Question 1

_____ deals with how a firm will be defined and sets general goals.

Accepted Answer

A)  Corporate strategy 
B)  A marketing strategy 
C)  Customer Relationship Management 
D)  Perceptual mapping 
A)  Corporate strategy 
B)  A marketing strategy 
C)  Customer Relationship Management 
D)  Perceptual mapping

Question 2

Customer Relationship Management (CRM) means each customer represents more than just a single sale.

Accepted Answer

A) True 
 B)False

Question 3

Every product's value proposition is made up of the basic benefits a product provides and the estimated life of the product.

Accepted Answer

A) True 
 B)False

Question 4

In the context of Consumer Value Framework (CVF), _____ is an internal influence.

Accepted Answer

A)  timing 
B)  categorization 
C)  family influence 
D)  acculturation 
A)  timing 
B)  categorization 
C)  family influence 
D)  acculturation

Question 5

In the context of hedonic value, which of the following statements is true?

Accepted Answer

A)  The actions to obtain hedonic value can sometimes be very difficult to explain objectively. 
B)  The actions that provide hedonic value are worthwhile because they provide a means to an end. 
C)  Hedonic value is the gratification derived from actions that help a consumer solve problems. 
D)  The actions that provide hedonic value allow something to be accomplished. 
A)  The actions to obtain hedonic value can sometimes be very difficult to explain objectively. 
B)  The actions that provide hedonic value are worthwhile because they provide a means to an end. 
C)  Hedonic value is the gratification derived from actions that help a consumer solve problems. 
D)  The actions that provide hedonic value allow something to be accomplished.

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A)  A man engaging a tutor for his child 
B)  A woman hiring a laundry service 
C)  A man reading the latest fiction novel 
D)  A woman filling out insurance forms for her car 
A)  A man engaging a tutor for his child 
B)  A woman hiring a laundry service 
C)  A man reading the latest fiction novel 
D)  A woman filling out insurance forms for her car

Question 8

A marketing strategy:

Accepted Answer

A)  is the way marketing management is implemented. 
B)  should provide the vision statement of a company. 
C)  should provide an effective way of dealing with competition. 
D)  deals with how a company will be defined. 
A)  is the way marketing management is implemented. 
B)  should provide the vision statement of a company. 
C)  should provide an effective way of dealing with competition. 
D)  deals with how a company will be defined.

Question 9

Marketing tactics are ways marketing management is implemented.

Accepted Answer

A) True 
 B)False

Question 10

In the context of Customer Relationship Management (CRM), people and groups who help shape a consumer's everyday experiences also include people unknown to the consumer.

Accepted Answer

A) True 
 B)False

Question 11

The customer lifetime value (CLV) is equal to the net present value (npv) of the stream of profits over a customer's lifetime, _____.

Accepted Answer

A)  minus the net expenses associated with satisfying that customer 
B)  plus the worth attributed to the equity a good customer can bring in the form of positive referrals 
C)  plus the opportunity costs saved from having loyal customers 
D)  minus the cost associated with identifying segments of consumers containing valuable customers 
A)  minus the net expenses associated with satisfying that customer 
B)  plus the worth attributed to the equity a good customer can bring in the form of positive referrals 
C)  plus the opportunity costs saved from having loyal customers 
D)  minus the cost associated with identifying segments of consumers containing valuable customers

Question 12

The marketing mix represents the factors that shape consumption-related behaviors and ultimately determine the value associated with consumption.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is true of market segmentation?

Accepted Answer

A)  It is essentially a part of the marketing tactics. 
B)  It is created by the marketers through differentiated offerings. 
C)  It is a part of the corporate strategy. 
D)  It is created by consumers through their unique preferences. 
A)  It is essentially a part of the marketing tactics. 
B)  It is created by the marketers through differentiated offerings. 
C)  It is a part of the corporate strategy. 
D)  It is created by consumers through their unique preferences.

Question 14

Worth to a consumer is actually a function of much more than price.

Accepted Answer

A) True 
 B)False

Question 15

A marketer's offering does not create value directly, but rather consumption involves value co-creation.

Accepted Answer

A) True 
 B)False

Question 16

Utilitarian value is the immediate gratification that comes from experiencing some activity.

