MKT 6301-Chapter 5
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| show | Answer: former customers
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| 2) In a customer analysis, understanding how to expand the market and achieve sales closer to market potential is most likely to be achieved by analyzing: | show 🗑
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| show | Answer: market segmentation
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| 4) Which of the following refers to the decision about which customer groups a company will pursue for a particular brand or product line? | show 🗑
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| show | Answer: selecting the target market.
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| show | Answer: It implies an understanding that customers are heterogeneous.
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| show | Answer: With this approach, less money is wasted on customers who have low probability of buying the product.
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| show | Answer: money is spent only on those whom the manager has determined are potential customers.
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| show | Answer: one-on-one marketing.
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| 10) Treating each customer seperately and giving the perception that he or she is being treated as a unique segment by delivering personalized products and services is known as: | show 🗑
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| show | Answer: mass customization
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| show | Answer: descriptors.
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| show | Answer: demographic
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| 14) Which of the following types of variables characterizes the differences between people in terms of lifestyles, personalities, and social class? | show 🗑
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| 15) Which of the following is an example of a geographic variable? | show 🗑
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| 16) Which of the following is a demographic variable? | show 🗑
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| show | Answer: lifestyle
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| show | Answer: benefits and usage rate
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| show | Answer: occasions
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| show | Answer: Cohort analysis
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| show | Answer: cohort analysis
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| 22) Which of the following generational cohorts were born between 1901-1924? | show 🗑
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| show | Answer: Silent Generation
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| show | Answer: innovators
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| 25) According to the VALS system developed by SRI International, ________ are mature, satisfied comfortable people who value order, knowledge and responsibility. | show 🗑
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| 26) According to the VALS system developed by SRI International, ________ are avid customers and spend much of their money on clothing, fast food, music, movies, and video. | show 🗑
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| 27) According to the VALS system developed by SRI International, ________ are both unsure about themselves and low in socioeconomic status. | show 🗑
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| show | Answer: believers
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| show | Answer: survivors
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| show | Answer: makers
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| 31) In technology-based markets, the marketing manager must understand who the different customers that will purchase the product at the introductory stage of the product life cycle and who will purchase the product as it matures. According to Everett Rogers, which of the following types of customers will be the first to buy the product? | show 🗑
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| 32) Marketing managers are interested in variables such as usage rate and degree of loyalty. Which category of descriptor variable do these fall under? | show 🗑
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| show | Answer: Fast Forwards
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| 34) Which of the following tech customers seek entertainment but cannot find it on-line, and therefore prefer TV and other older media? | show 🗑
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| show | Answer: early adopters
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| 36) In technology-based markets, the marketing manager must understand who are the different customers that will purchase the product at the introductory stage of the product life cycle and who will purchase the product as it matures. Which of the following types of customers will be the last to buy the product? | show 🗑
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| 37) Which of the following best describes a major source of secondary information on market segments? | show 🗑
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| 38) A kind of syndicated data links together census data and purchasing data to form ________ segments. An example of this is Nielsen's PRIZM NE system. | show 🗑
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| show | Answer: factor analysis
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| 40) Which of the following is the first step in the customer behavior model? | show 🗑
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| 41) According to the needs hierarchy theory, basic human needs such as food, sleep, and water are examples of ________ needs. | show 🗑
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| show | Answer: safety
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| show | Answer: social
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| 44) According to the needs hierarchy theory, success, self-esteem and prestige are examples of ________ needs. | show 🗑
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| show | Answer: self-actualization
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| show | Answer: Internal
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| 47) Which of the following is an example of an internal source of information? | show 🗑
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| 48) Which external source of information provided by the marketing manager is considered to be the most credible? | show 🗑
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| 49) Economic theory suggests that rational customers will collect information only to the point at which: | show 🗑
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| show | Answer: consideration set
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| show | Answer: evoked
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| show | Answer: purchase
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| show | Answer: inert set
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| 54) For frequently purchased products, scanner panel data provide information about: | show 🗑
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| show | Answer: aided
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| 56) The ________ model is a popular model of decision making that requires information about how useful or important each attribute is to the customer making a brand choice and how customers perceive the brands in the evoked set in terms of their attributes. | show 🗑
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| 57) Which of the following is not a key question raised in using the multiattribute model? | show 🗑
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| 58) While evaluating options in a consideration set, the marketing manager must determine the set of attributes customers use in making purchase decisions. Which of the following methods is not recommended because of the bias introduced? | show 🗑
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| show | Answer: compensatory
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| show | Answer: repeat buying
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| show | Answer: teens.
