Once Consumers Have Recognized a Need,they Begin to Search for Ways

question 138

Multiple Choice

Once consumers have recognized a need,they begin to search for ways to satisfy that need.The internal search is characterized by

• A) looking through the internal records of a firm, often found on the company website.
• B) examining personal memories and knowledge.
• C) using the Internet to find what other consumers feel about a specific product or service.
• D) consulting close friends and families before expanding the search to a wider, external group.
• E) being influenced by advertising.

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Definitions:

Proved Reserves

Quantities of natural resources, like oil or gas, that geological and engineering information indicates with reasonable certainty can be recovered in the future from known reservoirs under existing economic and operating conditions.

Petroleum Industry

A global sector involved in the exploration, extraction, refinement, transportation, and marketing of petroleum products.

Current Prices

Prices at which goods and services are sold in the market at the present time, not adjusted for inflation.

Technological Improvements

Advances or enhancements in technology that increase efficiency, productivity, or utility in various sectors.