GB 350 EXAM 2 QUESTIONS WITH VERIFIED
ANSWERS
Consumer buying process - Correct Answers -need recognition, information search,
alternative evaluation, purchase, post purchase
•Functional needs - Correct Answers -➤•Needs that pertain to the performance of a
product or service
•Psychological needs - Correct Answers -•Needs that pertain to the personal
gratification a consumer needs
•Ex: buying a watch
•Internal search for information - Correct Answers -•Low involvement or routine
decisions/purchases
•Familiar with product
•Example: where you do your weekly grocery shopping
•External search for information - Correct Answers -•High involvement, often big
purchases
•Not familiar with product
•Example: buying a stove
•Perceived benefits vs. perceived costs - Correct Answers -•Is it worth the time and
effort to search for information about a product or service?
Example: Buying a car vs. buying a bag of chips
Locus of control - Correct Answers -•one's perceptions about the underlying main
causes of events in his/her life
Internal - Correct Answers -•individuals believe they have more control over the
outcomes of their actions and engage in more search activities
•Example: Merida from Brave, most entrepreneurs
External - Correct Answers -•individuals believe that external factors or fate determine
the outcome of events and don't place an emphasis on gathering information
•Example: Students who believe their grades are due to luck or circumstance
Performance risk - Correct Answers -•one is concerned that a product will not perform
well
•Example: Magic Bullet Blender
, Financial risk - Correct Answers -•one is concerned that a product costs too much
initially and/or down the road
•Examples: trendy purses and dry clean only clothing
Social risk - Correct Answers -•one is concerned that others might not regard their
purchases positively
•Examples: purchasing feminine products, purchasing lots of cheap alcohol in bulk
Physiological/safety risk - Correct Answers -•fear that a product might cause bodily
harm if it does not perform properly
•Example: Takata airbags
Psychological risk - Correct Answers -•has to do with the way a product/service will
make you feel if it does not convey the right image
•Leads to "bigger is better" thinking
•Example: Ugly car
Limited - Correct Answers -•purchase decision calls for, at most, a moderate amount of
time and effort
•Impulse buying - buying decision made on the spot
Habitual decision making - Correct Answers -•purchase decision made with little
conscious effort
Example: toothpaste
Derived demand is - Correct Answers -the driving force behind B2B
•Universal sets - Correct Answers -•All possible choices within a product category
•Example: All types of beverages
•Retrieval sets - Correct Answers -•Choices that can be readily brought forth from
memory
•Ex: Sunny Delight, Capri Sun
•Evoked sets - Correct Answers -•Choices that the consumer would consider when
making a purchase decision
•Ex. Dr. Pepper, Coke, Sprite
Determinant attributes - Correct Answers -•features of a product or service that are
important to the consumer and differ from those of the competitors
•Example: buying a car
Consumer decision rules- - Correct Answers -the set of criteria that consumers use to
make purchase decisions
ANSWERS
Consumer buying process - Correct Answers -need recognition, information search,
alternative evaluation, purchase, post purchase
•Functional needs - Correct Answers -➤•Needs that pertain to the performance of a
product or service
•Psychological needs - Correct Answers -•Needs that pertain to the personal
gratification a consumer needs
•Ex: buying a watch
•Internal search for information - Correct Answers -•Low involvement or routine
decisions/purchases
•Familiar with product
•Example: where you do your weekly grocery shopping
•External search for information - Correct Answers -•High involvement, often big
purchases
•Not familiar with product
•Example: buying a stove
•Perceived benefits vs. perceived costs - Correct Answers -•Is it worth the time and
effort to search for information about a product or service?
Example: Buying a car vs. buying a bag of chips
Locus of control - Correct Answers -•one's perceptions about the underlying main
causes of events in his/her life
Internal - Correct Answers -•individuals believe they have more control over the
outcomes of their actions and engage in more search activities
•Example: Merida from Brave, most entrepreneurs
External - Correct Answers -•individuals believe that external factors or fate determine
the outcome of events and don't place an emphasis on gathering information
•Example: Students who believe their grades are due to luck or circumstance
Performance risk - Correct Answers -•one is concerned that a product will not perform
well
•Example: Magic Bullet Blender
, Financial risk - Correct Answers -•one is concerned that a product costs too much
initially and/or down the road
•Examples: trendy purses and dry clean only clothing
Social risk - Correct Answers -•one is concerned that others might not regard their
purchases positively
•Examples: purchasing feminine products, purchasing lots of cheap alcohol in bulk
Physiological/safety risk - Correct Answers -•fear that a product might cause bodily
harm if it does not perform properly
•Example: Takata airbags
Psychological risk - Correct Answers -•has to do with the way a product/service will
make you feel if it does not convey the right image
•Leads to "bigger is better" thinking
•Example: Ugly car
Limited - Correct Answers -•purchase decision calls for, at most, a moderate amount of
time and effort
•Impulse buying - buying decision made on the spot
Habitual decision making - Correct Answers -•purchase decision made with little
conscious effort
Example: toothpaste
Derived demand is - Correct Answers -the driving force behind B2B
•Universal sets - Correct Answers -•All possible choices within a product category
•Example: All types of beverages
•Retrieval sets - Correct Answers -•Choices that can be readily brought forth from
memory
•Ex: Sunny Delight, Capri Sun
•Evoked sets - Correct Answers -•Choices that the consumer would consider when
making a purchase decision
•Ex. Dr. Pepper, Coke, Sprite
Determinant attributes - Correct Answers -•features of a product or service that are
important to the consumer and differ from those of the competitors
•Example: buying a car
Consumer decision rules- - Correct Answers -the set of criteria that consumers use to
make purchase decisions
