Burnett ch 2+4

Question 1

Which are the basic criteria that represent a valid market?

Answer 1

true want/need for product, ability to pay, willing to buy, authority to buy, profitable

Question 2

A market is characterized by dynamic system of which economic forces?

Answer 2

Demand, competition, government intervention

Question 3

There are 4 types of markets, name them:

Answer 3

Consumer markets, Industrial markets (business), Institutional markets (schools etc.) and Reseller markets (intermediaries)

Question 4

Which 4 types of segmentation does Burnett (2008) distinguish between?

Answer 4

Geographic, demographic, usage, psychological

Question 5

What’s the difference between elaborate processing and non elaborate (peripheral) processing?

Answer 5

The first is active manipulation of information (engaged), the latter passive (safety speech flight)

Question 6

What are the 3 types of influences?

Answer 6

Situational, internal and external

Question 7

What are high involvement decisions?

Answer 7

Decisions that are important to the buyer (involve social, financial, psychological risk)

Question 8

According to Maslow, what are the 5 levels of needs?

Answer 8

self-fulfillment, esteem needs, love, safety and security, physiological needs (hunger, thirst)