Question 1

Ryan runs a store that caters to athletes. He divides the athletic market into different subsets of shoe consumers, such as runners, basketball players, and golfers, which is known as ________.

Accepted Answer

Dividing the athletic market into different subsets of shoe consumers based on their specific needs and interests, such as runners, basketball players, and golfers, is an example of market segmentation. This process involves identifying and targeting specific groups within a larger market to tailor marketing efforts more effectively.

Question 2

CAR MINI CASE: In the early 1900s, Henry Ford made a fortune manufacturing Model T cars and selling them cheaply, making the automobile affordable for a much larger proportion of the population than had previously been the case. He accomplished this by producing only one model of car and doing so cheaply and at high volumes through the utilization of assembly line manufacture. In 1923, General Motors decided to increase its market share in the automobile industry by offering, instead of just one model, as Ford did, a variety of affordable mass-produced models to meet the various differing needs of different types of consumers.
-In the CAR MINI CASE, Ford's business strategy focused on ________.

Accepted Answer

Ford's business strategy focused on minimizing production costs through the production of only one model of car using assembly line manufacture, which allowed for the production of cars at high volumes and low costs, making them affordable to a larger portion of the population.

Question 3

Sophisticated marketers selectively build relationships with customers according to their profitability by customer retention by ________.

Accepted Answer

Sophisticated marketers focus on building relationships with customers based on their profitability and retention by monitoring their consumption and shopping patterns, creating tiers of customers according to their profitability levels, and developing distinct strategies for each group. This comprehensive approach ensures that marketing efforts are tailored and efficient, maximizing customer satisfaction and loyalty.

Question 4

Ryan runs a store that caters to athletes. He portrays his store as a one-stop-shop for all your running needs, so he has developed a distinct image for his store. This is an example of ________.

Accepted Answer

Positioning is about creating a specific image or identity in the minds of the target market for a brand, product, or organization. Ryan is positioning his store as a one-stop-shop for all running needs, aiming to occupy a distinct place in the minds of athletes.

Question 5

The three distinct but interlocking steps of the consumer decision-making process are ________.

Accepted Answer

The consumer decision-making process typically involves three key steps: input (where the consumer gathers information), process (where the consumer evaluates the information), and output (where the consumer makes a decision based on the evaluation). This framework aligns with general models of decision-making in various contexts, emphasizing the flow from gathering data, through processing and evaluating that data, to making a decision and acting on it.

Question 6

In the consumer decision-making process, the ________ stage focuses on how consumers make decisions.

Accepted Answer

The "process" stage in the consumer decision-making process specifically focuses on how consumers go through the steps of making decisions, encompassing everything from recognizing a need to the final purchase and post-purchase behavior.

Question 7

In the consumer decision-making process, the ________ stage focuses on how consumers make decisions.

Accepted Answer

The "process" stage in the consumer decision-making process specifically focuses on how consumers go through the steps of making decisions, encompassing everything from recognizing a need to the final purchase and post-purchase behavior.

Question 8

Which of the four disciplines that helps shape our understanding of consumer behavior is defined as the study of the human mind and the mental factors that impact behavior?

Accepted Answer

Psychology is the study of the human mind and the mental factors that influence behavior, making it a key discipline in understanding consumer behavior.

Question 9

John is a frequent flier, who travels with American Airlines at least 250,000 miles a year in first class. According to the text, the profitability classification given him would be ________.

Accepted Answer

John's frequent flying, especially at such a high mileage and in first class, suggests a very high level of loyalty and revenue generation for the airline. This would likely place him in the highest tier of the airline's loyalty program, which is often symbolized by a precious material. "Diamond" is commonly used to denote the highest tier in many loyalty programs, including those of airlines, due to its association with value, rarity, and desirability.

Question 10

Transatlantic Airlines identifies the most profitable customers and offers them specific incentives, a practice known as ________.

Accepted Answer

Customer profitability-focused marketing involves identifying the most profitable customers and tailoring marketing efforts and incentives specifically to them to maximize revenue and loyalty.

Question 11

In the consumer decision-making process, the ________ stage influences the consumer's recognition of a product need.

Accepted Answer

The input stage influences the consumer's recognition of a product need because it involves the exposure to stimuli or information about products and services (e.g., advertising, word of mouth, observing others) that can trigger the recognition of needs or wants.

Question 12

CAR MINI CASE: In the early 1900s, Henry Ford made a fortune manufacturing Model T cars and selling them cheaply, making the automobile affordable for a much larger proportion of the population than had previously been the case. He accomplished this by producing only one model of car and doing so cheaply and at high volumes through the utilization of assembly line manufacture. In 1923, General Motors decided to increase its market share in the automobile industry by offering, instead of just one model, as Ford did, a variety of affordable mass-produced models to meet the various differing needs of different types of consumers.
-In the CAR MINI CASE, Ford's business approach exhibited a ________.

