Exam 2: Value and the Consumer Behavior Value Framework

Which of the following terms is used to represent market sensitivity to changes in price or other characteristics?

A strong,or high-quality,relationship is typified by a consumer who buys the same brand each time a need for that product arises.

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

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

Two types of values are primary value and secondary value.

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 found that though fast-food restaurants cater to the need for a quick bite,consumers feel guilty of indulging in "unhealthy" food habits.This experience of guilt can be best described as _____ associated with the consumption of fast food.

Product differentiation becomes the basis for product positioning.

The realization that a consumer is necessary and must play a part in order to produce value is the major premise underlying the concept of _____.

The marketing mix is the combination of product,pricing,promotion,and distribution strategies used to position some product offering or brand in the marketplace.

Hannah is an avid reader and looks forward to going to the library at the end of each week to issue more books.Which of the following terms refers to the sense of satisfaction she feels from this activity?

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 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.They are Daniel's _____ for his new restaurant.

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 need to be made out of stainless steel or titanium aluminum. This limits the frame style and color choices for consumers. 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.Superfocus glasses were developed for people who have multiple prescriptions but do not like bifocals or who have to continually change glasses for different tasks like reading,computer work,or driving.By solving this problem for consumers,which type of value is being delivered by Superfocus?

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 need to be made out of stainless steel or titanium aluminum. This limits the frame style and color choices for consumers. 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.The advertising,distribution through the website and eye care providers,the price,and the free trial offer are examples of Superfocus's _____.

Cognition refers to the mental processes that go on as we process and store things that can become knowledge.

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.Busy professionals,who usually don't have the time for a sit-down meal,prefer to grab a bite on the go; even when it means indulging in unhealthy food habits.This is an example of _____ influence on consumer behavior.

Define consumer value,and compare and contrast utilitarian value and hedonic value. Describe two situations - one in which you received utilitarian value and the other in which you experienced hedonic value.Which made you more satisfied? Explain why.

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

Which of the following is true about the two basic types of values?

Which of the following is a negative consequence of consumption?

Which of the following is an element of the marketing mix?