BUS 309 Exam #1 Questions With All Correct
& Verified Answers
Consumer Behavior Correct answer-The behavior that consumers display in searching for,
purchasing, using, evaluating, ans disposing of products and services that they expect will satisfy
their needs
Three types of consumers Correct answer-Personal, Organizational, and Governmental
Personal Consumer Correct answer-The individual who buys goods and services for his or her own
use, for household use, for the use of a family member, or for a friend
Organizational Consumer Correct answer-A business, government agency, or other institution
(profit or nonprofit) that buys the goods, services, and/or equipment necessary for the organization
to function
What are the four steps in the development of the marketing concept? Correct answer-Production
Concept
Product Concept
Selling Concept
Marketing Concept
The essence of marketing consists of __ Correct answer-satisfying consumers' needs, creating
value, and retaining customers
Production Concept Correct answer-Assumes that consumers are interested primarily in product
availability at low prices. Marketing objectives include cheap, efficient production, intensive
distribution, and market expansion
Product Concept Correct answer-Assumes that consumers will buy the product that offers them
the highest quality, the best performance, and the most features. Marketing objectives include
quality improvement and addition of features. Tendency towards marketing myopia
Marketing myopia Correct answer-In our journey to provide best product, we need to be aware of
what else is being offered
Selling Concept Correct answer-Assumes that consumers are unlikely to buy a product unless they
are aggressively persuaded to do so. Marketing objective is to sell, sell, sell. There is a lack of concern
for customer needs and satisfaction.
Marketing Concept Correct answer-Assumes that to be successful, a company must determine the
needs and wants of specific target markets and deliver the desired satisfactions better than the
competition. Marketing objectives include make what you can sell and focus on buyer's needs.
How do we implement the marketing concept? Correct answer-Consumer research, segmentation,
targeting, and positioning
Consumer Research Correct answer-The process and tolls used to study consumer behavior. Two
perspectives include positivist approach and interpretivist approach
, Segmentation Correct answer-Process of dividing the market into subsets of consumers with
common needs or characteristics
Targeting Correct answer-The selection of one or more of the segments to pursue
Positioning Correct answer-Developing a distinct image for the product in the mind of the
consumer. Successful positioning includes communicating the benefits of the product and
communicating a unique selling proposition
The 4 P's Correct answer-Product, Price, Place, and Promotion
Successful relationships depend on what three factors? Correct answer-Customer value, customer
retention, and customer satisfaction
Customer Value Correct answer-Defined as the ratio between customer's perceived benefits and
the resources used to obtain those benefits. Perceived value is relative and subjective. Developing a
value proposition is critical.
Customer Satisfaction Correct answer-The individual's perception of the performance of the
product or service in relation to his or her expectations. Customers identified based on loyalty
include loyalists, apostles, defectors, terrorists, hostages, and mercenaries
Customer Retention Correct answer-The objective of providing value is to retain highly satisfied
customers. Loyal customers are key: They buy more products, they are less price sensitive, they pay
less attention to competitors' advertising, servicing them is cheaper, they spread positive word of
mouth
Impact of Digital Technologies Correct answer-• Consumers have more power and access to
information
• Marketers can gather more information about consumers
• The exchange between marketer and customers is interactive and instantaneous and goes beyond
the PC.
• Marketers must offer more products and services
Societal Marketing Concept Correct answer-Marketers adhere to principles of social responsibility
in the marketing of their goods and services; that is, they must endeavor to satisfy the needs and
wants of their target markets in ways that preserve and enhance the well being of consumers and
society as a whole.
