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Chapter 2 Review

Quiz by Taylor Wiggins

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33 questions
Show answers
  • Q1
    _______________ is NOT part of Maslow's Hierarchy of Needs.
    financial stability
    self-actualization
    physiological needs
    security
    30s
  • Q2
    The best strategy for a business to rise above the competition is to provide uncompromising, outstanding customer service.
    False
    True
    30s
  • Q3
    Today's consumers
    consider benefits derive when making purchases
    have more choices for their discretionary income
    consider benefits derive when making purchases, have more choices for their discretionary income, are more mobile than ever before.
    are more mobile than ever before
    30s
  • Q4
    Physiological needs include recognition and respect from others.
    False
    True
    30s
  • Q5
    Each of the following is an example of a market segment EXCEPT
    all teenagers in the United States
    freshmen at a four-year high school
    students at a university who purchase season football tickets
    female NASCAR fans
    30s
  • Q6
    Producers are the driving force behind the marketing concept.
    True
    False
    30s
  • Q7
    __________ segmentation divides markets into physical locations, such as Eastern, Northern, Southern, and Western regions of the United States.
    Demographic
    Psychographic
    Behavioral-based
    Geographic
    30s
  • Q8
    Realization of one's self potential is referred to as the ____________ need in Maslow's Hierarchy of Needs.
    self-actualization
    security
    physiological
    self-esteem
    30s
  • Q9
    The _ represents the minimum sales required to cover all of the expense.
    breakeven point
    benefits derived
    customer service gap
    market share
    30s
  • Q10
    Secondary data...
    is obtained for the first time
    has already been collected for some other purpose
    is collected by observing consumer behavior
    is collected through consumer surveys
    30s
  • Q11
    External sources of information for businesses DO NOT come from...
    trade and professional organizations
    the company's financial reports
    business publications
    government reports
    30s
  • Q12
    _ is the capability to produce products/services more efficiently and economically than the competition.
    patronage
    breakeven point
    benefits derived
    comparative advantage
    30s
  • Q13
    Economic uncertainty has a direct impact on consumer purchases.
    False
    True
    30s
  • Q14
    Purchases based upon careful thought and sound reasoning are _______ purchases.
    values-based
    patronage
    rational
    emotional
    30s
  • Q15
    The first step in marketing a product is to determine...
    who the competition is in the marketplace
    who specifically the customer is for the product
    what quantity of the product should be produced
    how the product will be advertised and promoted
    30s

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