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Question 1

A market is a group of competitors selling similar products.

Answer 1

False

Question 2

The main difference between a “product-market” and a “generic market” is whether customer needs are similar or different.

Answer 2

False

Question 3

A generic market is a market in which sellers offer substitute products which are so similar that customers see them as “all the same.”

Answer 3

False

Question 4

When identifying a company’s market, managers need to avoid the mistake of

Answer 4

describing their markets solely in terms of the products they sell.

Question 5

To understand the narrowing-down process, it is useful for managers to think in terms of a ________ market and a ________ market.

Answer 5

generic; product

Question 6

A digital camera, a computer video camera, and a computer scanner might compete in the same

Answer 6

generic market.

Question 7

Which of the following consumer statements does not suggest the rationale of an “economic buyer”?

Answer 7

“If I had that new Louis Vuitton handbag, others would know that I have arrived.”

Question 8

Laila enjoys purchasing items from a thrift shop run by the local animal shelter because knowing her money goes to help support the shelter makes her feel good about herself. This activity fulfills a ______ need.

Answer 8

personalCorrect

Question 9

Marketers are paying more attention to ethnic groups in the United States because

Answer 9

All of these answers are correct.

Question 10

Dissonance is

Answer 10

tension caused by uncertainty about the correctness of a decision.

Question 11

For many firms, marketing strategy planning is about meeting the needs of organizational customers, not final consumers.

Answer 11

True

Question 12

“Multiple buying influence” means that the buyer shares the purchasing decision with several people.

Answer 12

True

Question 13

A buying center is generally thought of as all the people who participate in or influence a purchase.

Answer 13

True

Question 14

Purchasing managers are even more likely to be involved in buying by small service firms than in buying by large producers.

Answer 14

False

Question 15

The “business-to-business” market (B2B market) is comprised of

Answer 15

all businesses, governments, and nonprofits.

Question 16

Which of the following is a business or organizational customer, as opposed to an individual final consumer?

Answer 16

a wholesaler purchasing merchandise for resale

Question 17

John Deere is considered which type of organizational customer?

Answer 17

producer

Question 18

The St. Louis Symphony is an example of which type of organizational customer?

Answer 18

nonprofit

Question 19

Which of the following buying methods would a supermarket buyer be most likely to use in the purchase of grade A large eggs?

Answer 19

purchasing specifications

Question 20

After taking inflation into account, the median income in the United States has been flat over the last two decades.

Answer 20

True

Question 21

In 2017, 50 percent of U.S. families earned less than $61,822 in income.

Answer 21

True

Question 22

Discretionary income is what is left after paying taxes.

Answer 22

False

Question 23

A drive is a strong stimulus that encourages action to reduce a need.

Answer 23

True

Question 24

Examples of personal needs include accomplishment, fun, freedom, and relaxation.

Answer 24

True

Question 25

What is the total cost of a minimum order of the custom printed boxes from Supplier #1?

Answer 25

$945.50