Deck 2: Value and the Consumer Behaviour Value Framework

Question 1

Value is a personal assessment of the net worth obtained from an activity.

Answer 1

True

Question 2

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

Answer 2

False

Question 3

Price is the best indicator of value.

Answer 3

False

Question 4

Internal influences on the consumption process include factors such as service quality.

Question 5

Individual differences are characteristic traits of individuals, including personality and lifestyle.

Question 6

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

Question 7

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

Question 8

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

Question 9

Atmospherics, time and timing, and conditions are situational influences on consumer behaviour.

Question 10

The core concept of consumer behaviour is value.

Question 11

Utilitarian value is derived from a product that helps the consumer solve problems and accomplish tasks that are a part of being a consumer.

Question 12

Value equals what you get minus what you give.

Question 13

Relationship quality is a function of a consumer's perceived value of the relationship.

Question 14

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

Question 15

A CRM system allows a firm to be more customer-focused.

Question 16

In the value equation, sacrifice includes things such as quality, prestige, opportunity, and image.

Question 17

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

Question 18

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

Question 19

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

Question 20

Two types of value are primary value and secondary value.

Question 21

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

Question 22

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

Question 23

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

Question 24

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

Question 25

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

Question 26

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

Question 27

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

Question 28

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

Question 29

Products are multifaceted and can provide value in many ways.

Question 30

Target marketing is the separation of a market into groups based on the different demand curves associated with each group.

Question 31

Marketing tactics are ways marketing management is implemented.

Question 32

Sensitivity represents the degree to which a consumer is sensitive to changes in some product characteristic.

Question 33

Consumer segments exist because different consumers do not value different alternatives the same way.

Question 34

The segment or segments of a market that a company services is called the focal market.

Question 35

A strategy is a planned way of doing something.

Question 36

Consumers play a role in the creation of the value offered by marketers.

Question 37

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

Question 38

The best strategic focus should be centred on the products offered.

Question 39

Strategies exist at more than one level in an organization.

Question 40

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.

Question 41

What is an internal influence on consumer value?

A) costs
B) learning
C) social class
D) family

Question 42

Both consumers and marketers enter exchanges seeking value.

Question 43

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

A) motivation
B) atmospherics
C) social class
D) lifestyles

Question 44

Which orientation means each customer represents a potential stream of resources rather than just a single sale?

A) CVF orientation
B) hedonic orientation
C) CRM orientation
D) utilitarian orientation

Question 45

An automobile marketer is interested in the psychological influences on potential buyers of luxury automobiles. What would this researcher be interested in studying?

A) lifestyles of luxury car buyers
B) whether buyers are liberal or conservative
C) stage in family life cycle of luxury car buyers
D) buyers' attitudes toward different brands

Question 46

A company would be foolish to turn away a valued customer.

Question 47

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.

Question 48

The Starbucks Rewards Program tracks detailed information about customers and their purchases so more customer-oriented decisions can be made, hopefully leading to longer-lasting relationships with customers. What is Starbucks involved in?

A) customer relationship management
B) consumer value management
C) quality management
D) internal marketing management

Question 49

What is an external influence on consumer value?

A) personal values
B) lifestyles
C) needs
D) reference groups

Question 50

Customer Lifetime Value (CLV) represents the approximate worth of a customer to a company in economic terms.

Question 51

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

Question 52

Product differentiation is a marketplace condition in which consumers do not view all competing products as identical to one another.

Question 53

Which concept is at the heart of the Consumer Value Framework and the focus of marketing efforts?

A) value
B) consumption
C) culture
D) quality

Question 54

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

Question 55

Which of the following is NOT considered part of a consumer's personality?

A) values
B) lifestyles
C) motivations
D) perceptions

Question 56

A perceptual map is used to depict graphically the positioning of competing products.

Question 57

Which of the following is NOT an element of consumer psychology?

A) learning
B) culture
C) information processing
D) memory

Question 58

GCIC is an insurance company that believes customers form relationships with companies as opposed to companies merely conducting individual transactions with customers. For this reason, GCIC is considering a program of rewarding loyal customers in the form of dividends at the end of each year. The longer a customer has been with the company, the greater the dividend received would be. Which of the following is GCIC considering implementing?

