Exam 2: Value and the Consumer Behavior Value Framework

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

Which of the following environments includes the people and groups who help shape a consumer's everyday experiences?

A(n)_____product includes the original product plus the extra things needed to increase the value from consumption.

Explain how perceptual maps are useful in understanding consumers and delivering superior value.

In economics,the term "buoyancy" represents the degree to which a consumer is sensitive to changes in some product characteristic.

The marketing mix represents the way a marketing strategy is implemented within a given market or exchange environment.

Characteristics and traits,including personality and lifestyles,that help define a consumer are referred to as _____.

Strategies exist at more than one level in an organization.

Marketing tactics are ways marketing management is implemented.

A product's value can only be created by what the marketer is offering.

FAST FOOD SCENARIO Daniel, an entrepreneur, is planning to open a fast-food restaurant. He wants to cash in on the huge population of busy professionals who usually don't have the time for a sit-down meal. They prefer instead to grab a bite on the go. Daniel has done his fair share of research, and he found that though fast-food restaurants cater to the need for a quick bite, consumers feel guilty of indulging in what they thought was "unhealthy." Daniel conceptualized a place that will offer a quick bite as a healthy alternative, so consumers would not have to suffer from guilt. Daniel is looking at establishing a long-term relationship based on trust with his customers. -Refer to Fast Food Scenario.Daniel conceptualized a place that will offer a quick bite as a healthy alternative,so consumers would not have to suffer from guilt.In doing so,Daniel is offering _____ value to his customers.

As the manager of a leading banking institution,Bijou tracks detailed information about the bank's clients.This way more client-oriented decisions can be made,leading to longer-lasting affiliations with clients.Bijou is involved in _____.

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

Customer lifetime value represents the approximate worth of a customer to a company in economic terms.

A planned way of doing something is known as _____.

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?

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

When a consumer realizes high value from an exchange with a company,_____ improves.

_____ refers to a marketplace condition in which consumers do not view all competing products as identical to one another.

Two main types of values are _____.