RELI 2732 Chapter : Reading 4-7.docx
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Question 1
With respect to consumer behavior, one's attitudes, learning, and perceptions would be
| impersonal influences | ||
| interpersonal influences | ||
| personal influences | ||
| insitutional influences |
Question 2
In Maslow's hierarchy of needs,
| a physiological need must be met directly before social needs. | ||
| esteem needs are the highest order of needs. | ||
| self-actualization needs are the highest order | ||
| safety needs and esteem are of the same importance. |
Question 3
The most likely product to be purchased in an attempt to satisfy self-esteem needs would be
| "super class" tickets for your next air flight. | ||
| a really fast computer. | ||
| a home security system. | ||
| yogurt and health food. |
Question 4
Which of the following is not a characteristic that distinguishes organizational markets from consumer markets?
| Organizational markets are more geographically concentrated. | ||
| More people exert influence on the organizational buying decision. | ||
| The organizational market tends to have a greater number of buyers. | ||
| Organizations often engage in multiple sourcing and vendor analysis. |
Question 5
Consumers may attempt to reduce postpurchase anxiety in the consumer decision process by
| avoiding favorable information about the selected brand | ||
| seeking reassurance from dissatisfied customers | ||
| seeking information that favors the rejected brands | ||
| ignoring unfavorable reports about the chosen brand |
Question 6
The buying center concept explains how groups of people participate informally in business purchase decisions and
| methods to break through group perceptions. | ||
| the role the group members play in buying decisions. | ||
| how family units operate as buying centers. | ||
| the process of performing vendor analysis. |
Question 7
In the organizational buying process, a triggering event such as announcement of the availability of a new product whose use could improve the company's market performance is referred to as
| need or opportunity recognition | ||
| identification of suppliers | ||
| information search | ||
| word-of-mouth exploration |
Question 8
An undifferentiated marketing strategy
| serves the consumer better because the products offered are designed to meet the needs of a specific group of people | ||
| benefits from the control and efficiency of short production runs | ||
| ignores differences among consumer groups and focuses on the broad market | ||
| is the most common strategy today and is used more now than in the past |
Question 9
Goods purchased by the ultimate consumer for personal use are called
| personal products | ||
| purchased products | ||
| consumer products | ||
| commercial products |
Question 11
A particular purchasing agent might allow some salespeople to see the engineers responsible for developing product specifications but not allow others the same privilege. In the buying center, this purchasing agent is filling the role of
| a "hard" nose | ||
| a gatekeeper | ||
| an influencer | ||
| a decider |
Question 12
"Our prices are the lowest, we guarantee it" is an example of a positioning strategy based on the product's
| competitors | ||
| price | ||
| class | ||
| application |
Question 13
Segmenting the market based on exactly how an industrial purchaser will use products is referred to as
| customer-based segmentation | ||
| benefits segmentation | ||
| end-use application segmentation | ||
| geographic segmentation |
Question 14
The lumber your carpenter purchases to finish out your basement is classified as
| a home improvement product | ||
| a raw material | ||
| a business product | ||
| a consumer good |
Question 15
When consumer demand for personal computers affects computer manufacturers' demand for computer chips, this situation is known as
| volatile demand | ||
| conjoined demand | ||
| derived demand | ||
| joint demand |
Question 16
Which of the following is a personal factor in consumer bahavior?
| a cultural influence | ||
| group membership | ||
| friends' opinions | ||
| a person's attitudes |
Question 17
Cognitive dissonance would be most likely to occur after the purchase of
| sneakers | ||
| groceries | ||
| an automobile | ||
| cosmetics |
Question 18
Which of the following would be most likely to break through a person's perceptual screen?
| a newspaper ad featuring white type on a black background | ||
| a black- and -white classified ad | ||
| reducing the size of the ad | ||
| using fewer colors in the ad |
Question 19
The Fortune 500 list of America's largest firms based on sales revenues and number of employees provides a basis for
| market segmentation based upon customer type | ||
| demographic segmentation based upon geographic location | ||
| end-user segmentation of this market | ||
| demographic segmentation based upon customer size |
Question 20
Straight rebuy behavior by industrial purchasers will probably continue if the supplier provides
| poor service | ||
| poor quality | ||
| shipping delays | ||
| satisfactory performance |
Question 21
A controversial technique of subconscious communication, aimed at circumventing the perceptual screens, is called
| shadowed perception | ||
| leger-de-main | ||
| subliminal perception | ||
| perception incognito |
Question 22
Those products that are actually considered when making a consumer purchase decision are
| customer options | ||
| customer selections | ||
| the evoked set | ||
| the product set |
Question 23
The component of the business market that consists of individuals and firms that acquire goods and services to be used directly, or indirectly, in producing other goods and services is called:
| wholesaling and retailing | ||
| the commercial market | ||
| government | ||
| an institution |
Question 24
The institutional market does not include which of the following?
