Simulated Test Markets (STMs) Are Often Run in Shopping Malls

question 73

Multiple Choice

Simulated test markets (STMs) are often run in shopping malls, where consumers are asked to identify

• A)how much a person is willing to pay for an unfamiliar item.
• B)the most frequently asked questions in order to tailor future advertising campaigns.
• C)how often they are likely to shop in that particular location.
• D)identify differences between what the consumer says and what they actually do.
• E)identify who uses the product class being tested.

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Definitions:

Self-Actualization

The realization or fulfilment of one's talents and potentialities, considered as a drive or need present in everyone.

Physiological Needs

are the basic physical requirements for human survival, such as air, water, food, shelter, and sleep, forming the base of Maslow's hierarchy of needs.

Belongingness Needs

The innate human need to feel connected and accepted by others, often considered a fundamental human motivation.

Alderfer's Existence Needs

A component of Clayton Alderfer's ERG theory, focusing on the basic physical and material well-being requirements akin to Maslow's physiological and safety needs.