©JOSHCLAY 2024/2025. YEAR PUBLISHED, 2024.
MKT 340 Module 2 Assessment - Iowa
State University Exam Questions and
Answers 100% Solved
Consumer Decision Process - ✔✔Need recognition
Information search
Alternative Evaluation
Purchase and Consumption
Post-Purchase
Functional Needs - ✔✔pertain to the performance of a product or service
Psychological Needs - ✔✔Personal gratification consumers associate
with a product and/or service
Internal Search for Information - ✔✔Examines his or her own memory
and knowledge about the product or service gathered through past
experiences
External Search for Information - ✔✔Buyer seeks information outside his
or her personal knowledge base to help make the buying decision
, ©JOSHCLAY 2024/2025. YEAR PUBLISHED, 2024.
Factors affecting consumer's search process - ✔✔Perceived benefits vs
perceived costs
Locus of Control
Internal Locus of Control - ✔✔Believe they have some control over the
outcomes of their actions
External Locus of Control - ✔✔Believe that fate or other external factors
control all outcomes
Actual or Perceived Risk - ✔✔performance risk, financial risk, social risk,
physiological risk, psychological risk
Performance Risk - ✔✔Perceived danger inherent in a poorly performing
product or service
Financial Risk - ✔✔Monetary outlay and includes the initial cost of
purchase as well as the costs of using the item or service
Social Risk - ✔✔Fear the consumers suffer when they worry others
might not regard their purchases positively
Physiological Risk/Safety Risk - ✔✔Fear of an actual harm should the
product not perform properly
Attribute Sets - ✔✔Universal, Retrieval, and Evoked sets
Universal Sets - ✔✔All possible choices for a product category
MKT 340 Module 2 Assessment - Iowa
State University Exam Questions and
Answers 100% Solved
Consumer Decision Process - ✔✔Need recognition
Information search
Alternative Evaluation
Purchase and Consumption
Post-Purchase
Functional Needs - ✔✔pertain to the performance of a product or service
Psychological Needs - ✔✔Personal gratification consumers associate
with a product and/or service
Internal Search for Information - ✔✔Examines his or her own memory
and knowledge about the product or service gathered through past
experiences
External Search for Information - ✔✔Buyer seeks information outside his
or her personal knowledge base to help make the buying decision
, ©JOSHCLAY 2024/2025. YEAR PUBLISHED, 2024.
Factors affecting consumer's search process - ✔✔Perceived benefits vs
perceived costs
Locus of Control
Internal Locus of Control - ✔✔Believe they have some control over the
outcomes of their actions
External Locus of Control - ✔✔Believe that fate or other external factors
control all outcomes
Actual or Perceived Risk - ✔✔performance risk, financial risk, social risk,
physiological risk, psychological risk
Performance Risk - ✔✔Perceived danger inherent in a poorly performing
product or service
Financial Risk - ✔✔Monetary outlay and includes the initial cost of
purchase as well as the costs of using the item or service
Social Risk - ✔✔Fear the consumers suffer when they worry others
might not regard their purchases positively
Physiological Risk/Safety Risk - ✔✔Fear of an actual harm should the
product not perform properly
Attribute Sets - ✔✔Universal, Retrieval, and Evoked sets
Universal Sets - ✔✔All possible choices for a product category
