Lesson 3-4

Question 1

Is the process of knowing the overview of the entire market, but differentiating them from competitors by recognition of submarkets with similarity in needs but differ in demographic and psychographic ways.

Answer 1

Market Segmentation

Question 2

are distinctive group of people within a culture

Answer 2

Subculture

Question 3

one or more people whom a person uses as a basis of comparison for beliefs, feelings, and behaviors.

Answer 3

Reference Group

Question 4

means that a customer like and habitually visit the same retailer to purchase a type of merchandise.

Answer 4

Retailer Loyalty

Question 5

means that a customer like and consistently buy specific brand in a category. They are reluctant to switch to other brands if their favorite brand isn’t available.

Answer 5

Brand Loyalty

Question 6

Is a purchase decision process involving little or no conscious effort? Today’s customer has many demands on their time. One way they cope with these time pressure is by simplifying their decision making process.

Answer 6

Habitual Decision Making

Question 7

is a purchase decision process involving a moderate amount of effort and time. Customer engage in this type of buying process when they have had some prior experience with the product or service and he risk is moderate.

Answer 7

Limited Problem Solving

Question 8

is a purchase decision process in which the customers devote considerable time and effort to analyzing their alternatives. Customers typically engage in extended problem solving when the purchase decision involves a lot of risk and uncertainty.

Answer 8

Extended Problem Solving

Question 9

consist one-to-two minute advertisements on television and radio that describe products and provide an opportunity for consumers to order them.

Answer 9

Direct Response Advertising

Question 10

are programs typically 30 to 60 seconds long that mix entertainment with product demonstrations and then solicit orders placed by entertainment with demonstrations and then solicit orders placed by telephone.

Answer 10

Infomercials

Question 11

The process of knowing and understanding the overview of the entire market.

Answer 11

Market Segmentation

Question 12

It is where customersn consistently buy specific brand of merchandise in a category.

Answer 12

Brand Loyalty

Question 13

A loyalty where customers habitually visits the same retailer to purchase a type of merchandise

Answer 13

Retail Loyalty