Exam 1: What Is CB, and Why Should I Care?

Two common interpretative orientations are psychology and sociology.

A market-oriented firm stresses the importance of creating value for customers among all employees.

Explain why consumers get treated differently in different types of exchange environments. Give an example of a situation where you were treated poorly by a business and explain why you might have been treated that way.

A description for a marketing course in a university course catalogue states, "This course represents the study of consumers as they go about the consumption process." What is the name of this course?

The phenomenological researcher relies on highly structured, formal interviews with consumers.

Trends shaping the value received by consumers include internationalization, technological changes, changing communications, changing demographics, and the changing economy.

Renee is going to a formal dance next month and goes shopping for a full-length gown. What does the gown exemplify in the basic consumption process?

What term refers to the physical parts of a product?

Kim moved from one house in a neighbourhood to another house in a nearby neighbourhood. She called her trash collection company to inform them of her address change and was dismayed to learn that her trash collection bill would be $10 a month higher than it was at her previous residence even though it is the same company. She commented on this and was told by the company that was the price and she could deal with removing her own trash if she didn't like the price hike. Kim had to pay the higher price because there was no other company allowed to service this neighbourhood. Which statement best explains why Kim was treated so poorly by this company?

Differentiated marketing can be taken to the extreme with a practice known as one-to-one marketing.

The basic consumption process involves a consumer assessing the costs and benefits associated with a choice.

What is the definition of a product?

Consumer behaviour is the set of value-seeking activities that take place as people go about addressing needs.

Psychology is the study of human reactions to their environment.

The sub-disciplines of psychology that are highly relevant to consumer behaviour are social psychology and experimental psychology.

A market researcher focuses on the psychological process, including the thoughts, feelings, and behaviour people experience once they realize they have an unmet need. What set of value-seeking activities is the researcher examining?

A product is a potentially valuable bundle of benefits.

Apple wants to learn how consumers use its blockbuster product, the Apple Watch . Suggest an appropriate research approach and describe how it can be implemented.

The Ritz-Carlton Hotel has a culture that embodies the importance of creating value for guests among all employees. One way this is implemented is by giving the front desk employees the authority to correct a problem presented by a guest without having to have approval from a manager. Which type of orientation does this company embrace?

One demographic trend shaping consumer behaviour is the decreasing birth rates in the U.S. and Europe.