There are also fewer buyers in B2B markets, but they spend much more than the typical consumer does and have more-rigid product standards. Three stages exist in the business cycle: emerging, plateau and declining. Marketing Mix is the most visible part of the marketing strategy of an organization. Markets are product groupings. For each of the following questions, choose the correct answer : 1) Monopoly firms are price makers as opposed to price takers. c)… A marketing mix directed at an organizational customer is usually less precisely adjusted to the needs of the specific customer. Within this market, most of transactions are the final sales, which means products . Market segments can be defined in many different ways. The foreign business persons do not make profit in the Indian market. True False 5. Which of the following is true of consumers in consumer markets? Correct option is B) Market economy has private ownership where utilisation of resources and henceforth distribution of goods takes place for private gains. 2. a. A) marketing strategy Business-to-consumer (B2C) is a digital sales model in which products and services are sold between a company and consumer, or two consumers. business-law. True 4. 10. 1. A) They deal with far fewer but far larger buyers. 12. Question: Which of the following statements is true of consumer markets? marketing. ii. A. a. Which of the following statements is true of business marketing? - Organisation of Commerce and Management . Business products are generally less technically complex and cheaper than consumer products. Which of the following is NOT an application of consumer behavior? The following graph shows the demand curve for a group of consumers in the U.S. market (blue line) for tablets. ?The suppliers in consumer markets customize their products to suit the needs of consumers. Which of the following is true about business marketers in comparison to consumer marketers? E) They deal with the same decision buying process. Coastharp, a furniture e-commerce website, allows its customers to book one-hour slots during which they wish to get their furniture delivered. Consumer surplus before the price ceiling is area A + B + C. II) Consumer surplus after the price ceiling is area D + E. III) Producer surplus before the price ceiling is area D + E + G. Which of the following is true of presentations of marketing research. Business market consists of larger customer populations than consumer markets b. B)decreases as more of a good is consumed. 6) Which of the following is true of Theodore Levitt's arguments concerning the globalization of world markets? Marketing Mix is the most visible part of the marketing strategy of an organization. Answers: 3 on a question: Which of the following is true with regard to a market segment? Chapter 6 Multiple-Choice Questions. Question 1 Which of the following statements about the market demand curve for a product is false? False 2. The weekly consumer surplus at the market equilibrium price. False . II. On the demand side, for instance, food-shopping habits have turned out to be largely localized and deeply entrenched. A) It is inexpensive to implement. Scarcity implies that: A. consumers would be willing to purchase the same quantity of a good at a higher price. Positioning is the act of finding a place in the minds of consumers and locating the brand therein. A) Gen Xers are especially receptive to being singled out and marketed to. refers to a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers. D) They place more importance on brand names and are more brand loyal than members of other age . It measures changes in prices in a fixed basket of goods. D. All of the above are examples of normative analysis. d. The consumer, being the king of the market, does not . c. The buyers in consumer markets are geographically concentrated. b. Although not an exhaustive review of the literature, this discussion aims to identify the major findings and debates within each of these areas of research. Why is market segmentation carried out? Business marketing is a marketing practice of individuals or organizations (including commercial businesses, governments and institutions). Key Takeaway. 1. Suppose that in the market for good X (a normal good), the following occur simultaneously: (i) consumer incomes increase and (ii) the price of oil (an input to the production of X) increases. Consumer Market: Consumer market refers to the market where people purchase products and services for their use. d. In consumer markets, purchasing is often D) Marketing practices designed to influence consumer behavior involve ethical issues that affect the firm, the individual, and society. One way to carve up a market is to identify preference segments. The company holds back orders and delays deliveries when customers are not available to receive them. buyers in consumer markets approach purchasing more informally, while buyers in business markets approach purchasing more formally Which of the following statements are TRUE? The government has no role to play production and distribution of goods. d. It includes selling stationaries to students. There are more transactions in B2B markets and more high-dollar transactions because business products are often costly and complex. marketer suppliers or vendors distributors or retailers all of the above 18. o Online interviewing eliminates interviewer bias and errors in data entry. The market price of a tablet is shown by the black horizontal line at $150. Which of the following is true of consumer markets? This chapter introduces the study of consumer behaviour, in particular emphasising the importance of consumers in marketing thinking. c. Business customers tend to buy products for personal consumption. • In consumer markets, sales are finalized after multiple sales calls. Business customers tend to buy products in large quantities. A、The business marketer normally deals with far more but far smaller buyers than the consumer marketer does. True. Markets offer equal opportunities to all. The ________________method is one of the main approaches to segmenting markets by adopting the view that the market consists of customers that are essentially the same, so the task is to identify groups which share particular differences. Individual sellers do not have significant influence on the price, Forces of supply and demand significantly affect consumer and producer behavior, State whether the given statements are true or false. B. consumer products that are linked to other social or cultural variables are easily adaptable to foreign markets and thus involve very little risk in international marketing. 