A) consumer value management (CVM)
B) marketing relationship management (MRM)
C) customer relationship management (CRM)
D) relationship quality management (RQM)

Question 59

Which of the following reflects the connectedness between a consumer and a retailer, brand, or service provider?

A) hedonic value
B) interconnectivity
C) synergy
D) relationship quality

Question 60

Which consumer behaviour theory illustrates factors that shape the consumption-related behaviours ultimately determine the value associated with consumption?

A) Consumer Behaviour Framework (CBF)
B) Consumer Value Framework (CVF)
C) Consumption Process Framework (CPF)
D) Customer Relationship Framework (CRF)

Question 61

Melanie and her daughter enjoy shopping together even if they do not purchase anything. For them, shopping is an end in and of itself, not just a means to an end. Which type of value are they experiencing?

A) utilitarian
B) pleasure-seeking
C) hedonic
D) experiential

Question 62

What is the term for things that are unique to a time or place and that can affect consumer decision making and the value received from consumption?

A) situational influences
B) social influences
C) internal factors
D) socio-environmental factors

Question 63

Every Disney employee is thought of and trained to be a host or hostess with the express goal of making sure all guests feel good when they are there. Which term refers to the feelings that visitors experience while they are at Disney and long after they've left?

A) affect
B) internalization
C) environment
D) satisfaction

Question 64

Which term refers to a personal assessment of the net worth obtained from an activity?

A) value
B) prestige
C) quality
D) effort

Question 65

Hannah believes that Mac computers are better than Windows-based computers because they are not as vulnerable to computer viruses. Which psychological element is represented by Hannah's thinking or mental process?

A) affect
B) lifestyle
C) individual differences
D) cognition

Question 66

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

A) emotional
B) social
C) macro
D) micro

Question 67

Which of the following is NOT an example of benefits received from consumption?

A) quality
B) convenience
C) prestige
D) effort

Question 68

Which type of influences occur inside of the mind and heart of the consumer and influence value?

A) innate
B) internal
C) social
D) personal

Question 69

What term refers to the characteristic traits of people including personality and lifestyles?

A) individual differences
B) individual identifiers
C) discriminators
D) value enhancers

Question 70

Which type of value is the immediate gratification that comes from experiencing some activity?

A) hedonic
B) utilitarian
C) end-state
D) process

Question 71

It is the day before Christmas and Mark has not even started shopping for gifts for his family. He rushes to the mall and buys the first things he sees. Which of the following is likely having the greatest impact on Mark's behaviour?

A) social influences
B) situational influences
C) socio-environmental factors
D) hedonic factors

Question 72

Which term refers to the feelings that are experienced during consumption activities or associated with specific objects?

A) cognition
B) internalization
C) affect
D) utilitarian value

Question 73

Which of the following improves when a consumer realizes high value from an exchange with a company?

A) relationship quality
B) internalization
C) emotional attachment
D) augmented quality

Question 74

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?

A) value network
B) relationship network
C) emotional environment
D) social environment

Question 75

What is the value equation?

A) value = what you get/what you give
B) value = what you give/what you get
C) value = what you get - what you give
D) value = what you give - what you get

Question 76

Which type of value is derived from a product that helps a consumer solve problems and accomplish tasks?

A) utilitarian
B) functional
C) terminal
D) end-state

Question 77

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

A) cognition
B) affect
C) synergy
D) internalization

Question 78

What are two main types of value?

A) internal and external
B) utilitarian and hedonic
C) personal and social
D) primary and secondary

Question 79

Josh needed new soccer cleats, so he visited several stores to find the right ones. He purchased a pair from Soccer Locker and was satisfied that his needs were met. Which type of value did Josh receive?

A) end-state
B) hedonic
C) terminal
D) utilitarian

Question 80

Which of the following is NOT an example of "what you give," or sacrifices, in the value equation?

A) time
B) opportunity
C) emotions
D) experience