
​low-growth, high-share businesses or products
Within the​ growth-share matrix,​ “cash cows” are​ __________.
value chain
Each department can be thought of as a link in the​ company’s __________.
marketing
​__________ plays a key role in the​ company’s strategic planning.
Market targeting
​__________ involves evaluating each market segments attractiveness and selecting one or more segments to enter.
promotion
​__________ refers to activities that communicate the merits of the product and persuade target customers to buy it.
opportunities
In SWOT​ analyses, the favourable factors or trends in the external environment that the company may be able to exploit to its advantage are referred to as​ __________.
functional organization
The most common form of marketing organization is​ __________.
low-growth, high-share businesses or products
The growth-share matrix defines four types of SBUs: Cash cows are __________.
Market segmentation
__________ refers to dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.
diversification
__________ achieves company growth by starting up or acquiring businesses outside the company’s current products and markets.
market development
________ achieves company growth by identifying and developing new market segments for current company products.
market strategy
Which term refers to the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships?
low-growth, low-share businesses and products
The growth-share matrix defines four types of SBUs: Dogs are __________.
Question marks
The growth-share matrix defines four types of SBUs: __________ are low-share business units in high-growth markets.
marketing control
__________ involves measuring and evaluating the results of marketing strategies and plans, and taking corrective action to ensure that the objectives are achieved.
Product development
________ achieves company growth by offering modified or new products to current market segments.
the net return from a marketing investment divided by the costs of the marketing investment
marketing return on investment is___
Mission statement
Which of the following is a statement of the organization’s purpose – what it wants to accomplish in the larger environment?
increasing sales of current products to current market segments without changing the product
market penetration achieves company growth by_
strategic planning
__________ is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
stars
The growth-share matrix defines four types of SBUs: __________ are high-growth, high-share businesses or products.
an overall evaluation of the company’s strengths, weaknesses, opportunities, and threats
A SWOT analysis is best described as__
the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products
a value chain is best defined as__
Marketing implementation
__________ refers to turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.
positioning
What is the name for the process of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers?
Consists of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system
which of the following describes a value delivery network
The set of tactical marketing tools – product, price, place, and promotion – that the firm blends to produce the response it wants in the target market
what is the marketing mix?
Define its overall purpose and mission.
What does a company do to start the strategic planning​ process?
market oriented
Mission statements should be defined in terms of satisfying basic customer needs. In other​ words, they should be​ __________.
set company objectives and goals
After defining its​ mission, the next step in strategic planning is to​ __________.
To create a game plan for​ long-run survival and growth in consideration of changing marketing opportunities
What is the overall focus of strategic​ planning?
strategic business units
In portfolio​ analysis, a company must identify​ __________, which are key businesses that make up the company.
Relative market​ share; market growth rate
What are the two measurements used in the BCG matrix to classify strategic business​ units?
cash cows
The BCG matrix classifies products which have a high market share in a low growth market as​ __________.
​stars; cash cows
According to the​ growth-share matrix,​ __________ are​ high-share, high-growth products. When the market growth slows these products become​ __________.
divesting
​Strategically, a company may phase out or sell an SBU. This is known as​ __________.
Market penetration
To grow​ sales, Under Armour increased its spending on advertising by 35 percent to increase sales in its current markets. Which growth strategy does this​ represent?
Market development
When Under Armour expanded its current products into global​ markets, it was pursuing which growth​ strategy?
Diversification
When a firm starts up or buys a business outside of its current product line and​ markets, it is pursuing which growth​ strategy?
provide a guiding philosophy
One key role marketing plays in a​ company’s strategic planning is to​ __________.
customer value delivery network
To improve the performance of the​ __________, many companies today are partnering with other members of the supply chain-suppliers, distributors, and customers
It can increase production​ costs, increase​ inventories, and disrupt production schedules.
In which way does increasing customer satisfaction disrupt the internal value​ chain?
To create customer value and build profitable relationships
What is the overall goal of marketing​ strategy?
Segmentation and targeting
In determining which customers to​ serve, a company engages in which two marketing​ activities?
market targeting
Some​ retailers, such as the Dollar​ Store, Dollar​ Tree, and Family​ Dollar, profitably focus on buyers with modest means. This is an example of​ __________.
A group of consumers who respond to the marketing effort in the same way
What does a market segment consist​ of?
differentiation
Effective positioning is based on​ __________.
​acceptability; affordability;​ accessibility; awareness
The four Ps of the marketing mix have been redefined in​ buyer’s terms as the four As. Product design influences​ __________, price affects​ __________, place affects​ __________, and promotion influences​ __________.
