Question 1

A group of consumers with similar needs and behavior that differs from those of the entire mass market is called a:

Accepted Answer

A)  Market niche 
B)  Market segment 
C)  Mass market 
D)  Market unit 
E)  Target market 
A)  Market niche 
B)  Market segment 
C)  Mass market 
D)  Market unit 
E)  Target market

Question 2

Product is the total bundle of utilities or benefits attained by consumers in the exchange process.

Accepted Answer

A) True 
 B)False

Question 3

Coined brand names such as Xerox and Exxon are very effective in a global market because of their ease of translation.

Accepted Answer

A) True 
 B)False

Question 4

How similar members are to each other refers to:

Accepted Answer

A)  Measurability 
B)  Marketability 
C)  Accessibility 
D)  Substantiality 
E)  Congruency 
A)  Measurability 
B)  Marketability 
C)  Accessibility 
D)  Substantiality 
E)  Congruency

Question 5

Having the lowest price is not as important as having the price fall in the range consumers expect to pay for the product.

Accepted Answer

A) True 
 B)False

Question 6

____ is an understanding of consumers' expressed and unspoken needs.

Accepted Answer

A)  Consumer analysis 
B)  Consumer focus 
C)  Consumer intuition 
D)  Consumer insight 
E)  None of the above. 
A)  Consumer analysis 
B)  Consumer focus 
C)  Consumer intuition 
D)  Consumer insight 
E)  None of the above.

Question 7

Mass customization is the customization of goods and services for individual customers in high volume and at relatively low costs.

Accepted Answer

A) True 
 B)False

Question 8

The total bundle of disutilities given up by consumers in exchange for a product is the:

Accepted Answer

A)  Price 
B)  Promotion 
C)  Product 
D)  Prestige 
E)  Place 
A)  Price 
B)  Promotion 
C)  Product 
D)  Prestige 
E)  Place

Question 9

Consumer insight refers to the consumer's understanding of how companies market their products.

Accepted Answer

A) True 
 B)False

Question 10

Value is:

Accepted Answer

A)  money 
B)  the difference between what consumers give up for a product and what they pay 
C)  the benefits consumers receive from the product 
D)  less than product quality 
E)  None of the above. 
A)  money 
B)  the difference between what consumers give up for a product and what they pay 
C)  the benefits consumers receive from the product 
D)  less than product quality 
E)  None of the above.

Question 11

The total bundle of utilities obtained by consumers in the exchange process is called the:

Accepted Answer

A)  Price 
B)  Promotion 
C)  Product 
D)  Prestige 
E)  Place 
A)  Price 
B)  Promotion 
C)  Product 
D)  Prestige 
E)  Place

Question 12

Thinking globally requires the ability to understand markets beyond one's own country of origin with respect to:

Accepted Answer

A)  sources of demand 
B)  sources of supply 
C)  methods of effective management and marketing 
D)  A and B 
E)  All of the above. 
A)  sources of demand 
B)  sources of supply 
C)  methods of effective management and marketing 
D)  A and B 
E)  All of the above.

Question 13

To gain a competitive advantage in today's environment, a firm should develop and communicate which of the following components to consumers?

Accepted Answer

A)  Brand 
B)  Price 
C)  Product features 
D)  A and B 
E)  A, B, and C 
A)  Brand 
B)  Price 
C)  Product features 
D)  A and B 
E)  A, B, and C

Question 14

Consumer analysis should include all of the following except:

Accepted Answer

A)  consumer trends 
B)  communication methods to reach target markets 
C)  global consumer markets 
D)  models to predict purchase and consumption patterns 
E)  It should include all of the above. 
A)  consumer trends 
B)  communication methods to reach target markets 
C)  global consumer markets 
D)  models to predict purchase and consumption patterns 
E)  It should include all of the above.

Question 15

Most new products are successful.

Accepted Answer

A) True 
 B)False

Question 16

Ethnographics refers to written representations of the lifestyles and social nuances of groups.

Accepted Answer

A) True 
 B)False

Question 17

Customer-centricity is a strategic commitment to focus the firm's resources on serving and delighting profitable customers.

Accepted Answer

A) True 
 B)False

Question 18

A company should "fire" its unprofitable customers.