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| 62) Which of the following stages of the family life cycle best describes young married couples with younger children under age 6? | show 🗑
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| show | Answer: Full nest III
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| 64) Which of the following stages of the family life cycle best describes older married couples whose children do not live with them, and the head(s) have retired? | show 🗑
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| 65) Socioeconomic status (SES) is often highly correlated with: | show 🗑
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| 66) ________ is the concept that a customer will adopt an innovation only if he or she considers it to be an improvement over the current product being used to satisfy the same need. | show 🗑
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| 67) Which of the following terms best explains the ability of potential users of a new product to use it on a limited basis before adoption? | show 🗑
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| 68) For many products and services, the value of owning them increases as the number of owners increases. This is the concept of: | show 🗑
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| 69) In regard to the adoption of new technologies, the extent to which customers are uncertain about the consequences of an action is termed as: | show 🗑
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| show | Answer: The purchaser
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| show | Answer: retail shopping, movies
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| show | Answer: durable goods' replacement cycles
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| 73) A customer analysis is one of the key building blocks on which the marketing strategy rests. | show 🗑
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| show | Answer: FALSE
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| 75) Market segmentation breaks mass markets into segments that have different buying habits. | show 🗑
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| 76) The concept of segmentation is important because it implies an understanding that customers are homogeneous. | show 🗑
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| 76) The concept of segmentation is important because it implies an understanding that customers are homogeneous. | show 🗑
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| show | Answer: TRUE
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| show | Answer: TRUE
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| 80) According to Everett Rogers, the first buyers of a new product are the early adopters. | show 🗑
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| show | Answer: FALSE
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| 82) Claritas's PRIZM system links together census data and purchasing data to form psychographic-like segments. | show 🗑
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| show | Answer: FALSE
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| 84) Factor analysis is a multiple regression statistical procedure. | show 🗑
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| 85) According to Abraham Maslow, physiological needs are basic human needs. | show 🗑
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| show | Answer: TRUE
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| 87) Economic theory predicts that rational customers will collect information only to the point at which the marginal benefit of obtaining the information in terms of incremental value to making a choice equals the marginal cost. | show 🗑
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| 88) The set of products that the customer has no intention of buying or has no information about is known as evoked set. | show 🗑
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| 89) Perception, not reality, drives purchasing behavior. | show 🗑
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| 90) FMCG products need more extensive information search than durable goods. | show 🗑
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| 91) For frequently purchased products, repeat buying is critical to success. | show 🗑
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| show | Answer: FALSE
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| 93) In considering the purchase of technology-based products, a customer will adopt an innovation only if she or he considers it to be an improvement over the current product being used to satisfy the same need. | show 🗑
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| 94) The perceived complexity of the innovation is positively related to the success of an innovation. | show 🗑
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| 95) Increase in trialability of an innovation is positively related to its success. | show 🗑
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| 96) List and briefly describe the three major categories of segmentation variables. | show 🗑
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| 97) List and briefly describe the major groups developed by SRI International's VALS system. | show 🗑
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| 97) List and briefly describe the major groups developed by SRI International's VALS system. | show 🗑
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| 99) List and briefly describe the five ordered levels of human needs according to Abraham Maslow. | show 🗑
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| show | Answer:
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