Consumer Market Analysis 2
This quiz is based on the video lecture "Consumer Market Analysis" and "Customer Profile".
Questions and Answers
- 1.
A sub-set of a market made up of people or organizations with one or more characteristics that cause them to demand similar product and/or services
- A.
Market Segmentation
- B.
Market Share
- C.
Demand
- D.
Service
Correct Answer
A. Market SegmentationExplanation
Market segmentation refers to the process of dividing a larger market into smaller, distinct groups or segments based on similar characteristics, needs, or preferences. These segments are formed based on factors such as demographics, psychographics, behavior, or geographic location. By segmenting the market, businesses can better understand the specific needs and preferences of different customer groups and tailor their products or services to effectively target and serve each segment. This helps in creating more personalized marketing strategies and improving customer satisfaction, ultimately leading to higher sales and profitability.Rate this question:
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- 2.
Organized effort to gather information about markets or customers.
- A.
Consumer Market Analysis
- B.
Market Research
- C.
Target Market
- D.
Customer Profile
Correct Answer
B. Market ResearchExplanation
Market research is the systematic and organized effort to gather information about markets or customers. It involves collecting data, analyzing it, and interpreting the findings to make informed business decisions. Market research helps companies understand their target market, identify consumer preferences and trends, evaluate competition, and assess the potential demand for their products or services. By conducting market research, businesses can gain valuable insights that can guide their marketing strategies, product development, and overall business planning.Rate this question:
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- 3.
Are the most recent statistical characteristics of a population; it includes: age, gender, income, education, etc…
- A.
Customer Profile
- B.
Age
- C.
Demographic
- D.
Segmentation
Correct Answer
C. DemographicExplanation
Demographic refers to the most recent statistical characteristics of a population, such as age, gender, income, and education. It is used to create a customer profile and is a key factor in segmentation, which involves dividing a population into distinct groups based on these characteristics.Rate this question:
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- 4.
The decision processes and acts of people involved in buying and using products.
- A.
Customer Profile
- B.
Customer Decision Process
- C.
Buying Characteristics
- D.
Buying Behavior
Correct Answer
D. Buying BehaviorExplanation
Buying behavior refers to the decision processes and acts of people involved in buying and using products. It encompasses the customer profile, which includes understanding the characteristics of the customers and their decision-making process when purchasing a product. By analyzing buying behavior, businesses can gain insights into customer preferences, motivations, and needs, allowing them to tailor their marketing strategies and product offerings accordingly. Understanding buying behavior is crucial for businesses to effectively attract and retain customers, ultimately leading to increased sales and customer satisfaction.Rate this question:
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- 5.
Involves evaluating the situation and trends in a particular company's market by looking at the following 3 C’s: Customers, Company, and Competitors
- A.
Cost Benefit Analysis
- B.
SWOT Analysis
- C.
Situational Analysis
- D.
Market Research
Correct Answer
C. Situational AnalysisExplanation
Situational analysis involves evaluating the situation and trends in a particular company's market by looking at the three C's: Customers, Company, and Competitors. It helps in understanding the current state of the market, identifying opportunities and threats, and making strategic decisions. This analysis provides valuable insights into the external and internal factors that may impact the company's performance and helps in developing effective marketing strategies. It considers the market dynamics, customer preferences, company capabilities, and competitive landscape to assess the overall business environment and make informed decisions.Rate this question:
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- 6.
The stages of family life common in the United States, including singlehood, marriage, married with children, senior couples, etc...
- A.
Family Life Cycle
- B.
Product Life Cycle
- C.
Situational Analysis
- D.
Competitive Advantage
Correct Answer
A. Family Life CycleExplanation
The correct answer is Family Life Cycle. The given options are related to different concepts, but only Family Life Cycle is directly related to the stages of family life common in the United States. It refers to the different stages that a typical American family goes through, such as being single, getting married, having children, and becoming senior couples. This concept helps in understanding the changes and challenges that families face at different stages of their lives.Rate this question:
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- 7.
The sense of regret after having made a purchase
- A.
Buyers Regret
- B.
Buyers post purchasing behavior
- C.
Post purchasing behavior
- D.
Buyers Remorse
Correct Answer
D. Buyers RemorseExplanation
Buyer's Remorse refers to the feeling of regret or dissatisfaction that a person experiences after making a purchase. It is a common psychological phenomenon where individuals may second-guess their decision, feel guilty, or question the value or necessity of their purchase. This remorse can be triggered by various factors such as financial concerns, buyer's expectations not being met, or realizing that the purchase was impulsive or unnecessary. It often leads to a desire to return or exchange the item, or simply feeling disappointed in oneself for making the purchase.Rate this question:
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- 8.
What are the 4 factors to Buying Behavior?
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