| hospitals | ||
| museums | ||
| motion pictures theatres | ||
| universities |
Question 25
Advertising for smoke alarms, air bags and life insurance typically uses which of Maslow's levels of needs to appeal to consumers?
| self-esteem needs | ||
| safety and security needs | ||
| physiological needs | ||
| protection needs |
Question 26
One type of buying center role is that of the
| influencer who supplies information for evaluation. | ||
| authority figure who decides who, what, where, when, and how. | ||
| disseminator who function is to get advertisements to prospects. | ||
| specifier who needs on the specifications of products |
Question 27
Manufacturing firms that convert to automated factory systems must purchase equipment that they have never bought before, such as robots and computers. This buying situation is called
| a straight rebuy | ||
| a modified rebuy | ||
| a contract purchase | ||
| new-task buying |
Question 29
A commonly used basis for segmenting consumer markets is
| product-related characteristics | ||
| health-related matters | ||
| information-related concepts | ||
| performance-related criteria |
1 points
Question 30
The business market is also known as the
| wholesale market | ||
| corporate market | ||
| organizational market | ||
| distribution market |
Question 31
Which of the following consumer problem-solving behaviors requires the least effort?
| extended problem solving | ||
| limited problem solving | ||
| impulsive buying | ||
| routine response behavior |
Question 32
The relationship between the demand for silk cloth and consumer demand for silk blouses and neckties is known as
| joint demand | ||
| demand volatility | ||
| derived demand | ||
| consumer demand |
Question 33
Examples of business market items that would usually be purchased as a straight rebuy are
| high quality raw materials | ||
| heavy-duty machinery | ||
| paper clips and pencils | ||
| high-tech components |
Question 34
The person who joins a local bowling league for the social interaction, even if he or she is a novice bowler, is probably trying to satisfy his or her
| esteem needs | ||
| self-actualization needs | ||
| physiological needs | ||
| belongingness/social needs |
Question 35
Campbell's "Soup for One" is an example of a product that is targeted to
| large families with high product usage of certain things but different preferences | ||
| dual-income couples with no kids | ||
| well-off older families | ||
| non-traditional households such as nonfamily, single-person or single-parent situations |
Question 36
Red Ryder Industries markets rodeo and horse riding supplies specifically to women. This is an example of
| market stratification | ||
| market segmentation | ||
| non-traditional marketing | ||
| multi-gender marketing |
Question 37
Purchases made by choosing a preferred brand or one of a limited group of acceptable brands are called
| extended problem solving | ||
| routinized response behavior | ||
| limited problem solving | ||
| selective problem solving |
Question 38
The slogan "the graying of America" describes the trend
| toward people retiring later in life | ||
| of the word force to contain a disproportionate number of older Americans | ||
| for gray hair to develop from years of high-stress urban work | ||
| upward in the elderly population as Americans tend to live longer |
Question 39
People or institutions must have sufficient purchasing power and the authority and willingness to buy to be considered a
| market | ||
| buyer | ||
| player | ||
| segment |
Question 40
Reference group influences would be most likely to be significant in the decision to buy
| a loaf of bread | ||
| a Mercedes Benz | ||
| a clock radio | ||
| cellophane tape |
Question 41
Internal search in the consumer decision process may include
| subscribing to consumer magazines to evaluate alternatives | ||
| talking to family members | ||
| reviewing past purchases | ||
| surveying coworkers for buying options |
Question 42
The process of dividing the total market into several smaller, homogeneous groups is called
| market penetration | ||
| market segmentation | ||
| market mixing | ||
| market division |
| (Please Summerize the work down below, thank you) | |
| Political | Economic |
| Growing political influences on healthcare advances | Cost of living increases |
| Global government influence on healthcare cost | Cost of insurance prices |
| Government control of Medicaid, Medicare funding | Rise of forecasted interest rates |
| Social/Cultural | Technical or Technology |
| Increase average age of population | Demand on new medical treatments |
| Patient expectations increase | Customize treatments |
| Demographics are in constant change | More advance service facilities |
| Environmental | Legal |
| Growing need for green business | Constant change of government drug Regulations |
| Environmental agenda and community awareness | Consumer laws |
| Health and safety regulations | |
| Porters 5 forces of business model | |
| Competitive Rivalry | |
| Growth opportunity for healthcare companies are expected to growing the next few years | |
| Increase in new revolutionary drugs both in and outside of the US | |
| Threat if New Entrants | |
| Strict government regulations | |
| Difficult to keep up due to constant change | |
| Huge startup cost | |
