MAR2023 TEST 2 EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
need recognition
the beginning of the consumer decision process; occurs when consumers recognize
they have an unsatisfied need and want to go from their actual, needy state to a
different, desired state
functional needs
pertain to the performance of a product or service
psychological needs
pertains to the personal gratification consumers associate with a product or service;
also refers to as a "want" rather than a "basic need"
both functional and psychological needs
The majority of products and services are likely to satisfy:
search for information
the second step, after a consumer recognizes a need, is to ____ ___ ____ about the
various options that exist to satisfy that need
internal search for information
occurs when the buyer examines his or her own memory and knowledge about the
product or service, gathered through past experiences
external search for information
occurs when the buyer seeks information outside his or her personal knowledge base to
help make the buying decision
,perceived benefits versus perceived costs of search
Is it worth the time and effort to search for information about a product or service?
Spends more time researching about the expensive house they're willing to buy rather
than researching which inexpensive dollhouse they should buy their daughter. This
question demonstrates which factors affecting consumers' search processes?
internal locus of control
refers to when consumers believe they have some control over the outcomes of their
actions, in which case they generally engage in more search activities
external locus of control
refers to when consumers believe that fate or other external factors control all
outcomes; for example, those who purchase mutual funds are more likely to believe that
they can't predict the market
internal, external
When it is time for you to head off to college:
-Your parents tell you to research various colleges/universities and decide on which one
to attend to. This demonstrates _____ locus of control.
-Your parents tell you have Bright Futures and UCF is near home, so they decide that
you're going to UCF to save money. This demonstrates _____ locus of control.
performance risk
involves the perceived danger inherent in a poorly performing product or service
performance risk
An example of ____ ____ is the probability that Lauren Smith's new interview outfit is
prone to shrinking when dry cleaned.
,performance risk
Is is actually going to work/function the way it is advertised? This demonstrates what
kind of perceived risk?
financial risk
risk associated with a monetary outlay and includes the initial cost of the purchase as
well as the costs of using the item or service
financial risk
Lauren is concerned not only that her new outfit will provide her with the professional
appearance she is seeking but also that the cost of dry cleaning will not be exorbitant.
This concern is an example of:
financial risk
When deciding to buy a used car, you are concerned that it is going to break down more
frequently and you will have to spend money on fixing the vehicle you had purchased.
This demonstrates what kind of perceived risk?
financial
When a manufacturer offers a money-back guarantee on the purchase of its products to
show that the products will perform as expected, it is most likely attempting to alleviate
which risk?
social risk
involves the fears that consumers suffer when they worry others might not regard their
purchases positively
social risk
, Because this job interview is so important, Lauren might make a conscious effort to
assert a distinctive identity or make a statement by buying a unique, more stylish, and
possibly more expensive outfit than her friends would typically buy. This example
demonstrates:
social risk
Toyota notices that their Prius model is not as popular among male consumers than
female. The fear that others won't perceive the Prius for a man positively demonstrates
what kind of perceived risk?
physiological risk
the fear of an actual harm should a product not perform properly; also called safety risk
physiological risk
Consumers compare the safety records of their various choices because they recognize
the real danger to their well-being if the automobile they purchase fails to perform a
basic task, such as stopping when the driver steps on the brakes or protecting the
passengers in the cabin even if the car flips. This example demonstrates:
physiological
External agencies and government bodies publish safety ratings for cars to help
consumers alleviate ________ risk.
psychological risk
associated with the way people will feel if the product or service does not convey the
right image
psychological risk
Which risk might help explain why consumers often think that "bigger is better"?
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
need recognition
the beginning of the consumer decision process; occurs when consumers recognize
they have an unsatisfied need and want to go from their actual, needy state to a
different, desired state
functional needs
pertain to the performance of a product or service
psychological needs
pertains to the personal gratification consumers associate with a product or service;
also refers to as a "want" rather than a "basic need"
both functional and psychological needs
The majority of products and services are likely to satisfy:
search for information
the second step, after a consumer recognizes a need, is to ____ ___ ____ about the
various options that exist to satisfy that need
internal search for information
occurs when the buyer examines his or her own memory and knowledge about the
product or service, gathered through past experiences
external search for information
occurs when the buyer seeks information outside his or her personal knowledge base to
help make the buying decision
,perceived benefits versus perceived costs of search
Is it worth the time and effort to search for information about a product or service?
Spends more time researching about the expensive house they're willing to buy rather
than researching which inexpensive dollhouse they should buy their daughter. This
question demonstrates which factors affecting consumers' search processes?
internal locus of control
refers to when consumers believe they have some control over the outcomes of their
actions, in which case they generally engage in more search activities
external locus of control
refers to when consumers believe that fate or other external factors control all
outcomes; for example, those who purchase mutual funds are more likely to believe that
they can't predict the market
internal, external
When it is time for you to head off to college:
-Your parents tell you to research various colleges/universities and decide on which one
to attend to. This demonstrates _____ locus of control.
-Your parents tell you have Bright Futures and UCF is near home, so they decide that
you're going to UCF to save money. This demonstrates _____ locus of control.
performance risk
involves the perceived danger inherent in a poorly performing product or service
performance risk
An example of ____ ____ is the probability that Lauren Smith's new interview outfit is
prone to shrinking when dry cleaned.
,performance risk
Is is actually going to work/function the way it is advertised? This demonstrates what
kind of perceived risk?
financial risk
risk associated with a monetary outlay and includes the initial cost of the purchase as
well as the costs of using the item or service
financial risk
Lauren is concerned not only that her new outfit will provide her with the professional
appearance she is seeking but also that the cost of dry cleaning will not be exorbitant.
This concern is an example of:
financial risk
When deciding to buy a used car, you are concerned that it is going to break down more
frequently and you will have to spend money on fixing the vehicle you had purchased.
This demonstrates what kind of perceived risk?
financial
When a manufacturer offers a money-back guarantee on the purchase of its products to
show that the products will perform as expected, it is most likely attempting to alleviate
which risk?
social risk
involves the fears that consumers suffer when they worry others might not regard their
purchases positively
social risk
, Because this job interview is so important, Lauren might make a conscious effort to
assert a distinctive identity or make a statement by buying a unique, more stylish, and
possibly more expensive outfit than her friends would typically buy. This example
demonstrates:
social risk
Toyota notices that their Prius model is not as popular among male consumers than
female. The fear that others won't perceive the Prius for a man positively demonstrates
what kind of perceived risk?
physiological risk
the fear of an actual harm should a product not perform properly; also called safety risk
physiological risk
Consumers compare the safety records of their various choices because they recognize
the real danger to their well-being if the automobile they purchase fails to perform a
basic task, such as stopping when the driver steps on the brakes or protecting the
passengers in the cabin even if the car flips. This example demonstrates:
physiological
External agencies and government bodies publish safety ratings for cars to help
consumers alleviate ________ risk.
psychological risk
associated with the way people will feel if the product or service does not convey the
right image
psychological risk
Which risk might help explain why consumers often think that "bigger is better"?
