Exam 2: Value and the Consumer Behavior Value Framework

Both consumers and marketers enter exchange-seeking value.

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

A strategy is a planned way of doing something to accomplish some goal.

_____ refers to the feelings that are experienced during consumption activities or associated with specific objects.

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

Every product's value is made up of the basic benefits,plus the augmented product,plus the "feel" benefits.

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

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

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

Any act of consumption cannot provide both utilitarian and hedonic value.

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

While buying a car,a potential buyer takes into consideration several aspects of the car,such as its design,quality,ease of servicing,speed,and mileage.An automobile company,that takes into consideration all these aspects while manufacturing and selling its cars,is said to be practicing the _____ concept.

According to which of the following orientations,each customer represents a potential stream of resources rather than just a single sale?

The _____ represents consumer behavior theory illustrating factors that shape consumption-related behaviors that ultimately determine the value associated with consumption.

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

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 is looking at establishing a long-term relationship based on trust with his customers.In doing so,Daniel is adopting a(n)_____ orientation.

One conceptual difference between utilitarian value and hedonic value is that utilitarian value is an end in and of itself rather than a means to an end.

To deliver superior customer value,different business units within the firm must have the same marketing strategy.

Marketing tactics include price,promotion,product,and distribution decisions.

Product _____ refers to the way a product is perceived by a consumer.