Exam 2: Value and the Consumer Behavior Framework

A garment manufacturing company, Stitch Inc., plans to launch a clothing line for teenagers. Before designing the clothes, it surveys teenagers to understand their requirements. In the given scenario, the teenage group can be best described as the _____.

In the context of customer lifetime value (CLV), every customer is equally valuable to a firm.

Value can be modeled by playing between "what you get" and "what you have to give" to get the product.

Discuss the importance of perceptual maps for spotting opportunities in the marketplace.

The Consumer Value Framework (CVF) represents:

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

The characteristics and traits that help define a consumer as a distinct person are called _____.

Cognition refers to the feelings experienced during consumption activities or feelings associated with specific objects.

The term _____ signifies which market segment a company will serve with a specific marketing mix.

The core concept of consumer behavior (CB) is the product quality.

An automobile marketer is interested in studying the internal influences that affect the psychology of the potential buyers of luxury automobiles. The marketer would most likely be studying the:

Which of the following scenarios is an example of utilitarian value?

The object or activity that allows something else good to happen or be accomplished provides utilitarian value.

Which of the following statements is true of situational influences?

Raleigh Trust Bank is analyzing its customer database to identify customers with similar patterns of income and expenditure. The bank is looking at data such as age, sex, family size, loan activity, credit card activity, deposits, withdrawal, and account balances of consumers. The bank has identified three different types of customers based on these factors and is planning to offer different products to better meet the needs of each group. Which of the following marketing concepts is illustrated by the given scenario?

Natalie and her friends enjoy visiting upscale stores together. Sometimes they indulge in buying things they do not need. The experience of buying things in expensive stores gives them pleasure and satisfaction. In the given scenario, Natalie and her friends experience _____.

Marketers can maximize the value they receive from exchange by concentrating their marketing efforts on consumers with high customer lifetime values (CLVs).

Explain the concept of customer lifetime value (CLV).

Discuss the concept of value co-creation.

When firms fail to realize how their products provide value, they run the risk of developing _____.