Exam 2: Value and the Consumer Behavior Value Framework

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

Cognition refers to the thinking or mental processes that go on as we process and store things that can become knowledge.

SUPERFOCUS SCENARIO Superfocus is a revolutionary concept in eye glasses--it even received a 2010 The Wall Street Journal innovation award. It is a type of eyeglass that allows the wearer to change correction without changing glasses, or having to look through a certain part of the lens like bifocal and progressive lens wearers must do. The round lenses are actually two lenses with a clear fluid in-between. The outer lens is hard, while the inner lens is flexible. There's a little slider on the bridge that, when moved, pushes the fluid and changes the shape of the inner, flexible, lens. That, in turn, changes the correction, so a user can see near, far, and everything in-between just by changing the position of the slider. The only catch is that the lens have to be perfectly round and the frames are made out of stainless steel or titanium aluminum, limiting the frame style and color choices for consumers. Actually, they look pretty goofy. Superfocus can be purchased through eye care professionals or directly from the manufacturer online. The company has recently started using direct-response television advertising to drive traffic to the website so consumers can learn more about this product and sign up for a free trial offer. With prices starting at $700 a pair, the free trial might help overcome some resistance due to the relatively high price. -Refer to Superfocus Scenario. The advertising, distribution through the website and eye care providers, the price, and the free trail offer are examples of Superfocus' _____.

Over which factor depicted in the Consumer Value Framework does the marketer have the most control?

Explain the concept of Customer Lifetime Value (CLV). Think of a product you have purchased (e.g., toothpaste, soft drink, computer) and estimate your lifetime value to the manufacturer of a specific brand. What can the marketer of that brand do to ensure you remain loyal to that brand?

Relationship quality is function of a consumer's perceived value of the relationship.

Josh needed new soccer cleats, so he visited several stores to find the right ones. He purchased a pair from Soccer Locker and was satisfied that his needs were met. Which of the following best describes the type of value Josh received?

Hedonic value is the immediate gratification that comes from experiencing some activity.

Target marketing is the separation of a market into groups based on the different demand curves associated with each group.

The best strategic focus should be centered on the products offered.

_____ value is the immediate gratification that comes from experiencing some activity.

Atmospherics, time and timing, and conditions are situational influences on consumer behavior.

A company has formed a team to decide the direction the organization should take over the next five years. The focus of this team is to come up with a plan that will better position the company to take advantage of opportunities and avoid threats in the changing environment. This team is involved in developing the _____ for the organization.

Which of the following represents the value equation?

How do hedonic and utilitarian value differ?

The market for any product is the sum of the demand existing in individual groups or segments of consumers.

Companies embracing the total value concept demonstrate an understanding that products provide value in multiple ways.

The market segment a company will serve with a specific marketing mix is referred to as the _____.

Which of the following is used to depict graphically the positioning of competing products?

Characteristic traits of individuals, including personality and lifestyles, are known as _____.