Marketing Chapter 5 Quiz
business market structure is (3 things)
1) fewer but larger buyers 2) inelastic 3) fluctuating (derived) demand
Buyer Decision Process for New Products
1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption
business buyer decision process
1. problem recognition 2. general need description 3. product specification 4. supplier search 5. proposal solicitation 6. supplier selection 7. order-routine specification 8. performance review
Subculture
A group of people with shared value systems based on common life experiences and situations
In which type of buying situation will a buyer usually go through all the stages of the business buying process?
A new task buying situation
Which of the following types of marketing involves creating opinion leaders to serve as brand ambassadors to spread the word about a company's products?
Buzz marketing
Age, personality, buying style, and job position are ________ factors that can influence the business buying decision process.
Individual
This adopter group is skeptical and only adopts new products after a majority of people has tried it.
Late mainstream
Which of the following statements regarding the business market is correct?
Many sets of business purchases are made for one set of consumer purchases.
_________ is NOT a characteristic important in influencing an innovation's rate of adoption.
Motivation
What is the first step of the buyer decision process?
Need recognition
Which of the following lists the five steps of the buyer decision process in the correct order?
Need recognition, information search, evaluation of alternatives, purchase decision, and postpurchase behavior
Innovativeness levels
early adopters, early mainstream, late mainstream, lagging
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________.
generating person-to-person brand conversations
Social factors
groups and social networks, family, roles and status
psychological factors
motivation, perception, learning, beliefs and attitudes
Buyer Decision Process
need recognition, information search, evaluation of alternatives, purchase decision, post purchase behavior
A purse company's ads feature the members of a popular housewives reality show. Product sales increase significantly among the fans. From the fans' viewpoint, the housewives reality show is a(n) _____.
reference group
Which of the following is a social factor that influences consumer buying behavior?
roles and status (family, online social netowrks, etc)
All the people involved in the buying decision in an organization are collectively known as _______.
the buying center
relative advantage (influence on rate of adoption)
the degree to which a consumer perceives that a new product provides superior benefits
compatibility (influence on rate of adoption)
the degree to which the innovation fits the values and experiences of potential consumers
complexibility (influence on rate of adoption)
the degree to which the innovation is difficult to understand or use
divisibility (influence on rate of adoption)
the degree to which the innovation may be tried on a limited basis
communicability (influence on rate of adoption)
the degree to which the results of using the innovation can be observed to described to others
Culture
the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
What is the nature of demand in business markets?
Demand in business markets is derived demand.
Which of the following is a personal factor that influences a consumer's buying behavior?
Occupation
Consumers can obtain information from any of several sources. Which source is the most effective in that they legitimize the product?
Personal sources
Which of the following needs in Maslow's hierarchy is generally satisfied first?
Physiological needs
_________ refers to the degree to which innovation appears superior to existing products.
Relative advantage
In a _________, the business-to-business buyer reorders something without modifications.
Straight rebuy
What determines if a buyer is satisfied or dissatisfied with a purchase?
The relationship between the consumer's expectations and the product's perceived performance
new task
a business buying situation in which the buyer purchases a product or service for the first time
straight rebuy
a business buying situation in which the buyer routinely reorders something without any modifications
modified rebuy
a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers
Personal Factors
age and life-cycle stage, occupation, economic situation, lifestyle, personality
______ is the first stage in the adoption process
awareness
cognitive dissonance
buyer discomfort caused by post purchase conflict
Systems selling (or solutions selling)
buying a complete solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation
One problem with business-to-business e-procurement is that it _______.
can erode long-standing customer-supplier relationships
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.
complexibility
