Chapter 2: The Consumer Exit Prep Questions And 100% Verified Correct Answers.

Gatekeeper - correct answer A person who oversees the care of another (ie parent or guardian) Consumer vs customer - correct answer Consumer is a person who USES a product or service. A customer is someone who BUYS a product. Demographics - correct answer Age, gender, family life cycle, income level, ethnicity, culture Geographics - correct answer Urban, suburban, rural Psychographics - correct answer Beliefs, tastes, lifestyles, attitudes, personality Consumer Profile - correct answer The kind of person most likely to be attracted to a certain product/service. Consumer Segments - correct answer Putting consumers into groups according to characteristics. Primary Market - correct answer The most likely consumer Secondary market - correct answer The occasional consumer Fad vs Trend - correct answer Fad- A good, service, or idea that is extremely popular for a very short period of time and then becomes unpopular just as quickly Trend- Last longer than a fad in the marketplace. A mass movement towards a particular style or value. By paying attention to trends, marketers can predict which markets will grow in the future. - Organic foods, personal computers, jeans Impulse Buying - correct answer The buying process is not used for consumers who make impulse buying decisions. Examples of impulsive buying: A person buys a chocolate bar displayed near the checkout OR a person buys a pop from an outdoor vending machine on a hot day. Using Maslow's Hierarchy of Needs, how can you convince someone to purchase a product or service? - correct answer Maslow's hierarchy of needs provides special insight into the crafting of a buyer persona, offering a focal point that makes sense of a customer's motivations. It can help you to align each quality you identify of your idealized buyer with a specific need, making for a more realistic and effective buyer persona. Traditional product life cycle - correct answer Introduction stage: Product is launched. Sales grow slowly as people are not aware of this product. Informative advertising is used. Usually no profit. Growth Stage: Sales start to grow rapidly. Persuasive advertising may be used. Prices may be reduced as new competitors enter the market. Profits start coming. Maturity stage: Sales now increase slowly. Intense competition in the market. Competitive or promotional pricing may be used. Advertising expenditure at its highest to sustain growth. Product may soon start to fall as the product enters the saturation stage. Decline: Sales will fall. Product loses its appeal. Stiff competition in the market. Advertising is reduced and then stopped. Production may be stopped in the future. Decision point: During this stage, the company decides whether to continue manufacturing the product. In order to continue manufacturing a dying product, new uses for the product must be developed Non-tradtional product life cycle - correct answer Fad: A good, service, or idea that is extremely popular for a very short period of time and then becomes unpopular just as quickly. Trend: Last longer than a fad in the marketplace. A mass movement towards a particular style or value. By paying attention to trends, marketers can predict which markets will grow in the future Niche: Products that have a very short growth stage that leads to a solid but not spectacular maturity stage. They dominate a small section of the market. There is little competition. Seasonal: There are peak periods throughout the year. A change in consumer demand based on a pattern.