Accepted Answer

A) True 
 B)False

Question 17

The "zero moment of truth" is the point when:

Accepted Answer

A)  an organization accepts the failure of a product in the market. 
B)  a consumer realizes that a product has failed to live up to expectations. 
C)  the demand for a newly introduced product exceeds the production capacity of a company. 
D)  a passive shopper becomes an active shopper and actively seeks out exchange alternatives. 
A)  an organization accepts the failure of a product in the market. 
B)  a consumer realizes that a product has failed to live up to expectations. 
C)  the demand for a newly introduced product exceeds the production capacity of a company. 
D)  a passive shopper becomes an active shopper and actively seeks out exchange alternatives.

Question 18

Which of the following formulas best represents the customer lifetime value (CLV)?

Accepted Answer

A)  CLV = npv (sales - costs) - npv (equity) 
B)  CLV = npv (sales - costs) / npv (fixed cost) 
C)  CLV = npv (sales - costs) + npv (equity) 
D)  CLV = npv (sales - costs) - npv (fixed cost) 
A)  CLV = npv (sales - costs) - npv (equity) 
B)  CLV = npv (sales - costs) / npv (fixed cost) 
C)  CLV = npv (sales - costs) + npv (equity) 
D)  CLV = npv (sales - costs) - npv (fixed cost)

Question 19

PrimeAqua Inc. is a company that manufactures and markets bodysuits for professional kayakers. These consumers are predominantly in the age group of 25-45 years. In the given scenario, the market segment that PrimeAqua Inc. serves with a specific marketing mix is called its _____.

Accepted Answer

A)  emerging market 
B)  warm market 
C)  target market 
D)  high-end market 
A)  emerging market 
B)  warm market 
C)  target market 
D)  high-end market

Question 20

Briefly explain the concept of market segmentation?

Accepted Answer

Answers will vary. Market segmentation i

_____ deals with how a firm will be defined and sets general goals.

Customer Relationship Management (CRM) means each customer represents more than just a single sale.

Every product's value proposition is made up of the basic benefits a product provides and the estimated life of the product.

In the context of Consumer Value Framework (CVF), _____ is an internal influence.

In the context of hedonic value, which of the following statements is true?

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

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

A marketing strategy:

Marketing tactics are ways marketing management is implemented.

In the context of Customer Relationship Management (CRM), people and groups who help shape a consumer's everyday experiences also include people unknown to the consumer.

The customer lifetime value (CLV) is equal to the net present value (npv) of the stream of profits over a customer's lifetime, _____.

The marketing mix represents the factors that shape consumption-related behaviors and ultimately determine the value associated with consumption.

Which of the following is true of market segmentation?

Worth to a consumer is actually a function of much more than price.

A marketer's offering does not create value directly, but rather consumption involves value co-creation.

Utilitarian value is the immediate gratification that comes from experiencing some activity.

The "zero moment of truth" is the point when:

Which of the following formulas best represents the customer lifetime value (CLV)?

PrimeAqua Inc. is a company that manufactures and markets bodysuits for professional kayakers. These consumers are predominantly in the age group of 25-45 years. In the given scenario, the market segment that PrimeAqua Inc. serves with a specific marketing mix is called its _____.

Briefly explain the concept of market segmentation?

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

_____ deals with how a firm will be defined and sets general goals.

Customer Relationship Management (CRM) means each customer represents more than just a single sale.

Every product's value proposition is made up of the basic benefits a product provides and the estimated life of the product.

In the context of Consumer Value Framework (CVF), _____ is an internal influence.

In the context of hedonic value, which of the following statements is true?

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

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

A marketing strategy:

Marketing tactics are ways marketing management is implemented.

In the context of Customer Relationship Management (CRM), people and groups who help shape a consumer's everyday experiences also include people unknown to the consumer.

The customer lifetime value (CLV) is equal to the net present value (npv) of the stream of profits over a customer's lifetime, _____.

The marketing mix represents the factors that shape consumption-related behaviors and ultimately determine the value associated with consumption.

Which of the following is true of market segmentation?

Worth to a consumer is actually a function of much more than price.

A marketer's offering does not create value directly, but rather consumption involves value co-creation.

Utilitarian value is the immediate gratification that comes from experiencing some activity.

The "zero moment of truth" is the point when:

Which of the following formulas best represents the customer lifetime value (CLV)?

PrimeAqua Inc. is a company that manufactures and markets bodysuits for professional kayakers. These consumers are predominantly in the age group of 25-45 years. In the given scenario, the market segment that PrimeAqua Inc. serves with a specific marketing mix is called its _____.

Briefly explain the concept of market segmentation?

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