Exam 6: Understand Consumer and Business Markets

Which of the following is the lowest level of needs on Maslow's hierarchy of needs?

The invitation to go skiing for the weekend forced Donna to look at her current wardrobe. She decided she needed a much warmer coat. Donna was in which stage of the purchase decision?

Robert has taken up bicycle riding as a hobby and as a way to maintain his physical stamina. He understands he will need to get adequate water when he is bike riding, so he wants to buy a hydration system. Having gathered a great deal of information, he has decided to compare three systems: Waterbags for Roadies, Supertanker Hydropacks, and Fast Water. Robert is in the ________ stage of his purchase decision.

Identify an advantage and disadvantage of implementing multiple sourcing.

There is a trend in the United States toward rediscovering the flavor of regional cooking and the use of locally grown ingredients. People are choosing to spend hours in the kitchen using only the freshest ingredients to recreate culinary traditions. This change in ________ is one of the reasons the number of farmers markets in the United States has increased by 70 percent in the last decade.

________ are Web applications that can help online shoppers find what they are looking for at the lowest available price.

A person's ________ is composed of a mixture of his beliefs about his abilities and observations of his own behavior and feelings (both positive and negative).

How are consumer demand and business-to-business demand of goods and services related?

The product alternatives a customer knows about are referred to as the ________.

When an insurance company tailors its promotional messages to show how its products protect people from being devastated by a natural disaster or an accident, the company is appealing to a higher level need on Maslow's hierarchy of needs.

Fluctuating demand in business markets can be partially explained by the infrequency of the purchases.

Worthington Farm raises chickens. For years, it has used wooden coops to haul its poultry to market. When Bob Worthington went to reuse some of his coops, he noticed many of them could not be sufficiently cleaned for reuse and ought to be replaced. Worthington was at which stage of the business buying process?

Which of the following statements about organizational markets is true?

In a laboratory experiment, a rat in a maze learns the quickest route to a piece of cheese after several attempts. This is an example of observational learning.

How do heuristics affect a consumer's decision-making process? Give two examples of heuristics you might use when shopping.

In a marketing context, a person's attitude has three components. What are these components? List and briefly describe each in the context of marketing.

Discuss how marketers may be able to reduce postpurchase cognitive dissonance.

What is the difference between producers and resellers?

Briefly describe each step in the consumer decision-making process.

In the evaluation of alternatives stage, determinant criteria are more specific than evaluative criteria.