Exam 2: Value and the Consumer Behaviour Value Framework

The segment or segments of a market that a company services is called the focal market.

Which of the following is NOT an element of consumer psychology?

Describe the Consumer Value Framework (CVF), including its basic components.

Which type of value is derived from a product that helps a consumer solve problems and accomplish tasks?

What term refers to the way a product is perceived by a consumer?

Explain why marketing plays an important strategic role in an organization and describe where marketing strategy fits in the bigger organization.

Internal influences include the social and cultural aspects of life as a consumer.

Consumers play a role in the creation of the value offered by marketers.

The Starbucks Rewards Program tracks detailed information about customers and their purchases so more customer-oriented decisions can be made, hopefully leading to longer-lasting relationships with customers. What is Starbucks involved in?

Which type of value is the immediate gratification that comes from experiencing some activity?

Positioning refers to the way a product is perceived by a consumer.

A company would be foolish to turn away a valued customer.

SUPERFOCUS SCENARIO Superfocus is a revolutionary concept in eyeglasses-it even received a 2010 The Wall Street Journal innovation award. It is a type of eyeglass that allows the wearer to change correction without changing glasses, or having to look through a certain part of the lens like bifocal and progressive lens wearers must do. The round lenses are actually two lenses with a clear fluid in-between. The outer lens is hard, while the inner lens is flexible. There's a little slider on the bridge that, when moved, pushes the fluid and changes the shape of the inner, flexible lens. That, in turn, changes the correction, so a user can see near, far, and everything in-between just by changing the position of the slider. The only catch is that the lenses have to be perfectly round and the frames are made out of stainless steel or titanium aluminum, limiting the frame style and colour choices for consumers. Actually, they look pretty goofy.??Superfocus can be purchased through eye care professionals or directly from the manufacturer online. The company has recently started using direct-response television advertising to drive traffic to the website so consumers can learn more about this product and sign up for a free trial offer. With prices starting at $700 a pair, the free trial might help overcome some resistance due to the relatively high price. -Refer to Superfocus Scenario. While consumers need and want this type of eyeglass, they also want something that looks fashionable. Most consumers would not consider the round silver stainless steel or titanium aluminum charcoal grey frame fashionable. Thus, which of the following would describe the position of Superfocus on a perceptual map?

What is an external influence on consumer value?

What is an internal influence on consumer value?

Ideal points on a perceptual map represent each marketer's product offering.

What are two main types of value?

What term refers to the characteristic traits of people including personality and lifestyles?

Individual differences are characteristic traits of individuals, including personality and lifestyle.

Which orientation means each customer represents a potential stream of resources rather than just a single sale?