MARK 305 Test 1 Questions And
Answers 2024
Consumer Behaviour - Answers:the study of the processes involved when individuals or groups
select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and
desires.
Market Segmentation - Answers:Identifying groups of consumers who are similar to one another
in one or more ways and then devises marketing strategies that appeal to one or more groups.
Demographics - Answers:Statistics that measure observable aspects of a population, such as birth
rate, age distribution, and income.
Psychographics - Answers:Differences in consumers' personalities, attitudes, values, and
lifestyles
Popular Segmenting Variables - Answers:• Age • Gender • Family structure and Life Style •
Social Class and Income • Ethnicity • Geography • Lifestyles: Beyond Demographics •
Segmenting by Relationship and Big Data
relationship marketing - Answers:Involves making an effort to interact with customers on a
regular basis, giving them reasons to maintain a bond with the company over time.
database marketing - Answers:Database Marketing tracks specific consumers' buying habits very
closely and crafts products and messages tailored precisely to people's wants and needs based on
this information
The Meaning of Consumption - Answers:People often buy products not for what they do, but for
what they mean
global consumer culture - Answers:United people around the globe by a common devotion to -
Brand name consumer goods - Movie stars - Celebrities
, Virtual Consumers - Answers:• Impact of the Web on consumer behaviour
• 24/7 shopping without leaving home
• Handheld devices & wireless communications
• Not just B2C, now C2C (consumer to consumer) sharing interests around the world
• A new generation of digital natives
• Horizontal Revolution
• Culture of participation
• A revolution in M2M (machine to machine communication)
• Artificial intelligence (AI) applications improve the precision of ad placements
• Computer engineering is moving into directions of robot companions
Consumer Trends - Answers:• Are underlying values
• These values drive consumers toward certain products and services and away from others
• Consumer trend forecasting is big business; organizations devote massive resources towards
consumer behavior
• In many ways our basic assumptions about how companies and people relate to one another
are being disrupted.
Future Consumer Trends - Answers:- Sharing economy
- Authenticity and personalization
- Blurring of gender roles
- Diversity and multiculturalism
- Social shopping
- Healthy and ethical living
- Simplification
- Anonymity
Answers 2024
Consumer Behaviour - Answers:the study of the processes involved when individuals or groups
select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and
desires.
Market Segmentation - Answers:Identifying groups of consumers who are similar to one another
in one or more ways and then devises marketing strategies that appeal to one or more groups.
Demographics - Answers:Statistics that measure observable aspects of a population, such as birth
rate, age distribution, and income.
Psychographics - Answers:Differences in consumers' personalities, attitudes, values, and
lifestyles
Popular Segmenting Variables - Answers:• Age • Gender • Family structure and Life Style •
Social Class and Income • Ethnicity • Geography • Lifestyles: Beyond Demographics •
Segmenting by Relationship and Big Data
relationship marketing - Answers:Involves making an effort to interact with customers on a
regular basis, giving them reasons to maintain a bond with the company over time.
database marketing - Answers:Database Marketing tracks specific consumers' buying habits very
closely and crafts products and messages tailored precisely to people's wants and needs based on
this information
The Meaning of Consumption - Answers:People often buy products not for what they do, but for
what they mean
global consumer culture - Answers:United people around the globe by a common devotion to -
Brand name consumer goods - Movie stars - Celebrities
, Virtual Consumers - Answers:• Impact of the Web on consumer behaviour
• 24/7 shopping without leaving home
• Handheld devices & wireless communications
• Not just B2C, now C2C (consumer to consumer) sharing interests around the world
• A new generation of digital natives
• Horizontal Revolution
• Culture of participation
• A revolution in M2M (machine to machine communication)
• Artificial intelligence (AI) applications improve the precision of ad placements
• Computer engineering is moving into directions of robot companions
Consumer Trends - Answers:• Are underlying values
• These values drive consumers toward certain products and services and away from others
• Consumer trend forecasting is big business; organizations devote massive resources towards
consumer behavior
• In many ways our basic assumptions about how companies and people relate to one another
are being disrupted.
Future Consumer Trends - Answers:- Sharing economy
- Authenticity and personalization
- Blurring of gender roles
- Diversity and multiculturalism
- Social shopping
- Healthy and ethical living
- Simplification
- Anonymity
