UF MAR3023 Exam 1 Questions With Complete Solutions
80/20 Rule Correct Answers Concept that suggests 80% of a
firm's sales are obtained from 20% of its customers
Attitude Correct Answers Learned predisposition to respond to
an object or class of objects in a consistently favorable or
unfavorable way.
Baby Boomers Correct Answers Generation born between
1946 & 1964
Barriers to Entry Correct Answers Business practices or
conditions that make it difficult for new firms to enter the
market.
Beliefs Correct Answers Consumer's subjective perception of
how a product or brand performs on different attributes based on
personal experience, advertising, and discussions with other
people.
Bidder's List Correct Answers List of firms believed to be
qualified to supply a given item.
Blended Family Correct Answers Family formed by merging
two preciously separated units into a single household.
Brand Loyalty Correct Answers Favorable attitude
toward/consistent purchase of a single brand over time.
, Business Marketing Correct Answers Marketing of
goods/services to companies, governments, or not-for-profit
organizations for use in the creation of goods and services that
they can produce and market to others.
Buy classes Correct Answers Consists of three types of
organizational buying situations: straight re-buy, new buy, and
modified re-buy.
Buying center Correct Answers Group of people in an
organization who participate in the buying process and share
common goals, risks, and knowledge important to the purchase
decision.
Cognitive Dissonance Correct Answers Feeling of post-
purchase psychological tension or anxiety consumers may
experience when faced with two or more highly attractive
alternatives.
Competition Correct Answers Alternative firms that could
provide a product to satisfy a specific market's needs.
Consideration Set Correct Answers Group of brands that
consumers would consider acceptable from among all the brands
in product class of which he or she is aware.
Constraints Correct Answers In a decision, the restrictions
placed on potential solutions to a problem
80/20 Rule Correct Answers Concept that suggests 80% of a
firm's sales are obtained from 20% of its customers
Attitude Correct Answers Learned predisposition to respond to
an object or class of objects in a consistently favorable or
unfavorable way.
Baby Boomers Correct Answers Generation born between
1946 & 1964
Barriers to Entry Correct Answers Business practices or
conditions that make it difficult for new firms to enter the
market.
Beliefs Correct Answers Consumer's subjective perception of
how a product or brand performs on different attributes based on
personal experience, advertising, and discussions with other
people.
Bidder's List Correct Answers List of firms believed to be
qualified to supply a given item.
Blended Family Correct Answers Family formed by merging
two preciously separated units into a single household.
Brand Loyalty Correct Answers Favorable attitude
toward/consistent purchase of a single brand over time.
, Business Marketing Correct Answers Marketing of
goods/services to companies, governments, or not-for-profit
organizations for use in the creation of goods and services that
they can produce and market to others.
Buy classes Correct Answers Consists of three types of
organizational buying situations: straight re-buy, new buy, and
modified re-buy.
Buying center Correct Answers Group of people in an
organization who participate in the buying process and share
common goals, risks, and knowledge important to the purchase
decision.
Cognitive Dissonance Correct Answers Feeling of post-
purchase psychological tension or anxiety consumers may
experience when faced with two or more highly attractive
alternatives.
Competition Correct Answers Alternative firms that could
provide a product to satisfy a specific market's needs.
Consideration Set Correct Answers Group of brands that
consumers would consider acceptable from among all the brands
in product class of which he or she is aware.
Constraints Correct Answers In a decision, the restrictions
placed on potential solutions to a problem
