Marketing Exam 2- Chapter 5

The consumer buying process begins when

consumers recognize that they have unsatisfied needs

From the viewpoint of the consumer buying process, what is the difference between a need and a want?

Needs are based on discrepancies between actual and desired satisfaction, whereas wants occur relative to specific products that can fulfill a need

With respect to the consumer buying process, ___________ is perhaps the most important factor that affects the time effort and expense, dedicated to search for information

The degree of risk

If a researcher were to ask consumers to quickly name the top three brands of computers they might consider purchasing, the most common brands in the ________ would most likely be Apple and HP

evoked set

After enrolling in the MBA program at Minor State University, Sherry began having second thoughts. Although MSU seemed to be a good choice based on location, reputation and price, Sherry was not convinced she made the right choice. Sherry is suffering from:

Cognitive dissonance

_________ is/or the primary reason why the consumer buying process varies across customers, products and situations

The complexity of the purchase

Each of the following statements describes a unique characteristic of the business buying process, except:

Business buyers are less likely to be dependent upon each other

The basic assumption of _______ is that all customers in the market have similar needs and wants and can be reasonably satisfied with a single marketing program

Mass marketing

The main advantage of _________ is specialization as it allows the firm to focus its resources towards understanding and serving a single segment

Market concentration

Firms that sell luxury products, custom-made products and services often take the time to significantly modify their products in an effort to precisely match the needs of individual customers. These firms are pursuing what type of approach to market segmentation?

one-to-one marketing

Advances in supply chain management now allow companies to customize products to meet the needs of individual customers on a mass scale. This individualized approach to market segmentation is called.:

Mass customization

Which of the following is not an example of mass customization?

A college creates a custom degree program to match your unique needs

Although a market segment can meet all criteria for viability, a firm may choose to not pursue the segment. Which of the following is a reason why this might occur?

The segment has no synergy with the firms mission

___________ segmentation is the most powerful form of segmentation and consumer markets because it uses actual product usage to make distinctions among market segments

Behavioral

What is the key to using behavioral segmentation successfully in consumer markets?

The firm must clearly understand the basic need and benefits sought by different consumer groups

What type of segmentation divides consumer markets into segments using individual factors such as gender age, income and education?

Demographic segmentation

One of the most successful and well-known tools of _________ segmentation is VALS developed by strategic business insight

Psychographic

Which of the following is not a typical basis used to segment business markets?

Organizational culture

Firms engage in ________ when their intimate knowledge and expertise in one market allows them to offer customize marketing programs that not only deliver needed products, but also provide needed solutions to customers problems

Market specialization

Only the largest firms can execute ________, which involves the development of multiple marketing programs to serve all customer segments simultaneously

Mass market targeting