Exam 2: Value and the Consumer Behavior Value Framework

_____ value is derived from a product that helps a consumer solve problems and accomplish tasks that are a part of being a consumer.

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?

Utilitarian value is derived from a product that helps the consumer solve problems and accomplish tasks that are a part of being a consumer.

Which of the following is an example of a marketing tactic?

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

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

Positioning refers to the way a product is perceived by a consumer.

Hannah is an avid reader and looks forward to going to the library at the end of each week to issue more books.Which of the following terms refers to the sense of satisfaction she feels from this activity?

Marketing myopia is defined as a condition in which a company views itself competing in a value or benefits producing business rather than in a product business.

Situational influences are unique to a time or place that can affect consumer decision making and the value received from consumption.

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

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 found that though fast-food restaurants cater to the need for a quick bite,consumers feel guilty of indulging in "unhealthy" food habits.This experience of guilt can be best described as _____ associated with the consumption of fast food.