Accepted Answer

Ford's approach is an example of the production concept, which focuses on high efficiency, mass production, and low costs to make products widely accessible.

Question 13

Disney gets its cast members to go out of their way to make people happy by valuing its employees like internal customers, which is also known as ________.

Accepted Answer

Internal marketing is the practice of treating employees as customers within the organization, emphasizing their satisfaction and engagement to improve service delivery to external customers. Disney is known for employing this strategy to motivate its cast members to provide exceptional experiences for visitors.

Question 14

Ryan runs a store that caters to athletes. He divides the athletic market into different subsets of shoe consumers, such as runners, basketball players, and golfers. Ryan decides to focus his attention on that segment of the market that is interested in running. This selection of a specific market segment is known as ________.

Accepted Answer

Market targeting involves selecting one or more segments to focus on, which is what Ryan is doing by choosing to concentrate on the segment interested in running.

Question 15

Which of the four disciplines that helps shape our understanding of consumer behavior compares human societies' culture and development?

Accepted Answer

Anthropology is the discipline that focuses on the study of human societies, their cultures, and their development, which helps in understanding various aspects of consumer behavior by analyzing cultural influences and societal trends.

Question 16

Using the classification system used by airlines in the text, a diamond or an emerald who is some miles short of keeping his or her status at the end of a given year technically must be "demoted" to ________.

Accepted Answer

In the context of airline loyalty programs, "diamond" and "emerald" are typically higher status levels, while "sapphire" is often a lower status level that one might be demoted to if they do not meet the required miles or points to maintain their higher status.

Question 17

Customer profitability-focused marketing ________.

Accepted Answer

Customer profitability-focused marketing involves tracking the costs and revenues associated with individual customers and categorizing them based on their consumption behaviors specific to the company's offerings. This approach helps in identifying the most profitable customers and tailoring marketing efforts accordingly.

Question 18

CAR MINI CASE: In the early 1900s, Henry Ford made a fortune manufacturing Model T cars and selling them cheaply, making the automobile affordable for a much larger proportion of the population than had previously been the case. He accomplished this by producing only one model of car and doing so cheaply and at high volumes through the utilization of assembly line manufacture. In 1923, General Motors decided to increase its market share in the automobile industry by offering, instead of just one model, as Ford did, a variety of affordable mass-produced models to meet the various differing needs of different types of consumers.
-In the CAR MINI CASE, which of the following elements of the marketing mix was central to Ford's business model?

Accepted Answer

The answer of CAR MINI CASE: In the early 1900s,...

Question 19

Which of the four disciplines that helps shape our understanding of consumer behavior is defined as the study of the development, structure, functioning and problems of human society?

Accepted Answer

Sociology is the study of the development, structure, functioning, and problems of human society, which directly contributes to understanding consumer behavior by examining how social processes and structures influence individuals and groups.

Question 20

Which of the following customer retention measurement methods is described: the percentage of customers at the beginning of the year that are still customers by the end of the year?

Accepted Answer

The retention rate measures the percentage of customers who remain engaged with a company over a specific period, such as from the beginning to the end of the year, making it the correct answer.

Quiz 1: Consumer Behavior: Information-Driven Consumer Behavior

Ryan runs a store that caters to athletes. He divides the athletic market into different subsets of shoe consumers, such as runners, basketball players, and golfers, which is known as ________.

Sophisticated marketers selectively build relationships with customers according to their profitability by customer retention by ________.

Ryan runs a store that caters to athletes. He portrays his store as a one-stop-shop for all your running needs, so he has developed a distinct image for his store. This is an example of ________.

The three distinct but interlocking steps of the consumer decision-making process are ________.

In the consumer decision-making process, the ________ stage focuses on how consumers make decisions.

In the consumer decision-making process, the ________ stage focuses on how consumers make decisions.

Which of the four disciplines that helps shape our understanding of consumer behavior is defined as the study of the human mind and the mental factors that impact behavior?

John is a frequent flier, who travels with American Airlines at least 250,000 miles a year in first class. According to the text, the profitability classification given him would be ________.

Transatlantic Airlines identifies the most profitable customers and offers them specific incentives, a practice known as ________.

In the consumer decision-making process, the ________ stage influences the consumer's recognition of a product need.

Disney gets its cast members to go out of their way to make people happy by valuing its employees like internal customers, which is also known as ________.

Which of the four disciplines that helps shape our understanding of consumer behavior compares human societies' culture and development?

Using the classification system used by airlines in the text, a diamond or an emerald who is some miles short of keeping his or her status at the end of a given year technically must be "demoted" to ________.

Customer profitability-focused marketing ________.

Which of the four disciplines that helps shape our understanding of consumer behavior is defined as the study of the development, structure, functioning and problems of human society?

Which of the following customer retention measurement methods is described: the percentage of customers at the beginning of the year that are still customers by the end of the year?