In Consumer Behaviour, the Concept Behind a Product's Market Position

question 53

Multiple Choice

In consumer behaviour, the concept behind a product's market position implies that:

• A) the evaluation of a product is based on what it means to a person rather than what it does.
• B) the evaluation of a product is based on what it does for a person rather than what it means.
• C) the top-selling brand in a product category always has a stronger market position.
• D) price is the most important "P" to consider when formulating a marketing strategy.

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Definitions:

Forecasted Profit

An estimate or prediction of the financial gain or profit that a business expects to make in a future period.

Buying Decision

The process of making a choice among available alternatives that culminates in the purchase of a product or service.

Mental Step

A stage in cognitive processing or decision-making, often used to describe phases in the buying process of consumers.

Customer Benefit Plan

A strategic outline that identifies and communicates the advantages or value a customer will gain from a product or service.