Question 1

Which of the following graphically depicts the positioning of competing products?

Accepted Answer

A)  product map 
B)  schema 
C)  demand curve 
D)  perceptual map

Question 2

Which of the following represents the overall approximate worth of a customer to a company in economic terms?

Accepted Answer

A)  net present value (NPV) 
B)  customer lifetime value (CLV) 
C)  customer present value (CPV) 
D)  customer future value (CFV)

Question 3

Products are multifaceted and can provide value in many ways.

Accepted Answer

A) True 
 B)False

Question 4

Price is the best indicator of value.

Accepted Answer

A) True 
 B)False

Question 5

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?

Accepted Answer

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

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

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

Question 8

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

Accepted Answer

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

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Vans is a company that manufactures and markets shoes for serious skateboarders. These consumers are predominantly males who are 12-24 years old. What term refers to the market segment that Vans serves with a specific marketing mix?

Accepted Answer

A)  preferred 
B)  optimum 
C)  target 
D)  segmented

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

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?

Accepted Answer

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

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

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

Question 17

What term refers to the degree to which a consumer is sensitive to changes in some product characteristic?

Accepted Answer

A)  elasticity 
B)  differentiation 
C)  segmentation 
D)  positioning

Question 18

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

Accepted Answer

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

Question 19

Value equals what you get minus what you give.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

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

Exam 2: Value and the Consumer Behaviour Value Framework

Which of the following graphically depicts the positioning of competing products?

Which of the following represents the overall approximate worth of a customer to a company in economic terms?

Products are multifaceted and can provide value in many ways.

Price is the best indicator of value.

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

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

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

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

Vans is a company that manufactures and markets shoes for serious skateboarders. These consumers are predominantly males who are 12-24 years old. What term refers to the market segment that Vans serves with a specific marketing mix?

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

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

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

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?

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

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

What term refers to the degree to which a consumer is sensitive to changes in some product characteristic?

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

Value equals what you get minus what you give.

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