An executive​ summary, situation​ analysis, objectives, marketing​ strategy, action​ programs, budgets and​ controls, and threats and opportunities
What are the main components of a marketing​ plan?
Customer service
Which of the following is not one of the five marketing management​ functions?
​opportunity; strength
The demand for organic produce is growing. Green Acres Farms grows only organic vegetables. In a SWOT​ analysis, the rising demand for organic produce would be​ a(n) __________ for Green Acres​ Farms, and the fact that they grow only organic vegetables is​ a(n) __________.
Marketers are increasingly using measures such as customer acquisition and​ retention, customer​ engagement, and customer equity as measures of ROI.
Which of the following is a true statement regarding managing and measuring marketing return on investment​ (ROI)?
resellers
​__________ are distribution channel firms that help the company find customers or make sales for them.
demographics
The microenvironment consists of all of the following except​ __________.
millennials
The​ “echo boomers” is another name for​ __________.
economic
The​ __________ environment consists of economic factors that affect consumer purchasing power and spending patterns.
natural
Shortages of certain raw materials is a major trend related to the​ __________ environment.
technological
The​ __________ environment is the most dramatic force shaping the destiny of the markets and marketing.
developing a code of ethics
Business legislation has been enacted for a number of reasons which include all of the following except​ __________.
cultural
The​ __________ environment consists of institutions and other forces that affect a​ society’s basic values.
proactive
​A(n) __________ stance by companies toward the marketing environment is preferred over a reactive stance.
uncontrollable
Many companies view the marketing environment as​ a(n) __________ element to which they must react and adapt.
78 million people born during the years following World War II and lasting until 1964
baby boomers are the ___
laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society
political environments consist of the __
any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives
a public is __
Robinson-Patman Act
The __________ empowers the FTC to establish limits on quantity discounts, forbid some brokerage allowances, and prohibit promotional allowances except when made available on proportionately equal terms.
49 million people born between 1965 and 1976
Generation X is the __
institutions and other forces that affect a society’s basic values, perceptions, preferences, and behaviors
The cultural environment is the __
technological
The __________ environment consists of forces that create new technologies that lead to new product and market opportunities.
The study of human population in terms of size, density, location, age, gender, race, occupation, and other statistics
which of the following describes demography?
marketing environment
Which term refers to the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers?
environmental sustainability
__________ is the development of strategies and practices that create a world economy that the planet can support indefinitely.
marketing intermediary
Which of the following is the name for the firm that helps a company to promote, sell, and distribute its goods to final buyers?
factors that affect purchasing power and spending patterns
the economic environment primarily consists of __
federal food and drug act
The __________ forbids the manufacture or sale of adulterated or fraudulently labeled foods and drugs.
The 83 million people born between 1977 and 2000
describe generation Y
The actors close to the company that affect its ability to serve its customers – the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
what is the microenvironment
macroenvironment
Which term refers to the larger societal forces that affect the demographic, economic, natural, technological, political, and cultural forces?
proactive
Smart marketing managers take a(n) ________ approach rather than a reactive approach to the marketing environment.
prohibits monopolies and activities (price-fixing, predatory pricing) that restrain trade or competition in interstate commerce
the Sherman Antitrust Act
Natural environment
Which term refers to the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities?
Makes deceptive, misleading, and unfair practices illegal regardless of injury to competition
What is the purpose of the Wheeler-Lea Act?
​Competitors, marketing​ intermediaries, suppliers, publics
Which of the following correctly lists actors in a​ company’s microenvironment?
macroenvironment
The​ __________ consists of larger societal forces that affect how a company engages and serves its customers.
​Resellers, physical distribution​ firms, marketing services​ agencies, and financial intermediaries
Which of the following correctly lists marketing​ intermediaries?
customers
The most important actors in the​ company’s microenvironment are​ __________.
​age, gender,​ race, and occupation
Demography studies statistics that include​ __________.
The changing age structure of the population
According to the​ text, what is the single most important demographic trend in the United States​ today?
Gen Z
Which generational age group is now forming brand relationships and represent​ tomorrow’s markets?
Marketers need to form more precise​ age-specific segments within each generational group.
Which of the following statements regarding generational marketing is​ correct?
The U.S. population is rapidly getting older.
Which of the following statements regarding the current demographic environment is​ correct?
Changing dynamics in the American family
Fathers were once ignored or portrayed as dolts in​ advertising, however​ today’s advertisers are showing more caring and capable dads. This reflects which demographic​ trend?