Three Phases of Marketing Strategy Correct answer-Phase 1: Market Segmentation
Phase 2: Target Market and Marketing Mix Selection
Phase 3: Product/Brand Positioning
Segmentation Studies Correct answer-Discover the needs and wants of groups of consumers to
develop specialized products to satisfy group needs. Used to identify the most appropriate media for
advertising
5 Qualities of a "Segment" Correct answer-Measurable, substantial, accessible, differentiable,
actionable
& Verified Answers
Consumer Behavior Correct answer-The behavior that consumers display in searching for,
purchasing, using, evaluating, ans disposing of products and services that they expect will satisfy
their needs
Three types of consumers Correct answer-Personal, Organizational, and Governmental
Personal Consumer Correct answer-The individual who buys goods and services for his or her own
use, for household use, for the use of a family member, or for a friend
Organizational Consumer Correct answer-A business, government agency, or other institution
(profit or nonprofit) that buys the goods, services, and/or equipment necessary for the organization
to function
What are the four steps in the development of the marketing concept? Correct answer-Production
Concept
Product Concept
Selling Concept
Marketing Concept
The essence of marketing consists of __ Correct answer-satisfying consumers' needs, creating
value, and retaining customers
Production Concept Correct answer-Assumes that consumers are interested primarily in product
availability at low prices. Marketing objectives include cheap, efficient production, intensive
distribution, and market expansion
Product Concept Correct answer-Assumes that consumers will buy the product that offers them
the highest quality, the best performance, and the most features. Marketing objectives include
quality improvement and addition of features. Tendency towards marketing myopia
Marketing myopia Correct answer-In our journey to provide best product, we need to be aware of
what else is being offered
Selling Concept Correct answer-Assumes that consumers are unlikely to buy a product unless they
are aggressively persuaded to do so. Marketing objective is to sell, sell, sell. There is a lack of concern
for customer needs and satisfaction.
Marketing Concept Correct answer-Assumes that to be successful, a company must determine the
needs and wants of specific target markets and deliver the desired satisfactions better than the
competition. Marketing objectives include make what you can sell and focus on buyer's needs.
How do we implement the marketing concept? Correct answer-Consumer research, segmentation,
targeting, and positioning
Consumer Research Correct answer-The process and tolls used to study consumer behavior. Two
perspectives include positivist approach and interpretivist approach
, Segmentation Correct answer-Process of dividing the market into subsets of consumers with
common needs or characteristics
Targeting Correct answer-The selection of one or more of the segments to pursue
Positioning Correct answer-Developing a distinct image for the product in the mind of the
consumer. Successful positioning includes communicating the benefits of the product and
communicating a unique selling proposition
The 4 P's Correct answer-Product, Price, Place, and Promotion
Successful relationships depend on what three factors? Correct answer-Customer value, customer
retention, and customer satisfaction
Customer Value Correct answer-Defined as the ratio between customer's perceived benefits and
the resources used to obtain those benefits. Perceived value is relative and subjective. Developing a
value proposition is critical.
Customer Satisfaction Correct answer-The individual's perception of the performance of the
product or service in relation to his or her expectations. Customers identified based on loyalty
include loyalists, apostles, defectors, terrorists, hostages, and mercenaries
Customer Retention Correct answer-The objective of providing value is to retain highly satisfied
customers. Loyal customers are key: They buy more products, they are less price sensitive, they pay
less attention to competitors' advertising, servicing them is cheaper, they spread positive word of
mouth
Impact of Digital Technologies Correct answer-• Consumers have more power and access to
information
• Marketers can gather more information about consumers
• The exchange between marketer and customers is interactive and instantaneous and goes beyond
the PC.
• Marketers must offer more products and services
Societal Marketing Concept Correct answer-Marketers adhere to principles of social responsibility
in the marketing of their goods and services; that is, they must endeavor to satisfy the needs and
wants of their target markets in ways that preserve and enhance the well being of consumers and
society as a whole.
Three Phases of Marketing Strategy Correct answer-Phase 1: Market Segmentation
Phase 2: Target Market and Marketing Mix Selection
Phase 3: Product/Brand Positioning
Segmentation Studies Correct answer-Discover the needs and wants of groups of consumers to
develop specialized products to satisfy group needs. Used to identify the most appropriate media for
advertising
5 Qualities of a "Segment" Correct answer-Measurable, substantial, accessible, differentiable,
actionable
