20. Allen Iverson is still wildly popular with inner city kids. His success as a
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20. Allen Iverson is still wildly popular with inner city kids. His success as a celebrity spokesperson for Converse centered on the fact that buyers of his shoes considered him as one of us." This example best illustrates the impact of identity on many consumer purchase decisions. a. family b. major culture group e reference group d. religious group 21. When the primary selection criteria used to decide whether to enter a new market segment involves not having to develop a whole new set of products just to meet the needs of that new segment, we would be referring to: a. The current size of the potential new segment b. Compatibility with the firms existing product line. c. The anticipated growth potential of the new segment d. The responsiveness and ability to reach the new segment. 22. A is the memory based position a product/brand oceupies in a consumer's mind based on each consumer's impression of how that product performs on attributes important to that consumer (when compared to other competitive products). a. Consumer attitude or product impression b. Semantic differential measurement location. c. Product memory position d. Perceptual map 23. Defining a market segment based on how much of the product the average individual in that segment uses (i.e., hi-med-low users) would be a form of a benefit/usage rate b. demographic c. psychographic d. geographic 24. Apple and Samsung try to sell similar products to the same market segments (i.e., to the same customers). In terms of this analogy, which environmental factor appears to be most in play? a. The economic environment b. The legal and regulatory environment c. The competitive environment d. The social/cultural environment 25. True (a) or False (b): The first stage in the consumer purchase decision process begins with the alternative evaluation stage.Explanation / Answer
15.
The quantity demanded,technical complexity and the number of individuals involved in the evaluation and analysis are obviously more elaborate in case of buying decisions of a business compared to consumers but the steps in the purchase process are the same for both because economic analysis is independent of the scale of the problem.
Hence option b. is the right answer.
16.
"Build to order (BTO) and sometimes referred to as made to order (MTO) , is a prodcution approach where products are not built until a confirmed order for products is received. BTO is the oldest style of order fulfilled and is the most appropriate approach used for HIGHLY CUSTOMIZED OR LOW VOLUME products where business demand is derived from CONSUMER DEMAND."
Hence option c. is the right answer.
17.
The business demand is more volatile (likely to change in a very sudden or extreme way) than the consumer demand.
Hence option a. is the right answer.
18.
"Classic industrial market segmentation is done with digits—zip codes and NAICS (North American Industry Classification System) replaced the SIC (Standard Industrial Classification) codes in most uses in 2007."
Hence option d. is the right answer.
19.
Routine type customer buying is when a person buys things casually as apart of daily routine. It requires low involvement and the differences of such products from brand to brand are negligible.
Hence option a. is the right answer.
20.
"Reference groups are groups that people refer to when evaluating their "own" qualities, circumstances, attitudes, values and behaviors."
Hence option c. is the right answer.
21.
If the new market is compatible with firm's existing product line then the company doesn't need to have to develop a new set of products.
Hence option b. is the right answer.
22.
"Positioning refers to the perception of a product in the minds of consumer in relation to its competing product."
Hence option c. is the right answer.
23.
Usage rate segmentation divides consumers according to how much they use a product.
Hence option a. is the right answer.
24.
"Marketers who don’t pay attention to their competitors are playing a losing game. In particular, they need to monitor the activities of two groups of competitors: the makers of competing brands and the makers of substitute products." The similar products of Apple and Samsung come under the substitutional products range.
This is called competitive environment.
Hence option c. is the right answer.
25.
Consumer purchase decision starts with need recognition followed by information search. Next in line is the evaluation of alternatives which is the THIRD STAGE.
Hence the given statement is false.
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