Question 1

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

Accepted Answer

A) True 
 B)False  True

Question 2

Which type of influences occur inside of the mind and heart of the consumer and influence value?

Accepted Answer

A)  innate 
B)  internal 
C)  social 
D)  personal 
A)  innate 
B)  internal 
C)  social 
D)  personal B

Question 3

Canadian rock band Arcade Fire wanted to promote their new Reflektor album and tour. They asked fan to submit their own photos of the band's Reflektor tour. In return, fan photos could wind up on Arcade Fire's Facebook page and website. This was a win for both the band and fans, as the website benefitted from new photography and fans could earn a spotlight on the band's online properties. What is this an example of?

Accepted Answer

A)  mission 
B)  focus 
C)  tactic 
D)  strategy 
A)  mission 
B)  focus 
C)  tactic 
D)  strategy D

Question 4

Josh needed new soccer cleats, so he visited several stores to find the right ones. He purchased a pair from Soccer Locker and was satisfied that his needs were met. Which type of value did Josh receive?

Accepted Answer

A)  end-state 
B)  hedonic 
C)  terminal 
D)  utilitarian 
A)  end-state 
B)  hedonic 
C)  terminal 
D)  utilitarian

Question 5

GCIC is an insurance company that believes customers form relationships with companies as opposed to companies merely conducting individual transactions with customers. For this reason, GCIC is considering a program of rewarding loyal customers in the form of dividends at the end of each year. The longer a customer has been with the company, the greater the dividend received would be. Which of the following is GCIC considering implementing?

Accepted Answer

A)  consumer value management (CVM) 
B)  marketing relationship management (MRM) 
C)  customer relationship management (CRM) 
D)  relationship quality management (RQM) 
A)  consumer value management (CVM) 
B)  marketing relationship management (MRM) 
C)  customer relationship management (CRM) 
D)  relationship quality management (RQM)

Question 6

Which of the following is NOT an example of benefits received from consumption?

Accepted Answer

A)  quality 
B)  convenience 
C)  prestige 
D)  effort 
A)  quality 
B)  convenience 
C)  prestige 
D)  effort

Question 7

Every Disney employee is thought of and trained to be a host or hostess with the express goal of making sure all guests feel good when they are there. Which term refers to the feelings that visitors experience while they are at Disney and long after they've left?

Accepted Answer

A)  affect 
B)  internalization 
C)  environment 
D)  satisfaction 
A)  affect 
B)  internalization 
C)  environment 
D)  satisfaction

Question 8

The best strategic focus should be centred on the products offered.

Accepted Answer

A) True 
 B)False

Question 9

Which strategy deals with how the firm will be defined and sets general goals?

Accepted Answer

A)  corporate 
B)  marketing 
C)  tactical 
D)  meta 
A)  corporate 
B)  marketing 
C)  tactical 
D)  meta

Question 10

Consumer segments exist because different consumers do not value different alternatives the same way.

Accepted Answer

A) True 
 B)False

Question 11

An automobile marketer is interested in the psychological influences on potential buyers of luxury automobiles. What would this researcher be interested in studying?

Accepted Answer

A)  lifestyles of luxury car buyers 
B)  whether buyers are liberal or conservative 
C)  stage in family life cycle of luxury car buyers 
D)  buyers' attitudes toward different brands 
A)  lifestyles of luxury car buyers 
B)  whether buyers are liberal or conservative 
C)  stage in family life cycle of luxury car buyers 
D)  buyers' attitudes toward different brands

Question 12

Explain the concept of Customer Lifetime Value (CLV). Think of a product you have purchased (e.g., toothpaste, soft drink, computer) and estimate your lifetime value to the manufacturer of a specific brand. What can the marketer of that brand do to ensure you remain loyal to that brand?

Accepted Answer

Customer Lifetime Value (CLV) represents

Question 13

The presence of music in an environment is a social influence that may shape consumer behaviour.

Accepted Answer

A) True 
 B)False

Question 14

The 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 15

Which of the following is NOT considered part of a consumer's personality?

Accepted Answer

A)  values 
B)  lifestyles 
C)  motivations 
D)  perceptions 
A)  values 
B)  lifestyles 
C)  motivations 
D)  perceptions

Question 16

Internal influences on the consumption process include factors such as service quality.

Accepted Answer

A) True 
 B)False

Question 17

Callaway presents their golf products on YouTube. The videos include content on how to better hit the ball and play the game of golf. You don't have to be a Callaway customer to benefit from this content but it is hoped that the next time you're purchasing a golf club, you might just consider Callaway. What is this an example of?

Accepted Answer

A)  mission 
B)  focus 
C)  tactic 
D)  strategy 
A)  mission 
B)  focus 
C)  tactic 
D)  strategy

Question 18

A CRM system allows a firm to be more customer-focused.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is added to customer lifetime value to equal the net present value of the stream of profits over a customer's lifetime?

