Which of the following is true of consumer markets?
a. They deal with products or services that are meant for personal use.
b. They do not sell goods that are sold in business markets.
c. They exceed business markets by size in most countries.
d. They focus primarily on facilitating an organization's operations.
ANSWER: a
A product that is purchased for personal or family consumption or as a gift is a consumer good. The key characteristic distinguishing business products from consumer products is intended use, not physical form.
You might also like to view...
A(n) ________ is a withdrawal of an offer by the offeror that terminates the offer
A) rejection B) advertisement C) revocation D) counteroffer
The owner of Tools by Joe has hired a company to help him find out whether customers and potential customers would prefer to shop in his store or online. What type of research would this company be conducting?
A. predictive B. exploratory C. causal D. descriptive E. analytic
In a ________ pricing strategy, new services are introduced at high prices with large promotional expenditures.
A. Prestige B. Skimming C. Penetration D. Visible E. Contingency
Which statement is NOT true?
a. Rejecting the null hypothesis when it is true is a Type I error. b. The probability of making a Type I error is symbolized by ?. c. Failing to reject the null hypothesis when it is false is a Type I error. d. Type II error can occur for both one and two-tailed tests.