Prospective Buyer Goes Through a Sequence of Stages from Initial

question 27

Multiple Choice

prospective buyer goes through a sequence of stages from initial awareness of a product to eventual action (either trial or adoption of the product) .The stages include awareness,interest,evaluation,trial,and adoption,and are referred to as _________.

• A) the hierarchy of effects
• B) Maslow's hierarchy
• C) the purchase continuum
• D) the consumer-product cycle
• E) the consumer purchasing hierarchy

Comprehend the factors that lead to changes in consumer surplus.

Recognize the relationship between market changes and producer surplus.

Identify the effects of external changes (e.g., harvests, policy changes) on market surplus.

Understand the graphical representation of consumer and producer surplus.

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Definitions:

Finished Products

Goods that have completed the manufacturing process and are ready for sale or distribution to customers.

5Ss

A workplace organization methodology focusing on standardizing procedures and optimizing cleanliness and order, originating from five Japanese terms: Seiri, Seiton, Seiso, Seiketsu, and Shitsuke.

Lean Operations

Eliminate waste through a focus on exactly what the customer wants.

Organizational Culture

The shared values, beliefs, and practices that shape the social and psychological environment of a business or organization.