Accepted Answer

A)  the costs associated with satisfying that customer 
B)  the retention rate for all customers 
C)  the opportunity cost saved from having loyal customers 
D)  the worth attributed to the equity a good customer can bring 
A)  the costs associated with satisfying that customer 
B)  the retention rate for all customers 
C)  the opportunity cost saved from having loyal customers 
D)  the worth attributed to the equity a good customer can bring

Question 20

Define market segmentation and explain how it is a marketplace condition. Describe different market segments of McDonald's customers.

Accepted Answer

Market segmentation is the separation of

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

Which type of influences occur inside of the mind and heart of the consumer and influence value?

Josh needed new soccer cleats, so he visited several stores to find the right ones. He purchased a pair from Soccer Locker and was satisfied that his needs were met. Which type of value did Josh receive?

Which of the following is NOT an example of benefits received from consumption?

Every Disney employee is thought of and trained to be a host or hostess with the express goal of making sure all guests feel good when they are there. Which term refers to the feelings that visitors experience while they are at Disney and long after they've left?

The best strategic focus should be centred on the products offered.

Which strategy deals with how the firm will be defined and sets general goals?

Consumer segments exist because different consumers do not value different alternatives the same way.

An automobile marketer is interested in the psychological influences on potential buyers of luxury automobiles. What would this researcher be interested in studying?

Explain the concept of Customer Lifetime Value (CLV). Think of a product you have purchased (e.g., toothpaste, soft drink, computer) and estimate your lifetime value to the manufacturer of a specific brand. What can the marketer of that brand do to ensure you remain loyal to that brand?

The presence of music in an environment is a social influence that may shape consumer behaviour.

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

Which of the following is NOT considered part of a consumer's personality?

Internal influences on the consumption process include factors such as service quality.

A CRM system allows a firm to be more customer-focused.

Which of the following is added to customer lifetime value to equal the net present value of the stream of profits over a customer's lifetime?

Define market segmentation and explain how it is a marketplace condition. Describe different market segments of McDonald's customers.

What Is CB, and Why Should I Care?

Consumer Learning Starts Here: Perception

Comprehension, Memory, and Cognitive Learning

Motivation and Emotion: Driving Consumer Behaviour

Personality, Lifestyles, and the Self-Concept

Attitudes and Attitude Change

Consumer Culture

Microcultures

Group and Interpersonal Influence

Consumers in Situations

Decision Making I: Need Recognition and Search

Decision Making II: Alternative Evaluation and Choice

Consumption to Satisfaction

Consumer Relationships

Marketing Ethics and Consumer Misbehaviour

Filters

Exam 2: Value and the Consumer Behaviour Value Framework

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

Which type of influences occur inside of the mind and heart of the consumer and influence value?

Josh needed new soccer cleats, so he visited several stores to find the right ones. He purchased a pair from Soccer Locker and was satisfied that his needs were met. Which type of value did Josh receive?

Which of the following is NOT an example of benefits received from consumption?

Every Disney employee is thought of and trained to be a host or hostess with the express goal of making sure all guests feel good when they are there. Which term refers to the feelings that visitors experience while they are at Disney and long after they've left?

The best strategic focus should be centred on the products offered.

Which strategy deals with how the firm will be defined and sets general goals?

Consumer segments exist because different consumers do not value different alternatives the same way.

An automobile marketer is interested in the psychological influences on potential buyers of luxury automobiles. What would this researcher be interested in studying?

Explain the concept of Customer Lifetime Value (CLV). Think of a product you have purchased (e.g., toothpaste, soft drink, computer) and estimate your lifetime value to the manufacturer of a specific brand. What can the marketer of that brand do to ensure you remain loyal to that brand?

The presence of music in an environment is a social influence that may shape consumer behaviour.

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

Which of the following is NOT considered part of a consumer's personality?

Internal influences on the consumption process include factors such as service quality.

A CRM system allows a firm to be more customer-focused.

Which of the following is added to customer lifetime value to equal the net present value of the stream of profits over a customer's lifetime?

Define market segmentation and explain how it is a marketplace condition. Describe different market segments of McDonald's customers.

What Is CB, and Why Should I Care?

Consumer Learning Starts Here: Perception

Comprehension, Memory, and Cognitive Learning

Motivation and Emotion: Driving Consumer Behaviour

Personality, Lifestyles, and the Self-Concept

Attitudes and Attitude Change

Consumer Culture

Microcultures

Group and Interpersonal Influence

Consumers in Situations

Decision Making I: Need Recognition and Search

Decision Making II: Alternative Evaluation and Choice

Consumption to Satisfaction

Consumer Relationships

Marketing Ethics and Consumer Misbehaviour

Filters