Accepted Answer

A) True 
 B)False

Question 19

The identification of groups of customers who transcend traditional market or geographic boundaries is called:

Accepted Answer

A)  Ethnographics 
B)  Cross-cultural analysis 
C)  Cultural empathy 
D)  Country-of-origin research 
E)  Intermarket analysis 
A)  Ethnographics 
B)  Cross-cultural analysis 
C)  Cultural empathy 
D)  Country-of-origin research 
E)  Intermarket analysis

Question 20

Today's consumers have less power than those of the last decade.

Accepted Answer

A) True 
 B)False

A group of consumers with similar needs and behavior that differs from those of the entire mass market is called a:

Product is the total bundle of utilities or benefits attained by consumers in the exchange process.

Coined brand names such as Xerox and Exxon are very effective in a global market because of their ease of translation.

How similar members are to each other refers to:

Having the lowest price is not as important as having the price fall in the range consumers expect to pay for the product.

____ is an understanding of consumers' expressed and unspoken needs.

Mass customization is the customization of goods and services for individual customers in high volume and at relatively low costs.

The total bundle of disutilities given up by consumers in exchange for a product is the:

Consumer insight refers to the consumer's understanding of how companies market their products.

Value is:

The total bundle of utilities obtained by consumers in the exchange process is called the:

Thinking globally requires the ability to understand markets beyond one's own country of origin with respect to:

To gain a competitive advantage in today's environment, a firm should develop and communicate which of the following components to consumers?

Consumer analysis should include all of the following except:

Most new products are successful.

Ethnographics refers to written representations of the lifestyles and social nuances of groups.

Customer-centricity is a strategic commitment to focus the firm's resources on serving and delighting profitable customers.

A company should "fire" its unprofitable customers.

The identification of groups of customers who transcend traditional market or geographic boundaries is called:

Today's consumers have less power than those of the last decade.

Consumer Behavior and Consumer Research

The Consumer Decision Process

Pre-Purchase Processes: Need Recognition, Search, and Evaluation

Purchase

Post-Purchase Processes: Consumption and Post-Consumption Evaluations

Consumer Motivation

Consumer Beliefs, Feelings, Attitudes, and Intentions

Culture, Ethnicity, Social Class, Family and Household Influences

Group and Personal Influence

Making Contact

Shaping Consumers Opinions

Helping Consumers to Remember

Filters

Exam 2: Creating Marketing Strategies for Customer-Centric Organizations

A group of consumers with similar needs and behavior that differs from those of the entire mass market is called a:

Product is the total bundle of utilities or benefits attained by consumers in the exchange process.

Coined brand names such as Xerox and Exxon are very effective in a global market because of their ease of translation.

How similar members are to each other refers to:

Having the lowest price is not as important as having the price fall in the range consumers expect to pay for the product.

____ is an understanding of consumers' expressed and unspoken needs.

Mass customization is the customization of goods and services for individual customers in high volume and at relatively low costs.

The total bundle of disutilities given up by consumers in exchange for a product is the:

Consumer insight refers to the consumer's understanding of how companies market their products.

Value is:

The total bundle of utilities obtained by consumers in the exchange process is called the:

Thinking globally requires the ability to understand markets beyond one's own country of origin with respect to:

To gain a competitive advantage in today's environment, a firm should develop and communicate which of the following components to consumers?

Consumer analysis should include all of the following except:

Most new products are successful.

Ethnographics refers to written representations of the lifestyles and social nuances of groups.

Customer-centricity is a strategic commitment to focus the firm's resources on serving and delighting profitable customers.

A company should "fire" its unprofitable customers.

The identification of groups of customers who transcend traditional market or geographic boundaries is called:

Today's consumers have less power than those of the last decade.

Consumer Behavior and Consumer Research

The Consumer Decision Process

Pre-Purchase Processes: Need Recognition, Search, and Evaluation

Purchase

Post-Purchase Processes: Consumption and Post-Consumption Evaluations

Consumer Motivation

Consumer Beliefs, Feelings, Attitudes, and Intentions

Culture, Ethnicity, Social Class, Family and Household Influences

Group and Personal Influence

Making Contact

Shaping Consumers Opinions

Helping Consumers to Remember

Filters