CTE 3806 EXAM 2 QUESTIONS WITH VERIFIED
ANSWERS | LASTEST UPDATE
Need Recognition/Identify the Problem - Answers - Unsatisfied need is the trigger for
buying process•Desired level of satisfaction differs from present level
types of needs - Answers - Utilitarian- Rational Motives•
Hedonic - Emotional Motives• (entertainment, a nice car, recreational)
Patronage Motives-(customer service, continually purchase from favorite brand even if
someone always offer it at a cheaper price)
Conflicting Needs - Answers - Customers make trade-offs between conflicting
needs.•Example: Your hedonic needs might conflict with your budget
cross shopping - Answers - The pattern of buying both premium and low-priced
merchandise or patronizing both expensive, status-oriented retailers and price-oriented
retailers.
Information Search/Establish-Weigh Decision Criteria - Answers - Internal sources( your
own personal knowledge)
External sources(your social media knowledge)
Amount of information searched
•Information search•Technology
•Two factors affect search (number of competing brands and time)
Reducing Information Search - Answers - Conversion rate•
Informed salesperson can be convincing•
Everyday low pricing (EDLP) strategy
Internet/Social Media/Mobile: Information Search and Price Competition - Answers -
Profound impact on information search•
Encourage customer reviews•
Showrooming
multiattribute attitude model - Answers - how a Customers see a retailer, product or
service as a collection of attributes or characteristics
Consideration set - Answers - The set of alternatives the customer evaluates when
making a choice of what retailer to patronize
cutomers - Answers - Fair trade is a benefit that can be added to attract
, Purchasing the Merchandise or Service (implement) - Answers - Customers do not
always purchase a brand with the highest overall evaluation.•The high-rated item may
not be available in the store.•Risks may not outweigh the benefit•Ways to increase
evaluation into purchase•Make it easy to purchase•Provide sufficient information that
reinforces evaluation•Reduce risk of making purchase mistake
Postpurchase Evaluation (reflection) - Answers - becomes part of the customer's
internal information that affects future store and product decisions.
how well a store or product meets or exceeds customer expectations.
ex yelp
three types of problem solving - Answers - Financial risks•
Physical risks( effect health and safety)
•Social risks( effects how people view you)
Extended Problem Solving - Answers - Financial risks•Physical risks•Social risks
Limited Problem Solving - Answers - Some prior buying experience•Impulse buying or
unplanned purchasing
Habitual Decision Making - Answers - Brand loyalty• (bread milk eggs)
Retailer loyalty
point-of-purchase (POP) or point-of-sale (POS) displays to attract customers' attention. -
Answers - Retailers encourage impulse-buying behavior by using prominent
Customer buying decisions are influenced by four social factors: - Answers -
Economy•Family•Reference Group(social media)•Culture
retail market segment - Answers - isa group of customers who are attracted to the same
retail mix because they have similar needs.
Approaches for Segmenting Markets - Answers -
Geographic•Demographic•Geodemographic•Tapestry Segmentation
System•Psychographic( how they spend there time and money) •Self-values•Self-
concept or Self-image•Lifestyle
Sustainable Competitive Advantage - Answers - cannot be easily duplicated and lasts a
long time Build strong relationships with customers•Build strong relationships with
suppliers•Achieve efficient internal operations
example of retail market segment - Answers - A group of consumers with similar needs
and a group of retailers that satisfy those needs using a similar retail channel and
format.•Bebe is a specialty store that targets a fashion-forward customer.
ANSWERS | LASTEST UPDATE
Need Recognition/Identify the Problem - Answers - Unsatisfied need is the trigger for
buying process•Desired level of satisfaction differs from present level
types of needs - Answers - Utilitarian- Rational Motives•
Hedonic - Emotional Motives• (entertainment, a nice car, recreational)
Patronage Motives-(customer service, continually purchase from favorite brand even if
someone always offer it at a cheaper price)
Conflicting Needs - Answers - Customers make trade-offs between conflicting
needs.•Example: Your hedonic needs might conflict with your budget
cross shopping - Answers - The pattern of buying both premium and low-priced
merchandise or patronizing both expensive, status-oriented retailers and price-oriented
retailers.
Information Search/Establish-Weigh Decision Criteria - Answers - Internal sources( your
own personal knowledge)
External sources(your social media knowledge)
Amount of information searched
•Information search•Technology
•Two factors affect search (number of competing brands and time)
Reducing Information Search - Answers - Conversion rate•
Informed salesperson can be convincing•
Everyday low pricing (EDLP) strategy
Internet/Social Media/Mobile: Information Search and Price Competition - Answers -
Profound impact on information search•
Encourage customer reviews•
Showrooming
multiattribute attitude model - Answers - how a Customers see a retailer, product or
service as a collection of attributes or characteristics
Consideration set - Answers - The set of alternatives the customer evaluates when
making a choice of what retailer to patronize
cutomers - Answers - Fair trade is a benefit that can be added to attract
, Purchasing the Merchandise or Service (implement) - Answers - Customers do not
always purchase a brand with the highest overall evaluation.•The high-rated item may
not be available in the store.•Risks may not outweigh the benefit•Ways to increase
evaluation into purchase•Make it easy to purchase•Provide sufficient information that
reinforces evaluation•Reduce risk of making purchase mistake
Postpurchase Evaluation (reflection) - Answers - becomes part of the customer's
internal information that affects future store and product decisions.
how well a store or product meets or exceeds customer expectations.
ex yelp
three types of problem solving - Answers - Financial risks•
Physical risks( effect health and safety)
•Social risks( effects how people view you)
Extended Problem Solving - Answers - Financial risks•Physical risks•Social risks
Limited Problem Solving - Answers - Some prior buying experience•Impulse buying or
unplanned purchasing
Habitual Decision Making - Answers - Brand loyalty• (bread milk eggs)
Retailer loyalty
point-of-purchase (POP) or point-of-sale (POS) displays to attract customers' attention. -
Answers - Retailers encourage impulse-buying behavior by using prominent
Customer buying decisions are influenced by four social factors: - Answers -
Economy•Family•Reference Group(social media)•Culture
retail market segment - Answers - isa group of customers who are attracted to the same
retail mix because they have similar needs.
Approaches for Segmenting Markets - Answers -
Geographic•Demographic•Geodemographic•Tapestry Segmentation
System•Psychographic( how they spend there time and money) •Self-values•Self-
concept or Self-image•Lifestyle
Sustainable Competitive Advantage - Answers - cannot be easily duplicated and lasts a
long time Build strong relationships with customers•Build strong relationships with
suppliers•Achieve efficient internal operations
example of retail market segment - Answers - A group of consumers with similar needs
and a group of retailers that satisfy those needs using a similar retail channel and
format.•Bebe is a specialty store that targets a fashion-forward customer.