4. They deal with products or services that are meant for personal use. Difference between business markets and consumer markets on the basis of demand. The most global markets currently are markets for consumer products. 2. Which of the following is considered a "key player" in the marketing industry? A consumer plots an indifference map between two products A and B, and marks in points to show the combinations of A and B that the consumer would buy if the prices of A and B remained the same but the consumer's income increased. consumer market definition: 1. the activity of selling goods or services to people for their own use, or a situation in which…. there are gains from trade. b. Consumer Surplus, Producer Surplus, Gains from Trade and Efficiency of Markets Both consumers and producers are better off because there is a market in this good, i.e. Which of the following is likely to be true about the . B. B) Gen Xers value salary over job satisfaction. Solution Show Solution. Suppose you buy a five-hundred-dollar computer from Dell. b. B) It does not have any limitations. Companies hope to lower their overall cost structure or improve the quality or functionality of their product offering through globalization of production. TRUE OR FALSE 2) Trade unions have been criticized fo the undue. True or False. True False 19. It is carried out to select the best suitable market for the product or service offered by a company. Businesses spend most of their advertising rupees on business-to-business markets. Question: Which of the following statements about consumer and business markets is true? Once a potential market is identified, companies will assess what stage of the business cycle the market is in. 100. It does not take into account the price of used goods. The most common forms of market segmentation are-behavioral segmentation which divides the market based on the consumer's behaviour, usage pattern and buying pattern. 4. Which of the following is considered a "key player" in the marketing industry? True False 4. B focus groups are a type of marketing research that can provide an important source of information about a target . *d. They normally buy products rather than lease them. C) It considers market growth rate to be a measure of market attractiveness. ANALYZING CONSUMER MARKETS AND BUYER BEHAVIOR The aim of marketing is to meet and satisfy target customers' needs and wants. a) The equilibrium price of X could either increase or decrease, but equilibrium quantity will definitely decrease. Following this, the government introduces a price control and sets up an allocation scheme to control the vaccine's distribution. True. Dividing the market into segments reduces composite demand. Global markets for standardized consumer products have emerged on a large scale of magnitude. They do not sell goods that are sold in business markets. b. B. it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available. Take the quiz test your understanding of the key concepts covered in the chapter. They deal with products or services that are meant for personal use. In case of business markets needs do not show any market change based on regional location and the requirements remain the same irrespective of factors like age and sex. B) It does not have any limitations. Customers in consumer markets initiate a direct demand with their purchases. According to the "continuum of environmental sensitivity": A. industrial products usually need to be adapted to foreign markets more than consumer products. Which of the following statements are true? The weekly producer surplus at the market equilibrium price. Answer: False Page: 266 Level of difficulty: Medium. o The internet can be used to estimate market response to new products. C、Business demand is derived demand as it ultimately derives from the demand for consumer goods. Chapter 6 Efficiency and Fairness of Markets 265 6.2 Value, Price, and Consumer Surplus 1) Marginal benefit A)increases as more of a good is consumed. D) It describes consumer motivations and needs. The trends draw upon the research and consumer survey conducted by the World Economic Forum and Bain for the Insight Report on the "Future of Consumption in Fast-Growth Consumer Markets: India". answer choices. Market segmentation refers to dividing a vast market or consumers. These include goods that are supplied, sold or rented to others. markets. • The suppliers in consumer markets customize their products to suit the needs of consumers. Which of the following is true? It offers multinational companies fewer ways to reduce their expenses. Emerging-market consumers tend to prepare their own meals and cook more than their peers in developed markets do, and they are accustomed to shopping at open-air market stands or small neighborhood grocery stores that offer a familiar selection of fresh food and household staples. I. Which of the following is NOT true of mature consumers? Which of the following statements is true of business markets? Market failures occur when abundant markets exist to create a price for important social goods. In 2018, the total contribution of Chinese consumers in the country's economy was 78%. It leads to the replacement of regional trade blocs with national markets. Penetration pricing involves setting a high price for a new product to gain market share. C. Market failures bolster the ability of economic markets to achieve a sound environmental policy. Create more personal and meaningful experiences using voice apps via voice assistants and smart speakers like Amazon Alexa or telephone. Buying and selling takes place at every step in the chain of markets. Rural consumer, in general, is more sensitive to product prices than the urban consumer. Business-to-business (B2B) markets differ from business-to-consumer (B2C) markets in many ways. The ability of an organization to produce services that, by utilizing the consumer's five senses, have some uniqueness in their characteristics is a. mass production b. time-based competition c. differentiation d. flexible response e. experience differentiation e (Achieving competitive advantage through operations, moderate) 58. Objective: 12.6: Understand age as a subcultural influence on consumer behavior. D. It impacts the commercial, economic, social, and political environment. 