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
Which of the following is an example of a secondary reference group that influences consumer behavior?
Answer: A professional trade association
Secondary reference groups, like professional associations, have less frequent and less intimate contact with consumers but still shape attitudes and behaviors.
The concept of 'cognitive dissonance' in consumer behavior refers to:
Answer: Doubt or discomfort felt after a purchase decision
Cognitive dissonance is the post-purchase anxiety consumers feel when they question whether they made the right decision.
A 'derived demand' in B2B markets means that demand for industrial goods is:
Answer: Dependent on consumer demand for end products
Derived demand means B2B demand originates from consumer demand; for example, demand for steel rises when demand for automobiles increases.
Which market segmentation approach targets customers based on the benefits they seek from a product?
Answer: Benefit segmentation
Benefit segmentation groups consumers by the specific advantages or benefits they desire from a product, such as whitening toothpaste buyers seeking cosmetic benefits.
In Maslow's hierarchy of needs, which level must be satisfied before a consumer seeks esteem needs?
Answer: Social/love and belonging needs
According to Maslow, social needs (belonging, love, friendship) must be fulfilled before esteem needs such as status and recognition can be pursued.
A market defined by strong price competition, many sellers offering similar products, and easy entry is best described as:
Answer: Pure competition
Pure (or perfect) competition features many sellers with nearly identical products, no single firm controls price, and barriers to entry are minimal.
Which buying role in an organizational buying center has the formal authority to select a supplier and arrange purchase terms?
Answer: Buyer
The buyer in an organizational buying center holds formal authority to select suppliers, negotiate contracts, and finalize purchase arrangements.