Deck 2: Value and the Consumer Behavior Value Framework

Question 1

Internal influences on the consumption process include factors,such as social class.

Answer 1

False
External influences on the consumption process include factors,such as social class.

Question 2

The concept of "value" captures how much gratification a consumer receives from consumption.

Answer 2

True

Question 3

The core concept of consumer behavior is value.

Answer 3

True

Question 4

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

Question 5

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

Question 6

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 7

Worth to a consumer is a function of price.

Question 8

Individual differences,which include personality and lifestyle,help determine consumer behavior.

Question 9

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

Question 10

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

Question 11

Two types of values are primary value and secondary value.

Question 12

Value equals the difference between what you get and what you have to give to get the product.

Question 13

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

Question 14

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

Question 15

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

Question 16

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

Question 17

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

Question 18

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

Question 19

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

Question 20

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

Question 21

A product's value can only be created by what the marketer is offering.

Question 22

Marketing tactics are ways marketing management is implemented.

Question 23

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 24

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

Question 25

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

Question 26

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

Question 27

Marketing myopia is defined as a condition in which a company views itself competing in a value or benefits producing business rather than in a product business.

Question 28

Rather than being viewed as opposites,utilitarian and hedonic values are not mutually exclusive.

Question 29

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

Question 30

Products are multifaceted and can provide value in many ways.

Question 31

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

Question 32

Strategies exist at more than one level in an organization.

Question 33

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

Question 34

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

Question 35

A marketing strategy provides an operating orientation for the company.

Question 36

A corporate strategy is the way a company goes about creating value for customers.

Question 37

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

Question 38

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 39

The marketing mix represents the way a marketing strategy is implemented within a given market or exchange environment.

Question 40

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

Question 41

All the customers are equally valuable to a firm.

Question 42

Both consumers and marketers enter exchange-seeking value.

Question 43

Which of the following is an external influence on consumer value?

A) Personal values
B) Attitude
C) Needs
D) Perception
E) Reference groups

Question 44

A blue ocean strategy seeks to position a firm so far away from competitors that,when successful,the firm creates an industry of its own and at least for a time,isolates itself from competitors.

Question 45

In economics,the term "buoyancy" represents the degree to which a consumer is sensitive to changes in some product characteristic.

Question 46

Which of the following is an internal influence on consumer value?

A) Costs
B) Learning
C) Social class
D) Time
E) Family

Question 47

Customer lifetime value is equal to sales attributed to a particular customer minus the costs associated with satisfying that customer over the lifetime of that customer.

Question 48

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

Question 49

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

Question 50

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

Question 51

Product differentiation becomes the basis for product positioning.

Question 52

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

Question 53

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

Question 54

Customer lifetime value represents the approximate worth of a customer to a company in economic terms.

Question 55

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

A) Consumer Behavior Framework (CBF)
B) Consumer Value Framework (CVF)
C) Consumption Process Framework (CPF)
D) Customer Relationship Framework (CRF)
E) Marketing-Consumer Framework (MCF)

Question 56

Which of the following is at the heart of the consumer value framework and the focus of marketing efforts?

A) Utilitarian and hedonic values
B) Personal values
C) Consumer perception
D) Environment
E) Cultural values

Question 57

Which of the following is an element of consumer psychology?

A) Environment
B) Media
C) Implicit memory
D) Culture
E) Emotional intelligence

Question 58

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

Question 59

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

Question 60

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

Question 61

Since childhood,Meg's parents always told her that milk is good for health.As a result,Meg developed a liking for milk and started drinking it regularly.In this case,Meg's thinking or mental process is referred to as _____.

A) sensitization
B) affect
C) emotional contagion
D) emotional intelligence
E) cognition

Question 62

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

A) Product orientation
B) CVF orientation
C) Hedonic orientation
D) CRM orientation
E) Utilitarian orientation

Question 63

_____ captures how much gratification a consumer receives from consumption.

A) Opportunity cost
B) Internal rate of return
C) Value
D) Emotional contagion
E) Sunk cost

Question 64

Characteristics and traits,including personality and lifestyles,that help define a consumer are referred to as _____.

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

Question 65

Amy is a member of the readers' club in her school.Before she buys any new book,she checks what is popular with the others in her club.Amy's readers' club is part of her _____ that influences Amy's everyday experiences.

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

Question 66

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

A) Consumer Behavior Framework
B) Customer Relationship Management
C) Marketing Consumer Framework
D) Relationship Quality Management
E) Consumption Process Framework

Question 67

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?

A) Affect
B) Delusion
C) Schema
D) Synergy
E) Externalities

Question 68

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

A) Emotional environment
B) Internal environment
C) Social environment
D) Macro environment
E) Micro environment

Question 69

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) Cognition
B) Schema
C) Affect
D) Synergy
E) Internalization

Question 70

As the manager of a leading banking institution,Bijou tracks detailed information about the bank's clients.This way more client-oriented decisions can be made,leading to longer-lasting affiliations with clients.Bijou is involved in _____.

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

Question 71

According to the Customer Relationship Management (CRM)orientation:

A) each customer represents just a single sale rather than a potential stream of resources.
B) customers who switch providers each time they make a purchase tend to be more profitable than loyal customers due to their wide range of purchases.
C) the most profitable customers are those who search for information about a product online and then buy it in a brick-and-mortar store.
D) customers form relationships with companies as opposed to companies conducting individual transactions with customers.
E) a strong, or high-quality, relationship is typified by a consumer who buys different brands of a product each time a need for that product arises.

Question 72

When a consumer realizes high value from an exchange with a company,_____ improves.

A) relationship quality
B) internalization
C) emotional contagion
D) augmented quality
E) elasticity

Question 73

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

A) Hedonic value
B) Interconnectivity
C) Synergy
D) Consumption
E) Relationship quality

Question 74

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

A) Cognition
B) Internalization
C) Affect
D) Habituation
E) Utilitarian value

Question 75

_____ are things that can be thought of as part of the consumer.

A) External influences
B) Innate influences
C) Internal influences
D) Social influences
E) Personal influences

Question 76

Which of the following terms refers to a personal assessment of the net worth a consumer obtains from an activity?

A) Quality
B) Experience
C) Prestige
D) Value
E) Effort

Question 77

Which of the following is considered a part of the consumer's personality?

A) Memory
B) Attitude
C) Intuition
D) Categorization
E) Personal values

Question 78

The presence of music in an environment may shape consumer behavior and even change buying patterns.In this case,music is an example of a _____.

A) social influence
B) situational influence
C) socio-economic factor
D) hedonic factor
E) perceptional influence

Question 79

An automobile marketer is interested in studying the internal influences that affect the psychology of the potential buyers of luxury automobiles.Which of the following would this marketer be interested in studying?

A) Lifestyles of luxury car buyers
B) Political choices of potential buyers
C) Social status of potential buyers
D) Buyers' attitudes toward different brands
E) The accessories that car owners prefer

Question 80

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

A) Situational influences
B) Temporal factors
C) Social influences
D) Internal factors
E) Socio-environmental factors