Question 1

In the context of the value equation, which of the following is a benefit for the customer?

Accepted Answer

A)  Interaction 
B)  Time 
C)  Prestige 
D)  Opportunity 
A)  Interaction 
B)  Time 
C)  Prestige 
D)  Opportunity

Question 2

Unlike utilitarian value, hedonic value:

Accepted Answer

A)  is a means to an end. 
B)  solves problems or accomplishes tasks. 
C)  can be rationally explained. 
D)  is subjective in nature. 
A)  is a means to an end. 
B)  solves problems or accomplishes tasks. 
C)  can be rationally explained. 
D)  is subjective in nature.

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Since childhood, Meg's parents always told her that fruits are good for health. As a result, Meg developed a liking for fruits. She makes sure to include fruits in everyday diet. In this scenario, Meg's thinking or mental process is referred to as _____.

Accepted Answer

A)  internal influence 
B)  cognition 
C)  induction 
D)  situational influence 
A)  internal influence 
B)  cognition 
C)  induction 
D)  situational influence

Question 5

Amanda and Steve wanted to open a convenience store. After conducting some research, they decided to open the store near one of the residential areas of the town that did not have any other convenience store. The people residing in the nearby residential area welcomed the idea of a store close by, and the venture was a success. Which of the following strategies did Amanda and Steve implement to start their business?

Accepted Answer

A)  The blue ocean strategy 
B)  The cannibalization strategy 
C)  The acquisition strategy 
D)  The penetration strategy 
A)  The blue ocean strategy 
B)  The cannibalization strategy 
C)  The acquisition strategy 
D)  The penetration strategy

Question 6

A Customer Relationship Management (CRM) system:

Accepted Answer

A)  tracks detailed information about customers. 
B)  deals with how the firm will be defined and sets general goals. 
C)  provides information necessary for a consumer to make a buying decision. 
D)  is a tool used to depict graphically the positioning of competing products. 
A)  tracks detailed information about customers. 
B)  deals with how the firm will be defined and sets general goals. 
C)  provides information necessary for a consumer to make a buying decision. 
D)  is a tool used to depict graphically the positioning of competing products.

Question 7

Bells & Berries Inc., a cosmetic manufacturing company, is planning to venture into the health care product market. The company's analyst has prepared a graphical depiction of the positioning of competing brands. The graph helps the marketing team identify opportunities in the market and diagnose potential problems in the marketing mix. The graphical representation prepared by the analyst is called a _____.

Accepted Answer

A)  perceptual map 
B)  distribution graph 
C)  normal curve 
D)  demand curve 
A)  perceptual map 
B)  distribution graph 
C)  normal curve 
D)  demand curve

Question 8

_____ represents the degree of connectedness between a consumer and a service provider.

Accepted Answer

A)  Relationship quality 
B)  Utilitarian value 
C)  Hedonic value 
D)  Cognition 
A)  Relationship quality 
B)  Utilitarian value 
C)  Hedonic value 
D)  Cognition

Question 9

Which of the following statements is true of Customer Relationship Management (CRM)?

Accepted Answer

A)  It utilizes its resources primarily to cater to loyal customers. 
B)  It considers each customer to be a potential stream of resources. 
C)  It believes companies are more likely to conduct individual transactions with customers. 
D)  It believes that customers are more affected by internal influences rather than external influences. 
A)  It utilizes its resources primarily to cater to loyal customers. 
B)  It considers each customer to be a potential stream of resources. 
C)  It believes companies are more likely to conduct individual transactions with customers. 
D)  It believes that customers are more affected by internal influences rather than external influences.

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

Utilitarian value and hedonic value are not mutually exclusive. Illustrate with an example.

Accepted Answer

Answers will vary. Rather than being vie

Question 12

Explain how perceptual maps are useful in understanding consumers and delivering superior value.

Accepted Answer

Answers will vary. Perceptual maps are u

Question 13

A market for any product is the sum of the demand existing in individual groups or segments of consumers.

Accepted Answer

A) True 
 B)False

Question 14

In the context of Customer Relationship Management (CRM), which of the following statements is true?

Accepted Answer

A)  Customers who experience high value from service do not equate it to high-quality relationship. 
B)  Loyal customers are more profitable than customers who consider switching brand or providers each time they make a purchase. 
C)  Irrespective of the relationship quality, customers are highly receptive to brand extensions. 
D)  High-quality is typified by a consumer who occasionally shops at other stores but keep returning to the preferred store again and again. 
A)  Customers who experience high value from service do not equate it to high-quality relationship. 
B)  Loyal customers are more profitable than customers who consider switching brand or providers each time they make a purchase. 
C)  Irrespective of the relationship quality, customers are highly receptive to brand extensions. 
D)  High-quality is typified by a consumer who occasionally shops at other stores but keep returning to the preferred store again and again.

