Exam 2: Value and the Consumer Behavior Framework

In the value equation, which of the following is identified as a sacrifice for a consumer?

Consumers ultimately pursue _____.

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

Which of the following products is an augmented product?

In economics, product differentiation is a term used to represent market sensitivity to changes in price or other characteristics.

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

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

Siesta Inc., a mattress store, recently launched a new range of mattresses. According to the management of the company, these mattresses are made with advanced technology and guarantee a good sleep. However, the sales are not very promising. An in-store survey shows that consumers find the mattresses expensive and are reluctant to invest too much in a product that is new in the market. To boost the sales, the marketing team decides to reduce the price by ten percent and offer a three-month return policy. As soon as these changes are implemented, the sale of the new mattresses picks up. The reduction in the price and the offer of return policy are examples of _____.

A product with backward sloping demand displays:

In the context of Consumer Value Framework (CVF), social class is an internal influence that shape consumption-related behaviors of consumers.

FameTech is an American software company whose clients are based in France. The company has formed a team to determine the direction the organization should take over the next five years. The focus of this team is to increase the company's clientele in Europe. The company is keen on taking advantage of the opportunities and avoiding threats in the changing environment. In the context of consumer value, this team is involved in developing a _____ for the organization.

_____ captures how much gratification a consumer receives from consumption.

As the manager of a leading bank, Ashley regularly collates information about the bank's clients from the "customer preference" page of the bank's website. This enables the bank to make more client-oriented decisions, leading to longer-lasting affiliations with clients. Ashley's actions are an example of _____.

Explain the concept of marketing myopia and its relevance in marketing.

Cullen and MacNeil's is a printing press. It currently faces a threat from the electronic media. The company primarily views itself as a printing company instead of a company that delivers the benefits that the consumers want. In the given scenario, Cullen and MacNeil's outlook is an example of _____.

The term _____ means the original product plus the extra things needed to increase the value from consumption.

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

Daniel is planning to start a mobile food business to cater to office workers. After conducting a small survey, he finds out that consumers prefer quick but healthy food options. He adjusts his menu to incorporate quick and healthy food alternatives. The busy professionals are Daniel's _____ for his new restaurant.

Andrea wanted to purchase a gaming desktop computer. After a lot of research, she decided to buy a desktop from a retail store which was giving 3 videogames free with the computer. In this scenario, the gaming computer, along with free videogames, is an example of a(n) _____.

A company that focuses on value creation builds innovative solutions around consumer needs and wants, not the physical product.