The Consumer Socialization Process

question 45

Multiple Choice

The consumer socialization process:

• A)refers to how easily a consumer moves from the need recognition stage to the purchase stage of the buying process.
• B)explains why consumers will never completely abandon department store shopping for Internet shopping.
• C)explains how marketers engage in relationship marketing.
• D)is the act of acquiring the skills needed to function in the marketplace.
• E)refers to how consumers satisfy their need to belong.

Distinguish between movements along the demand or supply curve versus shifts in these curves.

Explain the economic reasoning for specific market actions, such as pricing strategies or responses to market changes.

Understand the definition and characteristics of inferior goods.

Identify examples of complementary goods.

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Definitions:

Money Supply

Pertains to the aggregate sum of funds—including cash, coins, and bank account balances—present within an economy at a given moment.

Store Of Value

An asset that can be saved, retrieved, and exchanged at a later time, ideally retaining its value over time.

Unit Of Account

A standard numerical monetary unit of measurement of the market value of goods, services, and other transactions.

Medium Of Exchange

A middleman device or framework that assists in facilitating transactions, including the selling, buying, or swapping of items, among participants.