Chapter 1

Question 1

Consumer Behavior

Answer 1

Study of consumers’ actions during searching for, purchasing, using, evaluating

Question 2

Customer Retention

Answer 2

Turning individual consumer transactions into long-term customer relationships by making it in the best interests of customers to stay

Question 3

Market Segmentation

Answer 3

Dividing a market into subsets of consumers with common needs or characteristics

Question 4

Market Targeting

Answer 4

Selecting segments with prospective customers and pursuing them with distinct offerings

Question 5

Marking Mix

Answer 5

The component of the business plan that includes four elements: the product (or service), price, place (or distribution), and promotion

Question 6

Positioning

Answer 6

Creating a distinct image and identity differentiate the company’s offering