When Consumers Recognize They Have an Unmet Need, They Usually

question 113

Multiple Choice

When consumers recognize they have an unmet need, they usually seek out specific products or services that they believe will satisfy that need and provide value to them. They are willing to give up something, such as money and effort, to find the products or services that will provide the benefits they seek. What term refers to the process that consumers go through to satisfy their needs?

• A) marketing
• B) consumption
• C) exchange
• D) purchase

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Definitions:

Different Times

Moments or periods that are not the same, varying in many possible ways such as duration, significance, or point in history.

Correlation Coefficient

A numerical index that ranges from -1 to 1, reflecting the strength and direction of the relationship between two variables.

Standard Deviation

A gauge of the degree to which a group of numbers varies or is scattered.

Mean

In statistical terms, the mean refers to the average of a set of numbers calculated by adding all the numbers together and then dividing by the count of those numbers.