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
A consumer who regularly buys the same brand of coffee without much deliberation is displaying:
Answer: Habitual buying behavior
Habitual buying behavior involves low involvement and little brand difference perception, leading to routine repurchase without significant evaluation.
Which external factor most directly shapes a consumer's cultural values and buying preferences?
Answer: Subculture and social class
Subcultures and social class are key external cultural factors that shape consumers' values, preferences, and purchasing patterns from a young age.
In B2B marketing, a 'systems buying' approach means:
Answer: Buying a complete solution from a single vendor rather than individual components from multiple suppliers
Systems buying (or systems selling) involves purchasing a bundled, turnkey solution from a single supplier who provides all components and services needed.
The 'laggards' in Rogers' diffusion of innovations model are best characterized by:
Answer: Being tradition-bound and suspicious of change
Laggards are the last to adopt innovations, often resistant to change, tradition-oriented, and may only adopt when the product has become deeply established.
Which concept explains why a 10% price decrease may generate more than 10% increase in quantity demanded?
Answer: Elastic demand
Elastic demand means consumers are highly responsive to price changes, so a price decrease leads to a proportionally larger increase in quantity demanded.
A marketer targeting the 'family life cycle' is segmenting based on:
Answer: Life stages such as young singles, married with children, and empty nesters
Family life cycle segmentation groups consumers by household stage, recognizing that needs and buying patterns shift dramatically from singlehood through retirement.
Which of the following best describes a 'niche market'?
Answer: A narrowly defined group with a distinct set of needs willing to pay a premium
A niche market is a small, specialized segment with specific needs that are not well served by mainstream providers, and niche customers typically pay premium prices for tailored solutions.