10 Questions
Which of the following is NOT one of the five stages in the consumer decision process?
Post-purchase evaluation
What is the difference between a need and a want?
Needs are functional, wants are psychological
Which type of perceived risk is associated with the perceived danger inherent in a poorly performing product or service?
Performance risk
What is the main difference between functional needs and psychological needs?
Functional needs refer to the performance of a product or service, while psychological needs refer to personal gratification
What is social risk in the context of consumer behavior?
Fears that consumers suffer when they worry others might not regard their purchases positively
Which metrics can help analyze the economic environment of a country?
Inflation rate, unemployment rate, and GDP growth rate
Which types of governmental actions should we be concerned about when evaluating a country?
Tariffs, quotas, and exchange controls
What are some important cultural dimensions?
Power distance, uncertainty avoidance, and individualism
Why is each BRIC country viewed as a potential candidate for global expansion?
China has a large market size and a rapidly growing economy
Which global strategy has the least risk and why?
Exporting because it requires minimal investment and financial commitment
Test your knowledge of consumer behavior and the decision-making process with this quiz. Learn about the five stages in the consumer decision process, the difference between a need and a want, and market needs versus wants. Challenge yourself and see how well you understand the functional and psychological needs of consumers.
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