Homework Help for Economics (page 3153)

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Match the definitions or complete the statements in the first part of the quiz with the appropriate terms found in the second part.

Definitions/Statements

1. _____ refers to marketers’ focus on a product rather than on the needs of the market.

2. _____ companies do not try to persuade consumers to buy what the firm has already produced, but rather to produce only products that they know they can sell, thereby satisfying consumers’ needs and turning them into loyal customers.

3. The impact of technology on buyer behavior relates to factors such as ____; the use of technology to engage customers and build relationships; customization of products and promotional messages; and better prices and distribution.

4. In the case of situational influences, this relates to the situation in which or the occasion on which the product will be used, e.g., special occasion or everyday use.

5. In the case of situational influences, this relates to the fact if we are in a store, point-of-purchase displays could influence us to buy something. We could also make unplanned purchases because we remembered something from seeing the brand while we are in the store.

6. This discipline on which consumer researchers draw focuses on society and large groups in society such as family and social class.

7. This discipline on which consumer researchers draw focuses on cultures and differences among cultures.

8. These are temporary circumstances that affect consumer purchase decisions.

9. In the case of situational influences, this refers to the fact that the person and the occasion for which we are buying something influence our purchase decisions.

10. According to the simple model of consumer decision making, reference groups, family, social class, culture, and subculture are among the _____ on buyer behavior.

11. According to the simple model of consumer decision making, motivation, personality trait, perception, and attitudes are among the _____ on buyer behavior.

12. According to the simple model of consumer decision making, advertising, buzz agents, customized messages, social media, and word-of-mouth are examples of ____.

13. This discipline on which consumer researchers draw focuses on behavior in small groups and helps consumer researchers to understand issues such as opinion leadership, diffusion of innovations, and communication.

14. In the case of situational influences, ______ are consumer mood states or physiological state (for example, hunger, thirst) that influence consumer decision-making.

15. The selection of one or more segments by a marketer to serve.

16. Developing a distinct image for a brand in the mind of consumers.

17. This is an effort by a marketer to change the existing perception that consumers have of a brand.

19. ___ segmentation involves segmenting based on variables such as urban, rural, suburb, state, cities, counties, and regions.

20. ____ segmentation is based on variables such as consumers’ lifestyles as indicated by their activities, interests, and opinions.

21. This criterion for effective targeting says that marketers should have some way of deciding which consumers fall into which segments.

22. This criterion for effective targeting says that marketers should be able to reach segments with appropriate media and distribution channels.

23. This is the most popular segmentation system combining lifestyles and values of consumers.

24. This household segmentation model is based on a combination of geographic and demographic information and the principle that “Birds of a feather flock together.”

25. ______ is defined as “sending consumers personalized and prompt offers and promotional messages designed to reach the right consumers and deliver to them highly relevant messages at the right time and more accurately than when using conventional segmentation techniques.”

Terms

A. Positioning

B. Accessibility

C. Anthropology

D. Situational influences

E. Consumption situation

F. Task definition

G. Identification

H. Marketing-oriented

I. Targeting

J. Psychographic

K. Marketing myopia

L. PRIZM

M. Interactive and novel communication channels

N. Sociology

O. Demographic

P. Purchase situation

Q. Behavioral targeting

R. Antecedent states

S. Communication sources

T. Geographic

U. Sociocultural influences

V. VALS

W. Psychological influences

X. Social psychology

Y. Repositioning

10. Which of the following instruments would most likely be utilized in the direct finance market?

A) Bank commercial loans. B) U.S. Treasury Bills.

C) Commercial Paper. D) Equities.

11. The managers of a firm met with a loan officer from a local bank to apply for a loan. They told the bank's loan

officer that the loan is intended to finance an expansion in the company’s production facility. Based on this

information, the loan officer granted the loan. However unexpected tariffs increased the cost of raw materials

needed in the production process and the loan had to be used to pay for materials rather than the planned

expansion. This incident is an example of

A) moral hazard.

B) market risk.

C) adverse selection.

D) banks' failing to charge high enough interest rates on business loans.

E) a situation in which direct finance, rather than indirect finance, should be employed.

12. From the choices below, indicate what is likely the most important asset category (in terms of $ value) in a

Money Market Mutual Fund.

A) Corporate Bonds B) Treasury Bills C) Non-Negotiable CDs D) Equities

13. Compared to interest rates on long-term U.S. Treasury debt, interest rates on short-term U.S. Treasury debt tends to

fluctuate________ and is usually __________ over time.

A) more: higher B) less: lower C) more; lower D) less; higher

14. Which of the following is true about legal tender?

A) Only legal tender may be used to pay taxes in the U.S.

B) Having legal tender status from the government is sufficient for something to be used as money.

C) Cash and checking accounts are legal tender.

D) None of the above is accurate.

15. When economists refer to the role of money as a unit of account, they mean that

A) most accounting systems reflect that goods are purchased with currency.

B) all goods are priced in terms of all other goods.

C) money gives traders a single, consistent way of measuring value in the economy.

D) money makes it possible for specialization to take place.

E) agents do not have to exercise their claim on scarce resources immediately.

16. The Federal Reserve System:

A) is required to make loans in the Fed Funds market

B) is required to create the money necessary for the U.S. Government to pay its bills.

C) is required to make loans to the U.S. Treasury.

D) is required to maintain price stability.

17. The interest rate that the Fed targets to indicate its stance on monetary policy is known as:

A) the discount rate. B) the prime rate. C) the fed funds rate. D) the standard rate.

18. Of money's three functions, the one that allows us to make decisions that maximize our satisfaction is its function as a

A) medium of exchange B) unit of account. C) standard of deferred payment D) store of value.

19. In the United States, money is backed by

A) gold and silver. B) Federal Reserve notes.

C) Congress D) Social infrastructure, political stability, and economic potential.

20. Which of the following would not be considered to be part of the money supply?

A) Currency in ATM machines

B) Coins stored in children’s piggy banks

C) U.S. Federal Reserve notes being used for transactions in India

D) A & B above

E) None of the above. All are part of the U.S. money supply.


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