| Substitute Products | |
| Threat of other substituting product and service at lower cost | |
| Bargaining Power of Customers | |
| Generic drugs offered at large discount to consumer | |
| Larger less customized healthcare facility with lower housing costs | |
| Several facilities offering similar services. | |
| Bargaining power of supplier | |
| Medical suppliers have a large pricing power | |
| Bargaining power of physicians and nurses is huge because of large hospital benefits | |
Swot Analysis
Strengths
Highly trained and capable employees
Market experience
Strong leadership
High level of organizational efficiency
Excellent facilities
Strong commitment to bettering the community
Weaknesses
Increased cost of healthcare could lower our clientele
Limited staff resources
Limited cash flow to hire and train new employees
Lack of resources
Opportunities
| Fast growing technology opens new doors for using state of the art equipment to better serve the patients. Nursing and residential care is one of the fastest growing industries Aging population Threats Uncertainty in political and economic climate causes hesitation for receiving new patients. Funding constraints Highly competitive market Product or Service Analysis Our services will be used by patients who cannot afford experimental treatments and patients who have been abandoned by the system because hospitals can no longer provide medical assistance. At our facility, we will be able to work with the families and provide them with different payments options, such as low monthly payment plans. Our main goal is to be able to treat the patient at a very affordable cost; however, if any patient does not possess the means to pay for treatment, he or she would not be turned away; our facility will tap into government and private funding to cover treatment cost. The beauty of this service is that there isnât a charge of any kind to take part in our program because it is completely funded by government grants. Individuals that would take part would more than likely not have the means to pay a monthly deductible. Due to the nature of the business listed as a non-profit agency, there is no way to make a profit of any kind, as it would jeopardize the business in its entirety. Some of the market factors that create a demand for our services include the need of medical care after having maximized all resources, the number of low income families, and the number of patients facing health issues needed extended medical care. Opportunities that may derive from this business is the opportunity to expand and open multiple facilities, while extending a helping hand to many more in need. The risk, however, is the unstable funds deriving from grants. This can pose a huge treat to the business, as grants often times come and go and cannot be counted on as a constant income. After studying the healthcare system and current policies in place, data shows many individuals facing severe health issues usually go untreated and uncared for due to the outrageous cost of medical care. It is devastating to see how often people, especially the elderly, are sent home and forgotten for the mere reason that hospitals and doctors are not willing to care for patients without financial means. In fact, in 2009 Harvard news reported 45,000 annual deaths due to lack of health coverage in the U.S. alone, which is significantly higher than the 18,000 reported by USA Today in 2002. Financial Analysis Clermont will be a nonprofit organization, dedicated to help the most needed. To open the facility fully operational we must take in consideration some fixed expenses like the land acquisition, permits, interest, brokers, administration fees, professionals (facility setup), staff, reports (environmental, occupational, fire, FDA), electricity, water, phone, water & sewer , connections, taxes, insurance, management, security, advertising, accountants, food, lawn mowers, bank fees, etc. The facility will need have a total value of approximately three million dollars, but if we break the price of the land acquisition in to a thirty (30) year mortgage we can star up the business with an investment of approximately $ 233,944.61 USD to cover the first month of operation including all the startup permits and connections. After the first month the fixed expenses will be $184,444.00 USD with the exception of the months were taxes are due; taxes are around $ 43,000.00 USD paid quarterly will increase the tax month (depending on the facility fiscal year) for $ 10,750.00 USD approximately. We will fund all the costs with private and public funding, fundraiser, events, raffles, and most important with the help of the community. As we mentioned before, Clermont is a nonprofit organization and we will do everything in our power to give the relief to the families in need. No one will be rejected because they do not have the money or the insurance cannot help. No money will be required from patient and every single dollar received will be spent in the patients, and in improving our facility and our service every day. We believe our financial even breaking point will be a year after we begin operations, and be profitable soon after. There are many patients in need, and with the government and public grants each person will receive the treatment they need, and we will become the hope of many. |