Exam 2: Value and the Consumer Behavior Value Framework

Internal influences include the social and cultural aspects of life as a consumer.

What do the x- and y-axes on a perceptual map represent?

Internal influences on the consumption process include factors,such as social class.

Products are multifaceted and can provide value in many ways.

An automobile marketer is interested in studying the internal influences that affect the psychology of the potential buyers of luxury automobiles.Which of the following would this marketer be interested in studying?

A planned way of doing something is known as _____.

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

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

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

Value equals the difference between what you get and what you have to give to get the product.

Which of the following terms refers to the thinking or mental processes that go on as we process and store things that can become knowledge?

Prime's is a company that manufactures and markets suits for professional kayakers.These consumers are predominantly males in the age group of 25-45 years.This market segment that Prime's serves with a specific marketing mix is called its _____.

Every product's value is made up of the basic benefits,plus the augmented product,plus the "feel" benefits.

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 is trying to separate its market into different groups based on age so that it can create customized products for each group.This indicates that Superfocus is conducting the process of _____.

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.

A strong,or high-quality,relationship is typified by a consumer who buys the same brand each time a need for that product arises.

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

A perceptual map is used to depict graphically the positioning of competing products.

Which of the following is considered a part of the consumer's personality?

_____ refers to the feelings that are experienced during consumption activities or associated with specific objects.