Question 1

Customers pay money for products they believe will satisfy their needs and wants. What term refers to this transfer of money for goods or services?

Accepted Answer

The term that refers to the transfer of money for goods or services is exchange. Option A, benefit gratification, is not a commonly used term in marketing. Option B, consumption, refers to the use of goods or services after they have been acquired. Option C, transformational marketing, refers to a marketing approach that seeks to create an emotional and meaningful connection between the customer and the brand. While important in marketing, it does not directly relate to the transfer of money for goods or services.

Question 2

An ethnographic approach to studying consumers often involves analyzing the artifacts associated with consumption.

Accepted Answer

An ethnographic approach to studying consumers involves observing and participating in the daily activities of consumers in their natural settings, which may include analyzing the artifacts associated with consumption such as products, packaging, and advertising.

Question 3

What is the term for the negative results of consumption?

Accepted Answer

Costs refer to the negative results or drawbacks of consumption, such as financial expenses, health hazards, environmental impacts, and social consequences. These negative outcomes can reduce the utility or satisfaction that consumers derive from a product or service, and may outweigh its benefits or advantages. Understanding the costs of consumption is important for making informed decisions, minimizing waste and harm, and promoting sustainability and responsible consumption.

Question 4

A market researcher focuses on the psychological process, including the thoughts, feelings, and behaviour people experience once they realize they have an unmet need. What set of value-seeking activities is the researcher examining?

Accepted Answer

The set of value-seeking activities that the researcher is examining is related to consumer behaviour, which includes the psychological processes and behaviours that people experience when they have an unmet need. Marketing is a broader concept that includes various activities related to promoting and selling products or services. Cognitive psychology is a subfield of psychology that focuses on the mental processes involved in perception, thinking, and problem-solving. Consumption refers to the use or acquisition of goods and services by individuals or groups. While all of these concepts are related, consumer behaviour is the most relevant to the researcher's focus on the psychological processes involved in seeking value.

Question 5

Interpretation of quantitative research data is a function of the researcher's opinion.

Accepted Answer

Interpretation of quantitative research data should be based on objective analysis and statistical techniques rather than the researcher's personal opinion. However, the researcher's bias and subjectivity may influence the interpretation of results. Therefore, it is important to ensure that the research design, data collection, and analysis methods are rigorous and unbiased to minimize the impact of researcher's opinion on data interpretation.

Question 6

What are the two perspectives from which consumer behaviour can be defined?

Accepted Answer

Consumer behaviour can be defined from the perspective of human thought and behaviour, which involves understanding how consumers make decisions, and as a field of study, which involves the systematic study of these processes.

Question 7

Apple sold more than seven million iPads within months of launching the product. Prices for this product ranged from $499 to more than $800, and Apple had difficulty keeping up with the demand. Why were so many iPads sold?

Accepted Answer

The best choice is D because it suggests that the benefits of owning an iPad were greater than the costs, which is likely why so many were sold despite the varying prices.

Question 8

One demographic trend shaping consumer behaviour is the decreasing birth rates in the U.S. and Europe.

Accepted Answer

With decreasing birth rates, there will be a smaller population of children and a larger population of older consumers, which can impact the types of products and services in demand.

Question 9

Renee is going to a formal dance next month and goes shopping for a full-length gown. What does the gown exemplify in the basic consumption process?

Accepted Answer

A full-length gown is a want, as it is not a necessity for Renee to attend the formal dance.

Question 10

One demographic trend impacting marketers is that households increasingly include two primary income providers.

Accepted Answer

This trend is supported by data showing a significant increase in the number of dual-income households in recent years. As a result, marketers may need to target their products and campaigns towards both members of the household, rather than just one primary shopper.

Question 11

Companies must deal only with geographical distances when operating in different countries.

Accepted Answer

Companies must deal with not only geographical distances, but also cultural, linguistic, legal, and economic differences when operating in different countries.

Question 12

A researcher measuring consumers' attitudes toward different brands on a scale ranging from 1 (very negative) to 5 (very positive) is using qualitative research.

Accepted Answer

The researcher is using quantitative research since they are using a numerical scale to measure consumers' attitudes. Qualitative research typically involves collecting and analyzing non-numerical data, such as interviews or observations.

Question 13

Poppy has decided that she should buy a car to get to her new job on the opposite side of town. In terms of the basic consumption process, what term refers to this first step?

Accepted Answer

Need realization is the first step in the basic consumption process, where a consumer recognizes a need or problem that requires a solution, such as Poppy realizing she needs a car to get to her job.

Question 14

What is the last step in the basic consumption process?

Accepted Answer

The answer of What is the last step in the...

Question 15

Henry buys a new laptop because of the numerous features and upgrades that are offered from this newer model. What are these features referred to in terms of the consumption process?

Accepted Answer

The features and upgrades offered by the newer laptop are the benefits that convinced Henry to make the purchase.

Question 16

What term refers to the decision to give something up in return for something of greater value?

Accepted Answer

Exchange refers to the act of giving up something in return for something else of greater value, and is a fundamental concept within the field of marketing and consumption.

Question 17

Qualitative research better enables researchers to test hypotheses as compared to quantitative research.

Accepted Answer

This statement is false. Quantitative research is better suited for testing hypotheses as it involves the use of numerical data that can be analyzed using statistical methods to determine the significance of relationships between variables. Qualitative research, on the other hand, is better suited for generating hypotheses and exploring complex phenomena that cannot be easily quantified.

Question 18

The Internet has made geographical distance almost a non-issue.

Accepted Answer

The Internet has made communication and information sharing across large distances much easier, making geography less of a barrier than it once was.

Question 19

Trends shaping the value received by consumers include internationalization, technological changes, changing communications, changing demographics, and the changing economy.

Accepted Answer

These trends are indeed shaping the value received by consumers. Internationalization has expanded the availability and diversity of products and services, while technological changes have allowed for more convenience, customization, and speed. Changing communications have shifted how consumers interact with brands and each other, while changing demographics have altered consumer preferences and behavior. Lastly, the changing economy has affected consumers' purchasing power, expenses, and overall financial situation.

Question 20

Dana and John are expecting their first child and are purchasing furniture for the nursery. They are searching the Internet, reading parents' magazines and paying attention to the advertisements, and visiting many stores because they want to purchase the best quality furniture that fits their budget. In relation to the consumption process, what term refers to the effort they are expending to ensure they make the right decision?

Accepted Answer

The correct answer is A: cost. Cost refers to the effort, time, and resources expended by consumers in the consumption process. In this case, Dana and John are expending effort to ensure they make the right decision by searching the Internet, reading parents' magazines, and visiting many stores.

Quiz 1: What Is CB, and Why Should I Care?