11. The following 10 mega trends for India in 2030 can help businesses and policy leaders envision the India of the future. C) High-tech home entertainment products appeal to them. Advertisement Remove all ads. False. 1. For one, the number of products sold in business markets dwarfs the number sold in consumer markets. 3. True False 19. B. E) all of the above . Options. False 3. Businesses spend most of their advertising rupees on business-to-business markets. Dividing the market into segments decreases the efficiency of the selling process. Which of the following statements is true of business markets? Chinese Consumer Market. In the market equilibrium there is no way to make A heavy concentration of a few businesses helps make prices more competitive. B) They deal with far more but far small buyers. o All answers are correct. Why is market segmentation carried out? Calculate the following at the equilibrium price of $10.00. C. it is extremely risky to market basic . Which of the following are true regarding competitive markets? Consumer Market: Consumer market refers to the market where people purchase products and services for their use. c. Marketing to businesses employs the same concepts as marketing to ultimate consumers. A. d. Business marketers require long channels of distribution. Market partitioning is process of focusing on a desired position in the marketplace and then accumulating the resources to protect and defend that position. It refers to the sale of goods and services for the purpose of personal consumption. 14. E) It does not consider relative market share to be a measure of company strength in the market. Consumer surplus for an individual and a market The following graph shows Alex's weekly demand for apple pie, represented by the blue line. Consumer Education. True. • In consumer markets, purchasing is often executed through intermediaries. Perfect competition can cause . A. both statements are true. Chapter 6 Multiple-Choice Questions. C. It does not take account of the price of imported goods and services. The consumer, being the king of the market, does not have any responsibility. 2. The importance of market research 1. is often a key business marketing strategy for winning and holding accounts. If market failures exist, which of the following is true? Which of the following statements is TRUE? It is primarily a critical tool for market analysis. Answer: 1. A distributor CONCEPT Place 13 Which of the following is true about pricing? B2B markets differ from B2C markets in many ways. They tend to buy in larger quantities than business consumers. Figure 3.6a shows the competitive market for hot dogs, with aggregate demand in blue and aggregate supply in yellow. b) Business marketers (B2B) direct their efforts to people who are buying products for personal consumption. Modern transportation is facilitating a convergence of tastes and preferences among consumers in advanced countries of the world. 1. c. They exceed business markets by size in most countries. A) The best strategy is to appeal to their active, multidimensional lives. D) It describes consumer motivations and needs. d. All of the following are among the primary differences between a business market and a consumer market except _____ That business markets have more buyers involved in the purchase decision is evidence ofwhich of the following characteristic differences between business and consumer markets? Which of the following statements is true of consumer markets? Business marketers usually approach purchasing rather informally. 17. Named after sponsors Sen. Christopher J. Dodd (D-Conn.) and Rep . 1. b. The weavers depend on the farmers for raw material. c) Consumer marketers (B2C) direct their efforts to C) It considers market growth rate to be a measure of market attractiveness. The consumer, being the king of the market, does not have any responsibility. C) They deal with a more elastic market. Multiple Choice Quiz. Within this market, most of transactions are the final sales, which means products . Among major players in business markets include fisheries, agriculture, mining, transportation, construction, mining, communication, finance, distribution and insurance services. A. Which of the following statements about this line is false? B) They are an ideal market for "do-it-for-me" services. . Rural customers are more brand loyal than urban customers. $ per week. D. It understates the true rate of inflation However, the market clearing price is very high due to high demand for it. It is a way to promote business and improve profit too. Instruction: Enter your response rounded to two decimal places. They can also book another one-hour slot to get the delivered furniture assembled at their convenience. c. It has long and indirect channels of distribution. Access real-time insights and engagement data full multi-user access. C) The majority of Gen Xers are married. $ per week. True. 2. Business markets have fewer sellers and buyers in any market segment than do consumer markets. True Reply makes it easy and fast to launch your own fully branded voice app for consumer market research in as little as 30 seconds. 43) Which of the following is true of the Generation X market? refers to a business buying situation in which the buyer purchases a product or service for the first time. True False 3. Markets in the emerging stage indicate higher consumer demand and low supply of current products or services. A budget line measures consumer preferences. In the following discussion, we examine the evidence of discrimination in four domains: employment, housing, credit markets, and consumer markets. The maximum possible total surplus (highest possible gain to society) is achieved at market equilibrium. A. A) It is inexpensive to implement. Consumerism is known as the efforts of individuals/groups trying to put the needs of the consumer in an equal or superior position to the needs of the producer. 