Which of These Is Collected from Consumers to Develop a Product's

question 103

Multiple Choice

Which of these is collected from consumers to develop a product's perceptual map?

• A) consumer judgments about the important attributes for a product or brand class
• B) a listing of all prospective brands and products
• C) managerial judgments about how consumers perceive products
• D) rank order of the ratings of an existing brand's preference relative to its competitors
• E) detailed explanations of why consumers make the choices they do

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Definitions:

Utility Maximization

An economic principle that suggests consumers aim to get the greatest satisfaction possible from their available resources.

Consumer's First

A philosophy or policy placing consumer interests and satisfaction at the forefront of business decision-making.

Marginal Utility-To-Price Ratio

The comparison of the additional satisfaction received from consuming one more unit of a good to the price of that unit, used to maximize utility.

Utility Maximization

The concept in economics that individuals or households will attempt to get the greatest satisfaction possible from their available resources.