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WorksheetsChapter 10 – Understanding the Customer
Total questions: 78
Worksheet time: 39mins
Businesses that sell directly to consumers are called:
B2C companies
B2B companies
Producers
Service firms
Consumer behavior refers to:
A company’s marketing plan
A consumer’s income and expenses
The actions taken to satisfy needs and wants
The government’s economic data
Maslow’s Hierarchy of Needs was developed by:
Karl Marx
Abraham Maslow
Sigmund Freud
Adam Smith
Which need must be met first according to Maslow?
Self-actualization
Esteem
Security
Physical
The need for love and acceptance belongs to which level?
Security
Esteem
Social
Self-actualization
The expression of a person’s true self through achieving personal goals is called:
Esteem
Social need
Self-actualization
Motivation
The groups and surroundings in which people live and interact are called their:
Social environment
Psychological influences
Situational influences
Personal factors
A group that directly influences an individual, such as family or peers, is a:
Comparative reference group
Normative reference group
A group such as celebrities or leaders that people compare themselves to is a:
Peer group
Comparative reference group
Situational group
Functional group
Which is NOT a situational influence?
Weather
Store location
Age
Time of day
Personal factors include all of the following EXCEPT:
Age
Gender
Personality
Price
Personality can be reflected in traits such as:
Shy, ambitious, cheerful
Store location
Income level
Government laws
Which of the following are psychological influences?
Age and gender
Time and weather
Image and desire for acceptance
Income and location
An internal push that causes a person to act is a:
Decision
Motive
Need
Influence
A buying motive based on emotions and feelings is called:
Emotional buying motive
Rational buying motive
Patronage buying motive
Comparative motive
Buying because a store offers loyalty points is an example of a:
Rational motive
Patronage motive
Emotional motive
Social motive
Logical reasoning and facts describe a(n):
Emotional motive
Rational motive
Situational motive
Comparative motive
The first step of the consumer decision-making process is:
Information search
Make the purchase
Awareness of need
Evaluate purchase
During information search, consumers may:
Skip research
Change the price
Return the product
Ask friends and read reviews
The term value refers to:
The relative worth of something
The company’s profit
Total cost of goods
Employee benefits
A purchase made without planning or research is called:
Routine buying decision
Impulse buying decision
Limited buying decision
Extensive buying decision
Which decision requires little thought and is made often?
Routine buying
Impulse buying
Limited buying
Extensive buying
Buying a new phone after research and comparing prices is a:
Routine decision
Limited decision
Extensive decision
Buying a car after months of saving and research is a:
Routine buying decision
Limited buying decision
Extensive buying decision
Impulse buying decision
Which market sells primarily to other businesses?
B2C
B2B
Government
Institutional
A company that manufactures goods is called a:
Producer
Reseller
Service business
Institution
Businesses that buy finished products to resell are called:
Producers
Resellers
Governments
Institutions
A hospital or school that purchases products is an example of a(n):
Institution
Producer
Reseller
Service business
The NAICS system is used to:
Set prices
Collect taxes
Advertise products
Classify businesses
Business size can be measured by:
Inventory value
Number of employees or revenue
Age of company
Social status
Inventory refers to:
Money owed
Goods held for resale
Equipment only
Advertising supplies
Internal influences on business buying include:
Competition
Economic environment
Management structure
Laws
External influences include:
Company goals
Staff management
New technology and competition
Employee behavior
Situational influences for businesses might involve:
Employee birthdays
Economic or political environment
Product color
Store design
Relationship selling focuses on:
Quick one-time sales
Low prices
Building long-term customer relationships
Impulse buying
A new purchase in B2B means:
Buying a familiar product
Buying on credit
A repeat purchase
Buying a new product requiring research
A repeat purchase requires:
Little research and thought
Extensive planning
Government approval
Modification
A modified purchase is:
A brand-new product purchase
A repeated purchase with no changes
Buying a familiar product with some changes
Buying from a new industry
Credit is best defined as:
Paying in cash for goods
Agreement to receive goods before payment
A refund system
An online account
The individual or business that owes money is the:
Creditor
Investor
Collector
Debtor
The individual or business to whom money is owed is the:
Creditor
Debtor
Customer
Vendor
A loan that is repaid in regular payments with interest is called:
Unsecured loan
Installment loan
Revolving credit
Trade loan
The asset pledged to guarantee repayment of a loan is:
Collateral
Equity
Principal
Deposit
A proprietary credit card can be used:
At any store
At the bank only
Only in the issuing store
Online only
Trade credit is credit extended to:
Businesses for short-term purchases
Individual consumers
Government agencies only
Customer loyalty means:
Switching between brands often
Continued regular patronage of a business
Buying only with coupons
Buying the cheapest option
Credit risk means:
Chance of theft
High profit margin
Potential loss if credit isn’t repaid
Overpayment
A collection agency is:
A company that collects past-due bills
A government tax department
A bank service
A credit bureau
The Truth in Lending Act requires:
Businesses to keep trade secrets
Collection agencies to register
Businesses to accept all credit cards
Disclosure of all credit terms and costs
B2C stands for “Business to Consumer.”
True
False
Social environment refers only to online social media.
True
False
Maslow believed physical needs must be met before higher needs.
True
False
Emotional motives are always logical.
True
False
A routine buying decision usually involves expensive items.
True
False
B2B companies sell products to individual households.
True
False
Producers make goods used by other businesses or consumers.
True
False
A reseller is the same as a producer.
True
False
Internal influences on business buying include company goals.
True
False
External influences might include new technology.
True
False
Trade credit is only given to government agencies.
True
False
Credit risk refers to the chance a borrower won’t repay.
True
False
Collateral is an asset used to guarantee a loan.
True
False
Customer loyalty helps businesses build repeat sales.
True
False
A credit bureau maintains records of consumers’ credit histories.
True
False
The theory that needs are satisfied in a specific order is called _________________
Maslow’s Hierarchy of Needs
Herzberg’s Two-Factor Theory
McGregor’s Theory X and Theory Y
Alderfer’s ERG Theory
The need for ____________ includes physical and financial safety.
Security
Belongingness
Esteem
Self-actualization
A ______________ influences an individual’s beliefs and behavior.
Reference group
Peer pressure
Social media
Family tradition
Influences coming from within a person are called ______________
Psychological influences
Social influences
Environmental influences
Cultural influences
An internal push causing action is called a _______________.
Motive
Emotion
Habit
Impulse
The first step of the consumer decision-making process is _______________.
Awareness of need
Evaluation of alternatives
Purchase decision
Post-purchase behavior
Buying without planning is an _______________.
Impulse buying decision
Routine buying decision
Planned buying decision
Rational buying decision
A _______________ is made quickly with little thought.
Routine buying decision
Complex buying decision
Impulse buying decision
Planned buying decision
Businesses that sell to other businesses are part of the _______________.
B2B market
B2C market
Retail market
Consumer market
The _______________ is used to classify types of businesses.
NAICS (North American Industry Classification System)
IRS (Internal Revenue Service)
SEC (Securities and Exchange Commission)
FDIC (Federal Deposit Insurance Corporation)
A company’s _______________ includes all goods available for resale.
Inventory
Revenue
Liabilities
Equity
77. _______________ focuses on long-term partnerships.
Relationship selling
Transactional selling
Direct selling
Retail selling
The three Cs of credit are _______________.
Character, capacity, and capital
Cash, collateral, and contract
Credit, cost, and collection
Currency, condition, and control
79. _______________ are the amounts owed to a company by its customers.
Accounts receivable
Accounts payable
Inventory
Prepaid expenses
