Exam 1: Consumer Behavior: Information-Driven Consumer Behavior

John is a frequent flier, who travels with American Airlines at least 250,000 miles a year in first class. According to the text, the profitability classification given him would be ________.

Identify the three components of the decision-making process. In your response, please provide an example of what someone who was in the market for a new television might do at that stage in the process.

Which of the following determinants of customer satisfaction with online websites and merchants while shopping online is characterized by the merchant's ability to match purchase recommendations to one's needs and customize products and advertisements so the customer feels unique and valued?

Antoine is in charge of customer acquisition and retention. He allocates more of his budget to customer retention than customer acquisition. Why does Antoine's decision make sense?

________ refers to the development of a distinct image for the product in the mind of the consumer.

Emerging digital technologies are allowing consumers to have more power than ever before. This means that now customers ________.

Customization is more practical and effective for marketers who are selling low involvement products.

Identify and briefly describe five of the factors that determine customer satisfaction with online websites and merchants while shopping online.

Online companies create a ________: consumers gain information that turns them into sophisticated customers, opportunities to customize products easily, and entertainment content; marketers gain information about consumers that allows them to be more efficient and precise when marketing their products.

CAR MINI CASE: In the early 1900s, Henry Ford made a fortune manufacturing Model T cars and selling them cheaply, making the automobile affordable for a much larger proportion of the population than had previously been the case. He accomplished this by producing only one model of car and doing so cheaply and at high volumes through the utilization of assembly line manufacture. In 1923, General Motors decided to increase its market share in the automobile industry by offering, instead of just one model, as Ford did, a variety of affordable mass-produced models to meet the various differing needs of different types of consumers. -In the CAR MINI CASE, Ford's business strategy focused on ________.

The process and tools used to study consumer behavior are characterized by the term ________.

Ryan runs a store that caters to athletes. He divides the athletic market into different subsets of shoe consumers, such as runners, basketball players, and golfers, which is known as ________.

When consumers use online sites to compare models and brands of products and click for more technical information, companies gain information about ________.

In the consumer decision-making process, the ________ stage influences the consumer's recognition of a product need.

The ________ is characterized by the gearing up of manufacturing skills in order to expand production.

The Physicians Committee for Responsible Medicine targeted Burger King in television commercials that blame it for heart disease.

The three drivers of successful relationships between marketers and customers are customer value, high levels of customer satisfaction, and customer retention.

The primary objective of providing value to customers continuously and more effectively than the competition is ________.

Which of the following is an example of how the Internet affects prices and distribution?

________ is defined as the ratio between the customer's perceived benefits and the resources used to obtain those benefits.