Chapter 1

Question 1

Customer value

Answer 1

the difference between all benefits derived from a total product and all the costs of acquiring those benefits

Question 2

Total product

Answer 2

entire set of characteristics

Question 3

Market segment

Answer 3

portion of a larger market whose needs differ somewhat from the larger market

Question 4

Market segmentation involves four steps…

Answer 4

(1) Identifying product-related need steps, (2) Grouping customers with similar need sets, (3) Describing each group, (4) Selecting an attractive segment(s) to serve

Question 5

Need set

Answer 5

used to reflect the fact that most products in developed economies satisfy more than one need

Question 6

Target market

Answer 6

the segment(s) of the larger market that are focused on

Question 7

Conceptual model

Answer 7

does not contain sufficient detail to predict particular behaviors

Question 8

External Influences

Answer 8

culture, subculture, demographics, social status, reference groups, family, marketing activities

Question 9

Internal influences

Answer 9

perception, learning, memory, motives, personality, emotions, attitudes

Question 10

Self-concept

Answer 10

totality of an individual’s thoughts and feelings about him or herself

Question 11

Lifestyle

Answer 11

how one lives