Exam 2: Value and the Consumer Behavior Value Framework

Learning,perception,memory,and attitudes are examples of elements comprising the personality of a consumer.

Worth to a consumer is a function of price.

Individual differences have little effect on the value experienced by consumers and the reaction consumers have to consumption.

Superfocus Scenario Superfocus is a revolutionary concept in eyeglasses--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 lenses have to be perfectly round and the frames need to be made out of stainless steel or titanium aluminum. This limits the frame style and color choices for consumers. 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.While consumers need and want this type of eyeglass,they also want something that looks fashionable.Most consumers would not consider the round,silver stainless steel or titanium aluminum charcoal gray frame fashionable.Thus,on a perceptual map,Superfocus would _____.

Cullen and MacNeil's is a well-known store that sells writing material.The company faces strong competition from the electronic media.If the company thinks of itself merely as a paper company instead of a company that delivers the benefits users want,it could be taking a short-sighted view of its business.That is,Cullen and MacNeil's could suffer from _____.

To deliver superior customer value,different business units within the firm must have the same marketing strategy.

FordTech is a software company whose clients are based in France.The 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 increase their clientele in Europe.The company is keen on taking advantage of the opportunities and avoiding threats in the changing environment.This team is involved in developing the _____ for the organization.

FAST FOOD SCENARIO Daniel, an entrepreneur, is planning to open a fast-food restaurant. He wants to cash in on the huge population of busy professionals who usually don't have the time for a sit-down meal. They prefer instead to grab a bite on the go. Daniel has done his fair share of research, and he found that though fast-food restaurants cater to the need for a quick bite, consumers feel guilty of indulging in what they thought was "unhealthy." Daniel conceptualized a place that will offer a quick bite as a healthy alternative, so consumers would not have to suffer from guilt. Daniel is looking at establishing a long-term relationship based on trust with his customers. -Refer to Fast Food Scenario.Daniel is looking at establishing a long-term relationship based on trust with his customers.In doing so,Daniel is adopting a(n)_____ orientation.

FAST FOOD SCENARIO Daniel, an entrepreneur, is planning to open a fast-food restaurant. He wants to cash in on the huge population of busy professionals who usually don't have the time for a sit-down meal. They prefer instead to grab a bite on the go. Daniel has done his fair share of research, and he found that though fast-food restaurants cater to the need for a quick bite, consumers feel guilty of indulging in what they thought was "unhealthy." Daniel conceptualized a place that will offer a quick bite as a healthy alternative, so consumers would not have to suffer from guilt. Daniel is looking at establishing a long-term relationship based on trust with his customers. -Refer to Fast Food Scenario.Daniel wants to cash in on the huge population of busy professionals who usually don't have the time for a sit-down meal.They prefer instead to grab a bite on the go.They are Daniel's _____ for his new restaurant.

A departmental store realizes that it needs to increase revenue in the face of severe budget cuts due to the weak economy.The store has decided to run a sale every month and upgrade their stock more regularly,so that customers don't see the same products every month.They are going to begin offering a wider selection of brands for men and women.They plan to advertise on billboards,on radio,on television,and in newspapers throughout the state.The store will also send direct mail letters to regular customers.The sale,the wide selection of brands,and the promotion are examples of _____.

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

Product _____ refers to the way a product is perceived by a consumer.

The realization that a consumer is necessary and must play a part in order to produce value is the major premise underlying the concept of _____.

Marketing tactics are ways marketing management is implemented.

Superfocus Scenario Superfocus is a revolutionary concept in eyeglasses--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 lenses have to be perfectly round and the frames need to be made out of stainless steel or titanium aluminum. This limits the frame style and color choices for consumers. 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.Superfocus glasses were developed for people who have multiple prescriptions but do not like bifocals or who have to continually change glasses for different tasks like reading,computer work,or driving.By solving this problem for consumers,which type of value is being delivered by Superfocus?

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

_____ captures how much gratification a consumer receives from consumption.

A blue ocean strategy seeks to position a firm so far away from competitors that,when successful,the firm creates an industry of its own and at least for a time,isolates itself from competitors.

Two main types of values are _____.

Which of the following terms is used to represent market sensitivity to changes in price or other characteristics?