BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Customers are concerned only when prices go higher.
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Customers determine which firms survive and which fail.
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Customers can be manipulated into buying goods and services.
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When customer research is fickle, the organization should not be bothered.
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Detailed explanation-1: -a. consumers determine which firms survive and which fail. The sentence “Only the customer can fire us all” refers to the fact that it is under the control of consumers to decide whether a firm will survive or not. Therefore, option a is correct.
Detailed explanation-2: -“Only the customer can fire us all” implies that: customers can be manipulated into buying goods and services.
Detailed explanation-3: -Experts agree that there are four main types of consumer behavior: complex-buying behavior, dissonance-reducing buying behavior, habitual buying behavior, and variety-seeking buying behavior.
Detailed explanation-4: -The various models of consumers (economic view, passive view, cognitive view, and emotional view) depict consumers and their decision-making processes in distinctly different ways.
Detailed explanation-5: -The consumer decision-making process involves five basic steps. This is the process by which consumers evaluate making a purchasing decision. The 5 steps are problem recognition, information search, alternatives evaluation, purchase decision and post-purchase evaluation.