Question 15

Discuss how social environment acts as an external influence on a consumer.

Accepted Answer

Answers will vary. The social environmen

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

In the context of perceptual maps, the ideal point represents temporary factors unique to a time or place that can change the value seen in a buying decision.

Accepted Answer

A) True 
 B)False

Question 18

Briefly describe different components of the Consumer Value Framework (CVF).

Accepted Answer

Answers will vary. The CVF represents co

Question 19

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

Accepted Answer

A)  Implementing a new technology in order to reduce costs over the next few years 
B)  Analyzing the marketing budget for the next two years 
C)  Distributing a product only through discount stores 
D)  Setting a company's sales goal 
A)  Implementing a new technology in order to reduce costs over the next few years 
B)  Analyzing the marketing budget for the next two years 
C)  Distributing a product only through discount stores 
D)  Setting a company's sales goal

Question 20

Consumers ultimately pursue good quality products because they address motivations that manifest themselves in needs and desires.

Accepted Answer

A) True 
 B)False

In the context of the value equation, which of the following is a benefit for the customer?

Unlike utilitarian value, hedonic value:

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

Since childhood, Meg's parents always told her that fruits are good for health. As a result, Meg developed a liking for fruits. She makes sure to include fruits in everyday diet. In this scenario, Meg's thinking or mental process is referred to as _____.

A Customer Relationship Management (CRM) system:

_____ represents the degree of connectedness between a consumer and a service provider.

Which of the following statements is true of Customer Relationship Management (CRM)?

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

Utilitarian value and hedonic value are not mutually exclusive. Illustrate with an example.

Explain how perceptual maps are useful in understanding consumers and delivering superior value.

A market for any product is the sum of the demand existing in individual groups or segments of consumers.

In the context of Customer Relationship Management (CRM), which of the following statements is true?

Discuss how social environment acts as an external influence on a consumer.

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

In the context of perceptual maps, the ideal point represents temporary factors unique to a time or place that can change the value seen in a buying decision.

Briefly describe different components of the Consumer Value Framework (CVF).

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

Consumers ultimately pursue good quality products because they address motivations that manifest themselves in needs and desires.

What is CB and Why Should I Care?

Consumer Learning Starts Here: Perception

Comprehension, Memory, and Cognitive Learning

Motivation and Emotion: Driving Consumer Behavior

Personality, Lifestyles, and the Self-Concept

Attitudes and Attitude Change

Group and Interpersonal Influence

Consumer Culture

Microcultures

Consumers in Situations

Decision Making I: Need Recognition and Search

Decision Making II: Alternative Evaluation and Choice

Consumption to Satisfaction

Beyond Consumer Relationships

Consumer and Marketing Misbehavior

Filters

Exam 2: Value and the Consumer Behavior Framework

In the context of the value equation, which of the following is a benefit for the customer?

Unlike utilitarian value, hedonic value:

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

Since childhood, Meg's parents always told her that fruits are good for health. As a result, Meg developed a liking for fruits. She makes sure to include fruits in everyday diet. In this scenario, Meg's thinking or mental process is referred to as _____.

A Customer Relationship Management (CRM) system:

_____ represents the degree of connectedness between a consumer and a service provider.

Which of the following statements is true of Customer Relationship Management (CRM)?

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

Utilitarian value and hedonic value are not mutually exclusive. Illustrate with an example.

Explain how perceptual maps are useful in understanding consumers and delivering superior value.

A market for any product is the sum of the demand existing in individual groups or segments of consumers.

In the context of Customer Relationship Management (CRM), which of the following statements is true?

Discuss how social environment acts as an external influence on a consumer.

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

In the context of perceptual maps, the ideal point represents temporary factors unique to a time or place that can change the value seen in a buying decision.

Briefly describe different components of the Consumer Value Framework (CVF).

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

Consumers ultimately pursue good quality products because they address motivations that manifest themselves in needs and desires.

What is CB and Why Should I Care?

Consumer Learning Starts Here: Perception

Comprehension, Memory, and Cognitive Learning

Motivation and Emotion: Driving Consumer Behavior

Personality, Lifestyles, and the Self-Concept

Attitudes and Attitude Change

Group and Interpersonal Influence

Consumer Culture

Microcultures

Consumers in Situations

Decision Making I: Need Recognition and Search

Decision Making II: Alternative Evaluation and Choice

Consumption to Satisfaction

Beyond Consumer Relationships

Consumer and Marketing Misbehavior

Filters