Income distribution
Ford offers a wide variety of cars that range from around​ $14,000 to more than​ $54,000. This reflects which economic​ factor?
micropolitan areas
​Geographically, many Americans have been moving to small cities located beyond congested metropolitan​ areas, such as​ Minot, North​ Dakota; Boone, North​ Carolina; Traverse​ City, Michigan; and​ Concord, New Hampshire. These small cities are called​ __________.
environmental sustainability
Many companies are going beyond government regulation and are developing strategies and practices that create a world economy that the planet can support indefinitely. This represents​ __________.
Products that require scarce resources will face large cost increases
Which of the following is an important trend in the natural environment that marketers should be aware​ of?
Tracks products and customers at various points in the distribution channel
One new technology marketers are adopting is radio frequency identification​ (RFID). What does this technology​ do?
Companies are learning that engaging in sustainable practices is good for business.
Which of the following is true of environmental​ sustainability?
Companies must keep up with changes in technology or risk being left behind.
Which of the following is true regarding the technological​ environment?
protect consumers from unfair business practices
One important reason that business legislation is enacted is to​ __________.
Legislation affecting business around the world has increased steadily over the years.
Which of the following statements is true regarding public policy and government​ regulation?
​cause-related marketing
​P&G launched their​ “Tide Loads of​ Hope” program, which provides mobile laundromats to families in​ disaster-stricken areas.​ P&G washes,​ dries, and folds clothes for these families free of charge. This is an example of​ __________.
​People’s views toward society
In the United​ States, patriotism has been increasing for the past 20 years. Marketers have responded with increased use of the​ “Made in​ America” appeal and patriotic themes. This reflects which aspect of​ culture?
​People’s views toward nature
A sizable and growing market of consumers are seeking products such as​ natural, organic, and nutritional​ foods, fuel-efficient​ cars, and alternative medicines. This trend is attributed to which cultural​ value?
company develops strategies to change the environment
Being proactive toward the marketing environment means that a​ __________.
pressing lawsuits to keep competitors in line
A firm can be proactive by​ __________.
view it as uncontrollable and do not attempt to change it
Companies who passively accept the marketing environment​ __________.
Marketers can access and easily sift through the data once it is available.
Which of the following statements discussing big data is not​ true?
providing concise information
MIS interacts with information users in several ways which include all of the following except​ __________.
MIS may provide information to external​ partners, such as​ suppliers, resellers, or marketing services agencies.
MIS begins and ends with information users. Which of the following statements is not an advantage of​ MIS?
Competitive marketing intelligence
​__________ is the systematic​ monitoring, collection, and analysis of publicly available information about​ consumers, competitors, and developments in the marketplace.
Define the problem.
What is the first step in marketing research​ process?
exploratory
The objective of​ __________ research is to gather preliminary information that will help define the problem and suggest hypotheses.
collecting and storing huge amounts of data
Many companies manage detailed information about individual customers by using all of the following methods except​ __________.
extranets
Companies can allow key customers and​ value-network members to access​ account, product, and other data through​ __________.
observation research
Small businesses and​ not-for-profit organizations can obtain good marketing insights through​ __________.
sharing information widely
The marketing research industry is considering several options for responding to intrusion and privacy​ issues, which includes all of the following except​ __________.
3rd
Implementing the research plan is the ________ step in the marketing research process.
the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
Marketing research is best defined as
gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses
experimental research involves
Information that already exists somewhere having been collected for another purpose
which best describes secondary data
Information collected for the specific purpose at hand
how is primary data defined
survey research
__________ involves gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
customer insights
Which term refers to the fresh understandings of customers and the marketplace derived from marketing information?
used to better describe marketing problems, situations, or markets such as the market potential for a product or the demographics and attitudes of consumers
descriptive research is…
2nd
Developing the research plan for collecting information is the __________ step in the marketing research process.
Causal research
__________ is used to test hypotheses about cause-and-effect relationships.
Customer relationship management
________ is the management of detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.
big data
________ is the huge and complex data sets generated by today’s sophisticated information generation, collection, storage, and analysis technologies.
Competitive marketing intelligence
Which term refers to the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment?
the population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview
in a cluster sample,
Electronic collections of customer and marketing information obtained from data sources within the company network
describe internal data bases
People and processes dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights
describe marketing information systems
Online marketing research
________ is the collection of primary data through internet and mobile surveys, online focus groups, consumer tracking, experiments, and online panels and brand communities.
stratified random
In a __________ sample, the population is divided into mutually exclusive groups and random samples are drawn from each group.
