Exam 2: Value and the Consumer Behavior Value Framework

Ideal points on a perceptual map represent each marketer's product offering.

While buying a car,a potential buyer takes into consideration several aspects of the car,such as its design,quality,ease of servicing,speed,and mileage.An automobile company,that takes into consideration all these aspects while manufacturing and selling its cars,is said to be practicing the _____ concept.

Which of the following is true about the two basic types of values?

Since childhood,Meg's parents always told her that milk is good for health.As a result,Meg developed a liking for milk and started drinking it regularly.In this case,Meg's thinking or mental process is referred to as _____.

Community Trust Bank is analyzing its customer data to determine if groups other than the business customers can be identified.The bank is looking at the frequency of branch visits,use of ATMs,online banking activity,loan activity,and account balances for each customer.The bank has identified three groups of customers based on these factors and is considering offering different products to better meet the needs of each group.Which of the following marketing concepts is represented by this exercise?

_____ strategy deals with how the firm will be defined and sets general goals.

Which of the following is an element of the marketing mix?

A product's value can only be created by what the marketer is offering.

Which of the following,on a perceptual map,represents the combination of product characteristics that provide the most value to an individual consumer or market segment?

Amy is a member of the readers' club in her school.Before she buys any new book,she checks what is popular with the others in her club.Amy's readers' club is part of her _____ that influences Amy's everyday experiences.

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

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

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

Customer lifetime value represents the approximate worth of a customer to a company in economic terms.

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

Define market segmentation and explain how it is a marketplace condition.Describe different market segments of McDonald's customers.

The marketing mix represents the way a marketing strategy is implemented within a given market or exchange environment.

The marketing mix is the combination of product,pricing,promotion,and distribution strategies used to position some product offering or brand in the marketplace.

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

A basic customer relationship management premise is that customers form relationships with companies as opposed to companies conducting individual transactions with customers.