Chapter 6 Terminology Review

What is the reason that a consumer seeks a product?

• Competition grid

• Buying motive

• Competitive edge

• Market share

What is a chart used for recording information about competitors?

• Impulse grid

• Market grid

• Competition grid

• T Chart

What is the special feature or aspect of a product that makes it different from and better than the others?

• Competitor

• Competitive edge

• Direct competitors

• Monopoly

One of the businesses that compete for customers.

• Competitor

• Competitive edge

• Direct competitors

• Monopoly

What do we call businesses that sell similar products?

• Direct competitors

• Psychological influences

• Reference group

• Social media

What type of consumer buying decision involves a great deal of research and planning?

• Extensive decision making

• Limited decision making

• Routine buying decision

• Impulse purchase

What do we call a consumer buying decision made with no planning or research?

• Market share

• Impulse purchase

• Price competition

• Nonprice competition

What do we call competing on the basis of price.

• Feature Pricing

• Price purchase

• Price competition

• Nonprice competition

What type of consumer buying decision is made with some research and planning?

• Limited decision making

• Extensive decision making

• Situational influences

• Social influences

What is one competitor's percentage of the total sales in a specific market called?

• Market size

• Monopoly

• Market share

• Competition grid