Principles Of Marketing Exam1 Quiz

Cognitive dissonance refers to the discomfort experienced when there is a conflict between beliefs and behavior. Confirmation bias, selective perception, and availability heuristic are cognitive biases that involve different aspects of information processing.

Routine response decision-making is the answer because it involves minimal effort, quick selection of familiar products, and little information processing. Extensive decision-making, limited decision-making, and impulse buying are not the correct answers as they involve different levels of consumer involvement and decision-making processes.

Consumer involvement in the purchase process is influenced by a combination of factors such as previous experience, interest, perceived risk of negative consequences, situation, and social visibility. Price alone, brand popularity, and weather conditions may influence consumer decisions but are not the primary factors determining consumer involvement.

Reference groups, opinion leaders, blogs, and family all play a role in social influences on consumer buying behavior.

The examples provided in the question are all related to individual factors that influence consumer buying decisions, rather than external or economic factors.

Maslow's hierarchy of needs is a psychological theory proposed by Abraham Maslow in 1943, which ranks human needs in a pyramid shape with basic needs at the bottom and self-actualization at the top. It is widely recognized in the field of psychology.

Business products are items purchased by organizations for use in their operations; consumer products are bought by individuals for personal use. Luxury products are high-end goods with premium prices and specialty products are unique items with specific characteristics.

Consumer products are purchased by individuals for personal use, while industrial products are purchased by businesses for further processing. Commodities refer to basic goods used in commerce, and luxury items are high-quality products that are not considered essential.

Producers, Resellers, Governments, and Institutions are all examples of entities that fall under various categories of business buyers in a market, based on their specific purchasing behaviors and objectives.

The terms derived demand, inelastic demand, joint demand, and fluctuating demand all fall under the category of different types of demand in economics.

Personal selling allows for direct interaction with potential buyers, which is crucial for complex or high-value transactions. It enables tailored communication, negotiation, and relationship-building that are essential for the success of these types of sales.

The question is referring to the various categories of business products, which include major equipment, accessory equipment, raw materials, component parts, processed materials, supplies, and business services.

The buying center roles refer to the specific set of roles including Initiator, Influencers/Evaluators, Gatekeepers, Deciders, Purchasers, and Users that are involved in the organizational purchasing decision-making process.

Market segmentation is the process of dividing a market into distinct groups with similar characteristics. This allows businesses to tailor their marketing strategies and products to meet the specific needs of different segments within the market.

Sustainability, Identifiability, Measurability, Accessibility, and Responsiveness are key criteria that help in effectively segmenting target markets in marketing strategies.

These are the different approaches or methods used in market segmentation to divide a market into smaller, more defined categories for more targeted marketing efforts.

The 80/20 rule, also known as the Pareto Principle, suggests that a minority of causes (20%) are responsible for a majority of results (80%). While the incorrect answers may seem plausible, the correct term widely used in business and economics is the 80/20 rule or Pareto Principle.

Cannibalization refers to the negative impact of a new product on sales of existing products within the same company.

Repositioning refers to changing how customers perceive a brand in comparison to other brands in the market. Rebranding involves changing the brand's identity, while positioning is about how the brand is positioned in the market, and marketing is the overall strategy to promote the brand.

The characteristics Interactive, Flexible, Discovery oriented, and Accessible are often associated with Decision Support Systems (DSS), making 'DSS characteristics' the correct answer.

Marketing research involves the systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services. It helps organizations make informed marketing decisions based on relevant data.

The correct answer is 'marketing research steps' as it involves the systematic process of gathering, analyzing, and interpreting information to help make informed business decisions. Conducting a job interview, writing a research paper, and creating a social media campaign do not necessarily follow the specific steps mentioned in the question.

Secondary data can indeed save time and money for researchers if it is applicable to solving their specific research problem. It is important to carefully evaluate secondary data sources to ensure their relevance and reliability.

Primary data provides unique insights and tailored information that is not available through secondary data sources. Understanding the advantages of primary data is essential for researchers looking to address specific research questions that cannot be answered using existing secondary data.

The correct answer refers to the different categories of questions that can be utilized in surveys, not different categories of animals, food, or vehicles.

Probability samples and nonprobability samples refer to different approaches for selecting participants in a research study. They are methods used to ensure the representativeness of the sample and the generalizability of the results.

Consumer products are classified into convenience products, shopping products, specialty products, and unsought products based on consumer buying behavior and characteristics.