M&M Chapter 5

Which of these is the most important membership reference group and consumer buying organization in society?

Family

A belief is a descriptive thought that a person holds about something. Beliefs may be based on real knowledge, opinion, or faith and may or may not carry an emotional charge. T/F

T

Marketers need to understand that bad word of mouth often travels farther and faster than good word of mouth. T/F

T

Many large buyers now practice ________, in which they turn over ordering responsibilities to their suppliers.

Vendor-managed inventory

Data on adopter categories in Figure 5.5 in the text states that 2.5% of people are innovators, 13.5% are early adopters, 34% are early mainstream, 34% are late mainstream, and 16% are lagging adopters. Firms often use this information to target consumers for early adoption when they launch new products. The 2019 U.S. population is estimated to be 328 million. Answer the following questions under the assumption that 60 million of those individuals were below age 10 and not consumers.What is the total number of people in this target adopter group that are early adopters?

36.2 million

________ is the degree to which an innovation fits the values and experiences of potential consumers.

Compatibility

Which of the following is a commercial source of product information?

Dealer and manufacturer websites and mobile sites

Devon is in the market for a new car. She is seriously considering either a Honda Civic or Toyota Corolla because they both have excellent quality and safety ratings and are comparable in price. Devon is in the ________ stage of the buyer decision process.

Evaluation of alternatives

Technology has had limited impact on business-to-business e-procurement since this business segment is about building relationships. T/F

F

A baby boomer decides to purchase a BMW to impress others with her success. This illustrates the importance of understanding the role of ________ in the marketing process.

Motive

Bill thought he had received the best deal on his riding mower. Shortly after the purchase, Bill started to notice certain disadvantages of his new riding mower as he learned more about other riding mowers available in the same price range. Bill is in which of the following stages of the buyer decision process?

Postpuchase behavior

Harper Farms raises chickens. For years, it has used wooden coops for hauling its poultry to market. When the owner, Jane Harper, went to reuse some of her coops, she noticed many of them could not be sufficiently cleaned for reuse and needed to be replaced. Which stage of the business buying decision process was Harper in when she decided to replace her old coops?

Problem recognition

During which stage of the business buying decision process is a buyer most likely to conduct value analysis by carefully studying components to determine if they can be redesigned, standardized, or made less expensively?

Product specification

GenX, a manufacturer of sport motorcycles, is seeking a new supplier of motorcycle headlamps and brake lights. After searching trade directories, GenX invites five different suppliers to make formal presentations about how their solutions can create greater value for GenX than competing solutions. GenX is currently in the ________ stage of the business buying decision process.

Proposal solicitation

Jeff is in the process of buying a new car. He carefully analyzes the features that he wants in a car, and perceives significant differences in price, quality, and features among three of his favorite models. He rates the models on each factor and ranks them in the order of his preference. To which of the following stages of the buyer decision process will Jeff most likely proceed next?

Purchase decision

________ means that consumers are likely to remember good points made about a brand they favor and forget the good points made about competing brands.

Selective retention

The sum of the ongoing experiences consumers have with a brand that affect their buying behavior, engagement, and brand advocacy is known as ________.

The customer journey

Alice is shopping for a new car, and she has narrowed her decision to a Honda Accord and a Toyota Camry. Both sedans have similar features and prices, but Alice decides to purchase the Honda based on her intuition. Which of the following situations would most likely cause Alice to experience postpurchase dissonance?

The price of the Toyota Camry falls due to an increase in demand.

When marketers want to promote their products and services through word-of-mouth influence, they typically begin by ________.

enlisting established influencers to spread the word

The most effective sources of information about a product tend to be ________.

personal