MKT 340 Fleming Exam 2 Questions
With Verified Answers
The steps of the consumer buying process - ANSWER 1. Need Recognition
2. Information Search
3. Alternative Evaluation
4. Purchase & Consumption
5. Post-Purchase
Define Need Recognition - ANSWER The beginning of the consumer buying
process; occurs when the consumer recognizes they have an unsatisfied need
and want to go from their actual, needy state to a desired, satisfied state
What is the consumer doing in the information search step of the consumer
buying process? - ANSWER the consumer searches for various options that
exist to satisfy the need
What is the consumer doing in the alternative evaluation step of the consumer
buying process? - ANSWER the buyer seeks information outside his or her
personal knowledge base to help make the buying decision
example: getting advice from friends, family or social media
What is the consumer doing in the purchase & consumption step of the
consumer buying process? - ANSWER
Define Function Needs - ANSWER pertain to the performance of a product or
service
example: the purpose of a purse is to hold wallets
Define Psychological Needs - ANSWER pertain to the personal gratification
consumers associate with a product or service
example: Lana purses that cost $250,000, in this case, a person's psychological
needs overshadow the functional needs because why would anyone else pay
that much for a purse???? Its all psychological.
Define Internal Search for Information - ANSWER occurs when the buyer
examines his or her own memory and knowledge about the product or service
gathered through past experiences
, Define External Search for Information - ANSWER occurs when the buyer seeks
information outside his or her personal knowledge base to make the buying
decision
Actual vs Perceived risk - ANSWER five types of risk associated with the
purchase decisions can delay or discourage a purchase; performance,
financial, social, phycological, & physiological
The higher the risk, the more likely the consumer is to engage in an extended
search
Define Performance Risk - ANSWER the perceived danger inherent in a poorly
performing product or service
example: an outfit being prone to shrinkage in dry cleaning
Define Financial Risk - ANSWER risk associated with a monetary outlay; includes
the initial cost of the purchase, as well as the costs of using the item or service
example: professional clothing retailers acknowdleging that their clothing can
be a financial burden and so they offer warranties in case the clothing is harmed
or offer fabric that is easily cared for
Define social risk - ANSWER the fears that consumers suffer when they worry
others might not regard their purchases positively
example: not buying the more stylish, expensive outfit for the interview because
it is "more than your friends would typically pay" and worrying what they would
think
Define Physiological risk - ANSWER Also known as safety risk. The fear of an
actual harm should a product not perform correctly.
example: being scared that your car will break down and physically harm you
Define psychological risks - ANSWER associated with the way people will feel if
the product or service does not convey the right image
example: wanting to get several friends opinions on your outfit because you
want people to think you look good
Define Retrieval set - ANSWER those brands or stores that the consumer can
readily bring forth from memory
Define evoked set - ANSWER comprises the alternative brands or stores that the
consumer states he or she would consider when making a purchase decision
With Verified Answers
The steps of the consumer buying process - ANSWER 1. Need Recognition
2. Information Search
3. Alternative Evaluation
4. Purchase & Consumption
5. Post-Purchase
Define Need Recognition - ANSWER The beginning of the consumer buying
process; occurs when the consumer recognizes they have an unsatisfied need
and want to go from their actual, needy state to a desired, satisfied state
What is the consumer doing in the information search step of the consumer
buying process? - ANSWER the consumer searches for various options that
exist to satisfy the need
What is the consumer doing in the alternative evaluation step of the consumer
buying process? - ANSWER the buyer seeks information outside his or her
personal knowledge base to help make the buying decision
example: getting advice from friends, family or social media
What is the consumer doing in the purchase & consumption step of the
consumer buying process? - ANSWER
Define Function Needs - ANSWER pertain to the performance of a product or
service
example: the purpose of a purse is to hold wallets
Define Psychological Needs - ANSWER pertain to the personal gratification
consumers associate with a product or service
example: Lana purses that cost $250,000, in this case, a person's psychological
needs overshadow the functional needs because why would anyone else pay
that much for a purse???? Its all psychological.
Define Internal Search for Information - ANSWER occurs when the buyer
examines his or her own memory and knowledge about the product or service
gathered through past experiences
, Define External Search for Information - ANSWER occurs when the buyer seeks
information outside his or her personal knowledge base to make the buying
decision
Actual vs Perceived risk - ANSWER five types of risk associated with the
purchase decisions can delay or discourage a purchase; performance,
financial, social, phycological, & physiological
The higher the risk, the more likely the consumer is to engage in an extended
search
Define Performance Risk - ANSWER the perceived danger inherent in a poorly
performing product or service
example: an outfit being prone to shrinkage in dry cleaning
Define Financial Risk - ANSWER risk associated with a monetary outlay; includes
the initial cost of the purchase, as well as the costs of using the item or service
example: professional clothing retailers acknowdleging that their clothing can
be a financial burden and so they offer warranties in case the clothing is harmed
or offer fabric that is easily cared for
Define social risk - ANSWER the fears that consumers suffer when they worry
others might not regard their purchases positively
example: not buying the more stylish, expensive outfit for the interview because
it is "more than your friends would typically pay" and worrying what they would
think
Define Physiological risk - ANSWER Also known as safety risk. The fear of an
actual harm should a product not perform correctly.
example: being scared that your car will break down and physically harm you
Define psychological risks - ANSWER associated with the way people will feel if
the product or service does not convey the right image
example: wanting to get several friends opinions on your outfit because you
want people to think you look good
Define Retrieval set - ANSWER those brands or stores that the consumer can
readily bring forth from memory
Define evoked set - ANSWER comprises the alternative brands or stores that the
consumer states he or she would consider when making a purchase decision