Exploratory research
__________ is used to gather preliminary information that will help define problems and suggest hypotheses.
Involves gathering primary data by observing relevant people, actions, and situations
describe observational research
it is used to make better marketing decisions
Using marketing information to gain customer insights is of little value unless​ __________.
One result of big data is that marketing managers are often overloaded with information.
Which of the following statements about big data is​ correct?
Information to gain customer insights comes from a wide variety of sources.
Which of the following statements about information and customer insights is​ correct?
identify a unique customer insight
Much of​ Pinterest’s success is due to how they used marketing information to​ __________.
People and procedures that are used to manage information to generate and validate actionable customer and market insights
Which of the following best describes a marketing information system​ (MIS)?
A good MIS must balance what users would like to have against what they really need and what is feasible to offer.
Which of the following statements about marketing information systems​ (MIS) is​ correct?
internal​ databases, marketing​ intelligence, and marketing research
To develop needed​ information, marketing information systems utilize​ __________.
They can be accessed quickly and cheaply.
Which of the following is an advantage to using internal databases for​ information?
publicly available
Competitive marketing intelligence uses​ __________ data sources.
The goal of competitive marketing intelligence is to improve strategic decision making.
Which of the following statement regarding competitive marketing intelligence is​ correct?
1st
Defining the problem and research objectives is the​ __________ step in the marketing research process.
Develop the research plan.
After defining the problem and​ objectives, what is the next step in the marketing research​ process?
​Exploratory, descriptive, and causal
What are the three types of research​ objectives?
ethnographic research
Sending observers to watch and interact with consumers in their​ natural environment is known as​ __________.
descriptive research
Survey research is the approach best suited for gathering​ __________.
focus group interview
You and seven other people are talking with a trained moderator about your feelings and thoughts about a potential new product. For doing this you receive a small payment. You are participating in​ a(n) __________.
Online surveys generally have higher response rates than those conducted by mail or phone.
Which of the following statements about online research is​ correct?
Questionnaires and mechanical devices
What are the two main research instruments used by marketing researchers in primary data​ collection?
touch point
​A(n) __________ is defined as any contact between a customer and a company.
marketing analytics
To learn more about the relationships and patterns contained in the vast amounts of data they​ collect, marketers use​ __________.
extranets
Companies setup​ __________ which allow key customers and​ value-network members to access​ product, account, and other data anytime they need to.
There are risks involved in using big data analytics and CRM.
Which of the following statements regarding the use of marketing​ information, customer relationship management​ (CRM), and analytics is​ correct?
The research methods of small businesses and nonprofits are less complex and less​ costly, but they still must be conducted carefully.
Which one of the following statements about marketing research in small businesses and nonprofit organizations is​ correct?
Reaching respondents in other parts of the world is more difficult than it is in the United States.
Which of the following statements regarding conducting marketing research in a foreign country is​ correct?
intrusions on consumer privacy
Some retailers use mannequins with cameras hidden in one eye to record customer demographics and shopping behavior in order to serve them better. This raises ethical concerns in terms of​ __________.
family
Compared to the mainstream buying​ public, Hispanic consumers tend to be deeply​ __________ oriented, making this a special characteristic and behavior.
black box
According to the​ stimulus-response model of buyer​ behavior, marketing and other stimuli enter the​ consumer’s __________ and produce certain responses.
cognitive
Consumer purchases are influenced strongly by certain characteristics which include all of the following except​ __________.
psychological
Consumer​ motivation, perception, and learning are related to the​ __________ factors influencing consumer behavior.
​Dissonance-reducing buying
​__________ behavior occurs when consumers are highly involved with an​ expensive, infrequent, or risky purchase but see little difference among brands.
Under conditions of​ low-consumer involvement and little significant brand difference
When does the habitual buying behavior​ occur?
there are five stages
In the product adoption​ process, __________.
early adopters
Marketers try to bring their new products to the attention of potential​ __________.
evaluation
In the __________ stage of the adoption process, the consumer considers whether trying the new product makes sense.
such things as product, price, place, and promotion
marketing stimuli are
consumer is motivated to search for more information
Information search is the stage of the buyer decision process in which the __________.
Marketing stimuli
__________ are such things as product, price, place, and promotion, and are considered part of the environment that influences the buyer’s black box.
complex buying behavior
Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands is known as ________.
purchase decision
The __________ stage is when the buyer makes a decision about which brand to purchase.
belief
Which of the following is a descriptive thought that a person holds about something?
