Family brands are the most effective aids in implementing market segmentation strategies.

Chris decides to proceed with a majority decision, even though the decision goes against his beliefs. Chris is exhibiting the Asch phenomenon in this scenario.

Very few residents of a micropolitan statistical area commute outside the area.

Extensive planning time is required for the purchase of supplies.

Transaction based marketing emphasizes retaining customers over making a sale.

Buyers rarely play any role in the creation and distribution of services.

A need is an imbalance between the consumer’s actual and desired states.

The information gathered by an outside marketing research firm is often more thorough and accurate than that collected by in-house staff.

Firms must attempt to group consumers according to the presence or absence of those factors that affect purchase decisions.

Raw silk is an example of a consumer product.