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Buyers & Markets Flashcards

7 cards from real CPM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Buyers & Markets flashcards as text

  1. Which concept describes the total revenue a customer generates for a business over the entire relationship?

    Answer: Customer lifetime value

    Customer lifetime value (CLV) measures the total net profit a company expects from a customer throughout the entire business relationship.

  2. A consumer who purchases a product on impulse without prior planning is exhibiting which type of buying behavior?

    Answer: Impulse buying

    Impulse buying occurs when a consumer makes an unplanned purchase driven by sudden desire rather than deliberate decision-making.

  3. In B2B markets, which factor most commonly distinguishes buying decisions from consumer markets?

    Answer: Decisions involve multiple stakeholders

    B2B purchasing typically involves a buying center with multiple participants including users, influencers, buyers, deciders, and gatekeepers.

  4. Market segmentation based on personality, lifestyle, and values is called:

    Answer: Psychographic segmentation

    Psychographic segmentation divides consumers based on psychological characteristics such as personality traits, values, interests, and lifestyles.

  5. The 'early majority' in the diffusion of innovations model represents approximately what percentage of the market?

    Answer: 34%

    According to Rogers' diffusion of innovations, the early majority makes up about 34% of adopters and deliberates carefully before adopting a new product.

  6. When a buyer evaluates all available alternatives before making a purchase decision, this stage of the consumer decision process is called:

    Answer: Evaluation of alternatives

    The evaluation of alternatives stage is when consumers compare competing products or brands based on key attributes to identify the best option.

  7. Which term describes a market where a small number of large firms dominate and each firm's actions directly affect competitors?

    Answer: Oligopoly

    An oligopoly is a market structure dominated by a few large sellers, where each firm must consider competitors' reactions to its pricing and marketing decisions.