The consumer considers whether trying the new product makes sense.
what happens in the evaluation stage of the adoption process?
the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
culture is
awareness
In the adoption process, __________ is when the consumer becomes aware of the new product, but lacks information about it.
part of the buyer’s responses
buying attitudes and preferences are
tries the new product on a small scale to improve his or her estimate of its value
in the trial stage of the adoption process, the consumer __
Changes in an individual’s behavior arising from experience
describe learning
the process by which people select, organize, and interpret information to form a meaningful picture of the world
perception is best defined as
Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands
describe complex buying behavior
interest
In the __________ stage of the adoption process, the consumer seeks information about the new product.
recognizes a problem
Need recognition is the stage of the buyer decision process in which the consumer __________.
social class
A __________ is a relatively permanent and ordered division in a society whose members share similar values, interests, and behaviors.
The buyer makes a decision about which brand to purchase.
describe the purchase decision stage
A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others
what is an opinion leader
Attitudes
Which term refers to a person’s consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea?
consumer uses information to evaluate alternative brands in the choice set
Alternative evaluation is the stage of the buyer decision process in which the __________.
A descriptive thought that a person holds about something
describe a belief
a group of people with shared value systems based on common life experiences and situations
a subculture is
information search
__________ is the stage of the buyer decision process in which the consumer is motivated to search for more information.
group
Which term refers to two or more people who interact to accomplish individual or mutual goals?
Individuals and households that buy goods and services for personal consumption
Which of the following correctly defines the consumer​ market?
Consumers are often unaware of what influences their purchases.
Which of the following statements is correct regarding consumer buying​ decisions?
The​ buyer’s characteristics and the​ buyer’s decision process
According to the simple model of buyer​ behavior, what is in a​ buyer’s black​ box?
​Culture, subculture, and social class
What are the three cultural factors that influence consumer buyer​ behavior?
culture
According to the​ text, what is the most basic cause of a​ person’s wants and​ behaviors?
Asian Americans are the most affluent U.S. demographic segment.
Which of the following statements regarding American subcultural groups is​ correct?
Small groups​, social​ networks, ​family, and social roles and status
Which of the following correctly identifies the social factors that influence consumer buyer​ behavior?
Cultural​ characteristics, social​ characteristics, personal​ characteristics, and psychological characteristics
What are the four general characteristics that influence consumer​ purchases?
reference group
A purse​ company’s ads feature the cast of a popular reality show. Product sales increase significantly among the fans. From the​ fans’ viewpoint, the cast is​ a(n) __________.
occupation
Which of the following is a personal factor that influences a​ consumer’s buying​ behavior?
Consumers tend to buy brands whose personality matches their own.
Which of the following statements is correct regarding the influence of personal factors on buyer​ behavior?
​Motivation, perception,​ learning, and beliefs and attitudes
What are the four major psychological factors that influence consumer buyer​ behavior?
complex
When consumers engage in​ __________ buying behavior they go through a learning​ process, so it is most important that marketers understand information gathering and evaluation behavior.
High involvement and few differences between brands
​Dissonance-reducing buying behavior would result from which of the following​ conditions?
In these types of purchases marketers often use price and sales promotion as incentives for purchas
Which of the following statements regarding habitual buying behavior is​ correct?
Need recognition​, information search​, evaluation of alternatives​, the purchase decision​, and postpurchase behavior
What is the correct order of the five stages in the buyer decision​ process?
Personal sources
What tends to be the most effective source of information when consumers make a buying​ decision?
unexpected situational factors
Two things can come between the intention to make a purchase and the actual​ purchase: the first is the attitudes of others and the second is​ __________.
The relationship between consumer expectations and perceived product performance
What determines if a buyer is satisfied or dissatisfied with a​ purchase?
Consumers​ may, in some​ situations, skip steps in the buyer decision process.
Which of the following statements regarding the buyer decision process is​ correct?
Awareness
​__________ is the first stage in the new product adoption process.
​Awareness, interest,​ evaluation, trial, adoption
What is the correct order of the five stages of the new product adoption​ process?
Innovators and early adopters
People can be classified into adopter categories. Which two categories are the first to adopt a new product​ idea?
Early adopters
Which adopter category consists of opinion leaders who adopt new ideas early but​ carefully?
Complexity
Which of the five characteristics identified in the text has an inverse relationship with an​ innovation’s rate of​ adoption? As this characteristic​ increases, the rate of adoption is slower.