Test 1 Ch-2 & 3 | CTE 3808 - CONS IN COM MKTPLC, Quizzes of Production and Operations Management

Download Test 1 Ch-2 & 3 | CTE 3808 - CONS IN COM MKTPLC and more Quizzes Production and Operations Management in PDF only on Docsity! TERM 1 people buy things they like and that will give them the greatest satisfaction DEFINITION 1 rational self-interest TERM 2 main consumer problem and result of this? DEFINITION 2 - identity theft (its intangible) -more background checks as a result TERM 3 richest person in the US DEFINITION 3 - bill gates -in seattle -created microsoft TERM 4 man that owns more land in North America than anybody? DEFINITION 4 Ted Turner TERM 5 who built money off steam ships and railroads in North Carolina? DEFINITION 5 Vanderbilt TERM 6 who had steel factories in Pittsburgh? DEFINITION 6 andrew carnigie TERM 7 two men involved with banking DEFINITION 7 mellon and JP morgan TERM 8 FACT: wealth was built before income taxes DEFINITION 8 Definition TERM 9 what main thing was happening during 1880- 1900? DEFINITION 9 -the beginning of famous american brands ex: kellogs - hucksterism (extreme promotion) - "The gilded age" TERM 10 what does it mean to be all about a market economy? DEFINITION 10 only to make a profit TERM 21 to assume to be rational, to know and to reason DEFINITION 21 cognitive ability TERM 22 owned oil companies in Texas? DEFINITION 22 rockefeller TERM 23 what book exposed the meat packing industry in chicago? DEFINITION 23 The Jungle by Upton Sinclair TERM 24 who passed the first consumer law? why? what was it? DEFINITION 24 -Teddy roosevelt -had food industry checked out and it was worse then they though -passed FOOD AND DRUG ACT 1906 TERM 25 what was FAD act extended to in 1930? DEFINITION 25 cosmetics (outside of the body) TERM 26 Who wrote what book about car safety? DEFINITION 26 Ralph Nader "Unsafe at any speed" TERM 27 Who in the 1960s came out with a bill of rights? What 4 rights did it say congress should have? DEFINITION 27 JFK HEALTH INFORMATION CHOICE SAFE HICS TERM 28 what type of gvt is cuba moving more towards? DEFINITION 28 capitalism TERM 29 strong desire for things, ideas and information DEFINITION 29 acquisitiveness TERM 30 specialization within economics that emphasizes the impact of physchological or behavioral factors DEFINITION 30 behavioral economics TERM 31 the addition of a new product to an already existing brand to satisfy a consumer need DEFINITION 31 brand extension TERM 32 if something goes wrong, you have the right to redress and get money back or get replacement DEFINITION 32 redress TERM 33 systems of principles or assumptions, useful in guiding research and explaining behavior DEFINITION 33 theories TERM 34 when individuals negotiate with a goal of reaching an agreement, such as a price or delivery date DEFINITION 34 exchange process TERM 35 theory that behavioral intentions are based on a combination of the attitudes toward a specific behavior DEFINITION 35 theory of reasoned action Martin Fishbein Icek Ajzen TERM 46 how one lives & includes patterns of time use also involves what one thinks is impor. & how one spends $ DEFINITION 46 lifestyle TERM 47 when millions of consumers make similar choices DEFINITION 47 mass consumption TERM 48 measurement that quantifies quality of life & compares progress of nations by combining meas. of well being DEFINITION 48 human development index (HDI) TERM 49 products that are expected to last a long time. ex: furn, cars, appliances DEFINITION 49 consumer durables TERM 50 measures prices each month of a fixed list of 400 goods and services bought by a typical consumer DEFINITION 50 CPI consumer price index TERM 51 sample from 30,000 families that provides info on spending habits DEFINITION 51 Consumer expenditure survey TERM 52 a measure of customer well being through the Conference board and Survey Research Center DEFINITION 52 consumer confidence TERM 53 consumers want more say about products and services they are receiving DEFINITION 53 consumer-in control movement TERM 54 opinion-leading consumers who are very involved in the marketplace DEFINITION 54 market mavens may not be wealthy, but are more involved then the average consumer TERM 55 unique industry changing leaders that pursue new business opportunities DEFINITION 55 entrepreneurs TERM 56 business supported organization concerned with adv and product/service issues DEFINITION 56 Better Business Bureau *Businesses fund this to watch for complaints and handle them to drive out bad business people. TERM 57 the normal cyclical expansion and contraction in the economy DEFINITION 57 business cycle TERM 58 past purchasing behavior is a strong predictor of future purchasing behavior DEFINITION 58 fundamental consumer theory TERM 59 women account for what % of consumer spending? DEFINITION 59 80% TERM 60 what is the Basic Framework for Model Development? DEFINITION 60 public policy ---> markets ---> consumers