Exam 2: Value and the Consumer Behavior Value Framework

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

Worth to a consumer is a function of price.

When firms fail to realize how their products provide value,they run the risk of developing _____.

The term augmented product means the original product plus the extra things needed to increase the value from consumption.

Individual differences have little effect on the value experienced by consumers and the reaction consumers have to consumption.

Products are multifaceted and can provide value in many ways.

The core concept of consumer behavior is value.

The market for any product is the sum of the demand existing in individual groups or segments of consumers.

Learning,perception,memory,and attitudes are examples of elements comprising the personality of a consumer.

A basic customer relationship management premise is that customers form relationships with companies as opposed to companies conducting individual transactions with customers.

Companies embracing the total value concept demonstrate an understanding that products provide value in multiple ways.

Situational influences are unique to a time or place that can affect consumer decision making and the value received from consumption.