Question 1

As ____________ have increased in different product categories, consumers have become less committed to specific brands.

prices

transactional data

expectations

choices

Question 2

The first step in the buying decision process for consumers is ______________.

problem recognition

wants/needs

purchase behavior

information search

Question 3

VALS divides consumers into eight groups. ____________ are change leaders and receptive to new ideas and technologies.

Believers

Thinkers

Experiencers

Innovators

Question 4

Firms follow a three-step process to conduct consumer analysis: determine demographic, psychological, and psychographic characteristics of their consumers; focus on their buying decision process; and develop consumer profiles based on ___________________.

transactions data

marketing strategies

demand drivers

problem recognition

Question 5

The two major demand drivers related to consumers are _________ and information.

occupation

expectations

education

income

Question 6

The objective of ___________ is to help managers become better decision makers by providing them with timely and relevant data.

the Five Forces Model

secondary data

disseminating information

competitive intelligence

Question 7

_______________ refers to contracting the production function to firms that can produce at a lower cost.

Umbrella branding

Outsourcing

Cross subsidization

Supply drivers

Question 8

A firm with a global presence, for example, will be able to achieve high __________________ because of the increased size of the market.

ROI

market barriers

competitive intensity

economies of scale

Question 9

The Five Forces Model includes rivalries among competitors, bargaining powers of buyers, bargaining power of suppliers, relative attraction of substitutes, and __________________.

competitive advantage

market position

competitive intensity

threat of new entrants

Question 10

_____________ refers to insights about competitors that marketers derive from primary and secondary data.

The Five Forces Model

Competitive intelligence

Competitive advantage

Competitive analysis