Analyzing Consumer and Business Market Flashcards
What is the primary focus of consumer market analysis?
Understanding the preferences and behaviors of individual consumers.
True or False: Business market analysis focuses on individual customers.
False
Fill in the blank: The __________ is a collection of individuals or organizations that have a need or desire for a product or service.
market
What are the four main factors that influence consumer behavior?
Cultural, social, personal, and psychological factors.
Which segmentation bases are commonly used in consumer markets?
Demographic, geographic, psychographic, and behavioral segmentation.
What is B2B marketing?
Business-to-business marketing, where businesses sell products or services to other businesses.
True or False: The buying process in business markets is typically shorter than in consumer markets.
False
What is the role of market research in analyzing consumer and business markets?
To gather data about consumer preferences, market trends, and competitive landscape.
What does the term ‘value proposition’ refer to?
The promise of value to be delivered to the customer.
Multiple Choice: Which of the following is NOT a type of market segmentation? A) Demographic B) Behavioral C) Financial D) Psychographic
C) Financial
What is the significance of understanding consumer needs and wants?
It helps businesses tailor products and marketing strategies effectively.
Fill in the blank: In business markets, __________ relationships are often more important than in consumer markets.
long-term
What is the difference between direct and indirect purchasing in business markets?
Direct purchasing involves buying goods directly from manufacturers, while indirect purchasing involves buying through intermediaries.
True or False: Consumer decision-making is often influenced by emotional factors.
True
What is the purpose of the marketing mix?
To combine various elements (product, price, place, promotion) to meet consumer needs.
What does SWOT analysis stand for?
Strengths, Weaknesses, Opportunities, Threats.
Multiple Choice: Which is a key characteristic of business markets? A) Larger purchase volumes B) Impulse buying C) Less complex decision-making D) Shorter selling cycles
A) Larger purchase volumes
What is the importance of brand loyalty in consumer markets?
It leads to repeat purchases and can increase market share.
Fill in the blank: __________ marketing strategies target specific segments of the market.
Targeted
What is an example of a psychological factor influencing consumer behavior?
Motivation, perception, or beliefs.
True or False: Business buyers are typically more rational than consumer buyers.
True
What is the concept of ‘market positioning’?
The process of establishing a brand or product in the minds of consumers relative to competitors.
What are the stages of the consumer buying process?
Need recognition, information search, evaluation of alternatives, purchase decision, post-purchase behavior.
Multiple Choice: Which type of market research involves gathering data directly from consumers? A) Primary research B) Secondary research C) Exploratory research D) Causal research
A) Primary research
What role do influencers play in consumer market analysis?
They can shape consumer perceptions and drive purchasing decisions.
