D374 Market Research
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Free D374 Market Research Questions
In the "Performance Review" stage, what does the buyer assess?
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The general need description
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The supplier's reputation
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The product's value analysis
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The supplier's performance and provides feedback
Explanation
Explanation:
In the "Performance Review" stage of the business buying process, the buyer evaluates how well the supplier has met contractual obligations and performance expectations. This includes assessing delivery times, product quality, service levels, responsiveness, and overall reliability. Feedback is provided to the supplier based on this assessment, which helps maintain accountability and improve future performance. The focus is on evaluating actual outcomes rather than initial needs, reputation, or value analysis, making it a critical stage for supplier relationship management and continuous improvement.
Correct Answer:
The supplier's performance and provides feedback
_______ are society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors.
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Social classes
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Cultures
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Reference groups
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Subcultures
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Lifestyles
Explanation
Explanation:
Social classes are the relatively permanent and structured divisions within a society whose members share similar values, interests, and behaviors. They are typically determined by factors such as income, education, occupation, and wealth. Social class affects consumer behavior because it influences preferences, purchasing power, lifestyle choices, and exposure to different products and services. Understanding social class helps marketers segment their audience and tailor strategies to meet the distinct needs and aspirations of each class.
Correct Answer:
Social classes
Minor stimuli that determine when, where, and how the person responds.
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Cues
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Drive
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Stimulus Object
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Liminal
Explanation
Explanation:
Cues are minor stimuli in the environment that influence an individual’s response by signaling when, where, and how to act. In consumer behavior, cues can trigger recognition, recall, or actions toward a product or brand. They help direct attention and behavior without being the primary motivating factor (which would be the drive). Cues are essential for marketers to understand because subtle environmental or contextual signals can significantly impact consumer decision-making and responses.
Correct Answer:
Cues
Which of the following best describes a characteristic of inelastic demand in the context of business products?
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Demand remains relatively stable despite price fluctuations
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Demand significantly increases with price reductions
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Demand is highly sensitive to changes in consumer preferences
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Demand decreases sharply when prices rise
Explanation
Explanation:
Inelastic demand refers to a situation where the quantity demanded of a product remains relatively stable regardless of price changes. In business markets, products with inelastic demand are typically essential or have few substitutes, meaning that price fluctuations have minimal effect on the purchasing decisions of buyers. This stability allows suppliers to adjust prices without significantly affecting total sales, making demand relatively insensitive to price changes. Understanding inelasticity is crucial for pricing strategies and revenue forecasting.
Correct Answer:
Demand remains relatively stable despite price fluctuations
_________ is the learned values, perceptions, wants, and behavior from family and other important institutions.
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Culture
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Influence
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Motivation
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Belief
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Social contagion
Explanation
Explanation:
Culture is defined as the set of learned values, perceptions, wants, and behaviors that individuals acquire from family and other significant social institutions. It shapes how people perceive the world, interact with others, and make decisions, including their buying behavior. In marketing, understanding culture is crucial because it influences consumer preferences, purchasing patterns, and responses to advertising and promotional strategies. Culture provides the framework within which consumer behavior occurs.
Correct Answer:
Culture
A convenience sample is selected based upon:
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Being at a convenience store.
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Participants with personal connection to the researchers.
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Participants with a specific condition.
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Ease of access to the potential participants.
Explanation
Explanation:
A convenience sample is selected based on ease of access to potential participants. This non-probability sampling technique relies on participants who are readily available or easy to recruit, such as people nearby or willing to participate. While convenient and cost-effective, this method may introduce bias and limit the generalizability of results because the sample may not accurately represent the larger population. Convenience sampling is often used in exploratory research or preliminary studies when quick, inexpensive data collection is needed.
Correct Answer:
Ease of access to the potential participants
Which of the following is advisable in conducting an open-ended interview?
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Putting the questions in your own words
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Using probe questions to encourage the respondent to give a more complete answer
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Suggesting alternatives to a respondent who draws a blank
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Giving your own opinion
Explanation
Explanation:
Using probe questions to encourage the respondent to give a more complete answer is advisable in open-ended interviews. Open-ended interviews aim to gather detailed, qualitative information that cannot be captured through closed-ended questions. Probing allows the interviewer to clarify, expand, and explore responses, helping to uncover deeper insights, attitudes, and motivations. This technique ensures richer data collection while maintaining the respondent’s perspective without leading or influencing the answers.
Correct Answer:
Using probe questions to encourage the respondent to give a more complete answer
What is the "Consumer Market" composed of?
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Businesses and organizations
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Final consumers for personal consumption
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Suppliers and manufacturers
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Wholesale distributors
Explanation
Explanation:
The consumer market is composed of final consumers who purchase goods and services for personal consumption. These individuals or households buy products to satisfy personal needs and wants rather than for resale, production, or business use. Understanding the consumer market is essential for marketers to tailor products, pricing, promotion, and distribution strategies to meet the preferences and behaviors of end users.
Correct Answer:
Final consumers for personal consumption
A new task purchasing decision involves:
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re-ordering from the same vendor
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ordering new materials from the same vendor
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requesting bids from multiple vendors since the contractual period with the current vendor has expired
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buying an expensive good or service for the first time
Explanation
Explanation:
A new task purchasing decision occurs when a buyer purchases a product or service for the first time. This type of purchase involves significant research, evaluation of alternatives, and careful decision-making because the organization has no prior experience with the item. It typically includes assessing potential suppliers, gathering information, and making detailed evaluations to ensure that the purchase meets the company’s requirements. New task decisions are more complex and involve higher risk compared to routine or modified rebuys.
Correct Answer:
buying an expensive good or service for the first time
Type of error that occurs when there is a difference between the information desired and the information provided.
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measurement error
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sampling error
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frame error
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random error
Explanation
Explanation:
Measurement error occurs when the data collected does not accurately reflect the information that was intended to be measured. This type of error arises from flaws in the measurement instrument, survey design, or data collection process, leading to discrepancies between the desired information and what is actually obtained. Minimizing measurement error is critical in marketing research to ensure that conclusions drawn from the data are valid and reliable.
Correct Answer:
measurement error
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