7) Which . a) The market demand curve represents the individual demand curves of all consumers added together. Many people are investing in more resources and money in business markets. True. Essay . marketing. It deals with products that are used to facilitate an organization's operations. (Figure: Market for Peanuts I) Suppose the government enacts a price ceiling of $250 per ton. Which of the following is true of consumer markets? Derived demand occurs for organizational consumers because the quantity of items they purchase is often based on the anticipated demand of their final consumers for specific finished goods and services; therefore, organizational consumers are less sensitive to price changes. Ad hoc attempts to repair market failures have proved to be environmentally adequate. A market segment consists of consumers who respond in a similar way to a given set of marketing efforts. The chapter aims to outline the broad range of aspects of human beings which impinge on their purchasing and consumption behaviour, and therefore acts as a scene-setter for the rest of the book.1. B. Which of the following statements is true of market failures? o Large online research studies can be conducted inexpensively. C. The marginal benefits of production are greater than marginal costs, regardless of price. c. a. Instruction: Enter your response rounded to two decimal places. Rural India presents a homogeneous market. B、Business markets generally involve far less money and items than do consumer markets. 13. C)is the total benefit from all units consumed. False. Learn more. a. a. The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior : . b) The market demand curve may shift if there is a change in the behaviour of some households which consume the product. Pages: 82-83 • 20. B. both . Outsourcing is a process that is limited to manufacturing enterprises. a. It draws heavily on the social sciences both for methods and theory. The slope of a consumer's indifference curve for bikes and oranges is equal to negative the ratio of the prices of bikes and oranges. a. marketer suppliers or vendors distributors or retailers all of the above 18. The Dodd-Frank Wall Street Reform and Consumer Protection Act was created as a response to the financial crisis of 2007-2008. o Online questionnaires are an excellent way to conduct consumer research. The field of consumer behavior studies how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires. Correct! I. Try testing yourself before you read the chapter to see where your strengths and weaknesses are, then test yourself again once you've read the chapter to see how well you've understood. The peak of consumer movements occurred during the Reagan administration. In consumer markets, the basic-segmentation parameter are factors like, urban, rural, male, female, age groups, regional location, habits and the like. C. It makes countries and markets more independent of each other. b. B. Markets fail to produce any goods and services, so communism is necessary. c. They approach purchasing more formally than business buyers. 35. A market segment consists of consumers with dissimilar . The consumer market of China has consistently been growing for the past few years; consumption is the main part of it. Answer: Page: 7 Difficulty: easy . Typically, B2C models fall into the following five . Government intervention in economic activities will not improve on market outcomes. It allows them to sell products or services to other companies or organizations that resell them, use them in their products or services or use them to support their works. The ________________method is one of the main approaches to segmenting markets by adopting the view that the market consists of customers that are essentially the same, so the task is to identify groups which share particular differences. The figure has grown 13.8% since then. They do not sell goods that are sold in business markets. 71. In consumer markets, sales are finalized after multiple sales calls. In economics, these forces are supply and demand. it includes goods such as portable drills, power tools, and microcomputers which of the following statements is true of accessory equipment? a) The distinction between these two market categories lies in how the buyer will use the product. Which of the following statements is true of consumer markets versus business markets? D)is constant as more of a good is consumed. c. They exceed business markets by size in most countries d. They focus primarily on facilitating an organization's operations. C) Consumer behavior is a complex, multidimensional process. The sale amounts to a single transaction for you. D. asked Sep 15, 2015 in Business by JoGoesHunting a. E) It does not consider relative market share to be a measure of company strength in the market. As we will see, when supply and demand are not in balance, economic forces will work until the balance is restored. The demand for business products or services depends on the level of activity that the buying organization can create in its own markets. b 17. Which one of the following statements is true of the Consumer Price Index? Answer: A They often follow the practice of reciprocity. Promotion to consumer markets usually relies more heavily on the use of personal selling None of the statements is true. D) They deal with fewer demands in fluctuation. b. a. And have more-rigid product standards been criticized fo the undue, terms or. Farmers for raw material products are generally less technically complex and which of the following is true of consumer markets than consumer products have on! Loyal than urban customers market analysis a & quot ; services estimate market response to new products proved to a! Is primarily a critical tool for market analysis differ from business-to-consumer ( B2C ) markets in many.... 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