Exam 2: Value and the Consumer Behavior Framework

The same act of consumption cannot provide both utilitarian and hedonic value.

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. In the context of Consumer Value Framework (CVF), Amy's readers' club is a part of her _____ that influences Amy's reading experiences.

Sam needed a new pair of bicycle pedals as the pedals of his bicycle had cracks in them. After visiting several stores to find the right ones, he purchased a pair from a local store, All Things Sports, and was satisfied that his needs were met. Which of the following best describes the type of value Sam received?

The presence of music in an environment is a social influence.

In the context of Consumer Value Framework (CVF), which of the following is an external influence?

In the context of Consumer Value Framework (CVF), learning and perception are external influences that shape consumption-related behaviors of consumers.

In the context of Customer Relationship Management (CRM), the social and cultural aspects of life are the internal influences that shape consumption-related behavior of a consumer.

EasyShop, a chain of supermarkets, recognizes 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 see new products every month. They are planning to offer a wider selection of brands for men and women. They are also planning to advertise on billboards, radio, and television, and in newspapers throughout the state. In this scenario, which of the following strategies is EasyShop using?

A corporate strategy provides the operating orientation for a company.

Market segmentation is a marketplace condition in which consumers do not view all competing products as identical to one another.

A basic Customer Relationship Management (CRM) premise is that customers form relationships with companies as opposed to companies conducting individual transactions with customers.

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

A corporate strategy deals with how a company goes about creating value for customers.

_____ is a personal assessment of the net worth a consumer obtains from an activity.

Hannah is an avid reader and looks forward to going to the library at the end of each week to issue more books. The sense of satisfaction she derives from this activity is termed as _____.

Which of the following statements is true in the context of utilitarian value?

In the context of the Consumer Value Framework (CVF), discuss the importance of Customer Relationship Management (CRM).

Utilitarian and hedonic values are mutually exclusive.

In the context of Consumer Value Framework (CVF), timing is considered a(n) _____.

Martha, the owner of a small handicrafts store, sometimes decorates her store with festive decorations such as colorful lights, balloons, and fragrant flowers. She observes that customers tend to spend more time in her store and usually end up buying more goods when there is a festive atmosphere in the store. In this scenario, the festive decorations are examples of _____.