WGU C712 OA Exam prep questions with answers, 100% Accurate, Verified.

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WGU C712 OA Exam prep questions with answers, 100% Accurate, Verified. Consumer Decision process - ✔✔-1. Problem-Opportunity Recognition 2. Search 3. Evaluation of Alternatives 4. Purchase D... ecision 5. Purchase Act 6. Post-purchase Evaluation interpersonal determinants in consumer decision making process - ✔✔-Cultural influences Family influences Social influences Personal Determinants in consumer decision making process - ✔✔-Needs and motives Perception Attitudes Learninig Self-concept Criteria for Effective Segmentation - ✔✔-- the market segment must present measurable purchasing power and size. - marketers must find a way to promote and serve the market segment effectively. - marketers must then identify segments large enough to give them good profit potential. - the firm must aim for segments that match its marketing capabilities four common bases for segmenting consumer markets - ✔✔-Geographic segmentation Demographic segmentation Psychographic segmentation Product-related segmentation core based statistical area (CBSA) - ✔✔-Collective term for metropolitan and micropolitan statistical areas. metropolitan statistical area (MSA) - ✔✔-Freestanding urban area with a population in the urban center of at least 50,000 and a total MSA population of 100,000 or more. micropolitan statistical area - ✔✔-Area with at least one town of 10,000 to 49,999 people with proportionally few of its residents commuting to outside the area. consolidated metropolitan statistical area (CMSA) - ✔✔-Urban area that includes two or more PMSAs. primary metropolitan statistical area (PMSA) - ✔✔-Urbanized county or set of counties with social and economic ties to nearby areas. core regions - ✔✔-Region from which most major brands get 40 to 80 percent of their sales. geographic information systems (GISs) - ✔✔-Software packages that assemble, store, manipulate, and display data by their location. demographic segmentation - ✔✔-Division of an overall market into homogeneous groups based on variables such as gender, age, income, occupation, education, sexual orientation, household size, and stage in the family lifecycle; also called socioeconomic segmentation. cohort effect - ✔✔-Tendency of members of a generation to be influenced and bound together by events occurring during their key formative years—roughly ages 17 to 22. Engel's laws - ✔✔-Three observations about the impact of household income on consumer spending behavior: as household income increases, a smaller percentage of expenditures goes for food; the percentage spent on housing, household operations, and clothing remains constant; and the percentage spent on other items (such as recreation and education) increases. Psychographic segmentation - ✔✔-Division of a population into groups having similar attitudes, values, and lifestyles. AIO statements - ✔✔-Items on lifestyle surveys that describe various activities, interests, and respondents' opinions VALS - ✔✔-Segmentation system that divides consumers into eight psychographic categories: innovators, thinkers, achievers, experiencers, believers, strivers, makers, and survivors. Product-related segmentation - ✔✔-Division of a population into homogeneous groups based on their relationships to a product. 1. segmenting based on the benefits people seek when they buy a product 2. segmenting based on usage rates for a product 3. segmenting according to consumers' brand loyalty toward a product The Market Segmentation Process - ✔✔-1. develop a relevant profile for each segment 2. forecast market potential 3. forecast probable market share 4. select specific market segments Market research steps - ✔✔-1. Define the problem 2. Develop the research plan 3. Collect relevant information 4. Develop findings 5. Take marketing actions three categories of problem-solving behavior - ✔✔-routinized response, limited problem solving, and extended problem solving. Routinized Response Behavior - ✔✔-A consumer decision-making process used when buying frequently purchased, low-cost items that require very little search-and-decision effort Limited Problem Solving - ✔✔-occurs during a purchase decision that calls for, at most, a moderate amount of effort and time Extended Problem Solving - ✔✔-a purchase decision process during which the consumer devotes considerable time and effort to analyzing alternatives; often occurs when the consumer perceives that the purchase decision entails a lot of risk The Marketing Research Process - ✔✔-1. Defining the problem 2. Conducting exploratory research 3. Formulating a hypothesis 4.. Creating a research desig [Show More]

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