Exam 2: Value and the Consumer Behaviour Value Framework

Marketing strategy deals with how the firm will be defined and sets general goals.

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. Which external influence in the Consumer Value Framework is likely to discourage consumers from purchasing these glasses?

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

Haley is a member of a sorority. She uses certain brands because they are popular with the others in her sorority. What are Haley's sorority sisters a part of as they influence her everyday experiences?

The most basic truth of economics is that as price increases, quantity demanded will decrease.

A cosmetics manufacturer was looking at a graphical display of how women perceived different brands of cosmetics and was dismayed to learn that its brand was clustered with brands that are targeted toward older women, not the younger women the marketer was trying to reach. Which graphical depiction of the positioning of competing brands was the marketer using?

Which term refers to the thinking or mental processes that go on as we process and store things that can become knowledge?

Which of the following is NOT an example of marketing tactics?

In which marketplace condition do consumers NOT view all competing products as identical to one another?

The Consumer Behaviour Framework (CBF) represents consumer behaviour theory illustrating factors that shape consumption-related behaviours and ultimately determine the value associated with consumption.

People and groups who help shape a consumer's everyday experiences are part of the social environment.

Two types of value are primary value and secondary value.

Over which factor depicted in the Consumer Value Framework does the marketer have the most control?

Customer Lifetime Value is equal to sales attributed to particular customer minus the costs associated with satisfying that customer over the lifetime of that customer.

A university realizes it needs to increase revenue in the face of severe budget cuts due to the weak economy. The school decides to pursue students who have some post-secondary but have not completed their degrees. To do this, the university is offering online degree programs, charges extra fees for these students, offers a wide selection of online courses each semester, and advertises on billboards, on radio, on television, and in newspapers. The school also sends direct mail letters to students who were previously enrolled at the school but did not complete their degree. What are the courses, tuition, online delivery, and promotion examples of?

What do the x- and y-axes on a perceptual map represent?