Marketing exam 2
The search for information is the ______ step in the consumer decision process.
Second
In most situations, data collection should only begin after ______.
the research design process is finished
Why might a firm prefer to manufacture in a country that has a trade surplus?
A trade surplus offers the chance to export to more markets.
When the consumer uses many evaluative criteria such as fuel economy, acceleration speed, and the availability of extra features, like satellite radio or GPS, to make a decision about purchasing a car, the consumer is doing what?
Basing the decision on important, salient features of the car
Which of the following is an example of a visible artifact of culture?
Ceremonies
Which of the following criteria are necessary to assess a country's market?
Economic analysis Sociocultural analysis Infrastructural analysis
True or false: Universal sets are a subset of retrieval sets and evoked sets.
False: Retrieval sets and evoked sets are subsets of universal sets, not the other way around
What does a trade deficit signal to economic analysts?
Strong competition from foreign producers
STP analysis occurs during which step of the marketing planning process?
Third
Why would a firm record the number of abandoned virtual carts on its website?
To assess the conversion rate
Which best describes the purpose of determinant attributes?
To help consumers differentiate competing brands or stores that seem similar
______ is a psychographic tool owned and operated by Strategic Business Insights (SBI) that classifies consumers into eight segments based on their answers to the questionnaire.
VALS
When does the consumer decision process begin?
When consumers realize they have an unfulfilled need and want to reach their desired state
Limited problem solving is most likely to occur under which condition?
When the consumer has a purchase decision that calls for, at most, moderate effort and time
Which of the following best describes postpurchase cognitive dissonance?
an internal conflict
VALS shows ______ between psychology and lifestyle choices.
correlation
Psychographics is a segmentation method that delves into how consumers actually ________ themselves.
describe
Important attributes, or ______ criteria, consist of a set of salient, or important, attributes about a particular product. Examples of these attributes can be price, quality, location, time, ease of use, etc.
evaluative
Jill is in the market for purchasing a new automobile, but she will only consider models made by American companies. The American car makers are part of Jill's ______ set.
evoked
A country with a trade surplus ______.
exports more goods than it imports
High buyer involvement is likely to lead to what kind of problem solving?
extended problem solving
A franchise is a contractual agreement between ______.
firms or a firm and individual
Segmentation that uses a combination of geographic, demographic, and lifestyle characteristics to classify consumers who may patronize stores close to their neighborhood is called ________ segmentation.
geodemographic
Market differences across continents create opportunities for ______.
geographic segmentation
In the United States, the market has evolved from a regional marketplace to international markets, a process known as
globalization
The total market value of all goods and services produced by a country in a year is known as the country's ______.
gross domestic product
A trade deficit means that a country ______.
imports more goods than it exports
______ is defined as the basic facilities, services, and installations needed for a community or society to function, such as water and power lines, and public institutions.
infrastructure
Locating information from one's own memory and knowledge is known as a(n)_______ information search, whereas seeking outside sources of information is an external informational search
internal
An exchange rate quantifies how much a currency ______.
is worth in relation to another
Globalization refers primarily to the evolution of ______.
markets
When adopting strategies for entering a new market, many firms follow a(n) approach that may morph and become ______ over time.
more risky
Gross national income consists of GDP plus ______, without including any payments made to those who do not live in a country but who contribute to the domestic economy.
net income earned from investments abroad
The social influences that affect a consumer's behavior do NOT include _______.
perceptions
The components of a country market assessment include all of the following EXCEPT:
pricing and product decisions
While some segmentation methods rely on external descriptions and factors to break down the market, ______ segmentation relies on consumers' descriptions of themselves.
psychographic
When Amber is thinking about where she would like to eat lunch, she remembers five places close by where she has eaten before. Although some of them she would not revisit, these restaurants are part of Amber's ______ set.
retrieval
Betty buys antibacterial hand soap for her kitchen and bathrooms in order to prevent the spread of germs. She is motivated by a(n) ______ need.
safety
After consumers complete the need recognition stage in the consumer decision process, they begin the ______ stage.
search for information
Which of Maslow's needs is the highest level of needs?
self - actualization
______ is the image people ideally have of themselves.
self - concept
______ are goals for life, not just the goals one wants to accomplish in a day. They are the overriding desires that drive how a person lives his or her life.
self - values
Individuals in different segments should have obvious ______ within the segment and greater ______ across the segments.
similarities; differences
The consumer decision process is best defined as ______.
the steps consumers experience when making a purchase
After establishing overall objectives, why do marketers then use a particular method or combination thereof to identify and describe market segments?
to help understand the profile of each segment
Self-actualization occurs when ______.
you feel completely satisfied with your life and how you live