Exam 2: Value and the Consumer Behavior Value Framework

Which of the following is an external influence on consumer value?

Define consumer value, and compare and contrast utilitarian value and hedonic value. Describe two situations--one in which you received utilitarian value and the other in which you experienced hedonic value. Which made you more satisfied? Explain why.

_____ are things that go on inside of the mind and heart of the consumer and influence value.

Customer lifetime value is equal to sales attributed to particular customer minus the costs associated with satisfying that customer over the lifetime of that customer.

Marketing tactics are ways marketing management is implemented.

Which concept is at the heart of the Consumer Value Framework and the focus of marketing efforts?

Two main types of value are _____.

The business practice wherein companies operate with the understanding that products provide value in multiple ways is called the _____.

Hannah believes that Mac computers are better than Windows-based computers because they are not as vulnerable to computer viruses. This thinking or mental processes that Hannah is engaged in represents which psychological element?

_____ refers to a marketplace condition in which consumers do not view all competing products as identical to one another.

_____ reflects the connectedness between a consumer and a retailer, a brand, or service provider.

Value equals what you get minus what you give.

A strategy is a planned way of doing something.

The Consumer Behavior Framework (CBF) represents consumer behavior theory illustrating factors that shape consumption-related behaviors and ultimately determine the value associated with consumption.

Black & Decker is well known for power tools. However, if the company thinks of itself merely as a power tool company instead of a company that delivers the benefits users want, such as cut materials or holes in materials, it could be taking a short-sighted focus of its business. If a technologically-advanced device is developed that could replace the need for power tools to deliver those benefits, this company could go out of business. That is, Black & Decker could suffer from _____.

All of the following are elements of the marketing mix EXCEPT _____.

The presence of music in an environment is a social influence that may shape consumer behavior.

USAA is an insurance company that believes customers form relationships with companies as opposed to companies merely conducting individual transactions with customers. For this reason, USAA rewards loyal customers in the form of dividends at the end of each year. The longer a customer has been with the company, the greater the dividend received. USAA is implementing _____.

A company that views itself in a product business, rather than in a value, or benefits producing business runs the risk of developing _____, which could cause the company to go out of business if technology makes the product obsolete.

All of the following are elements of consumer psychology EXCEPT _____.