Question 1

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

Accepted Answer

Value is subjective and varies from person to person based on their individual assessment of the benefits and costs of an activity. It is not an objective assessment of net worth.

Question 2

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

Accepted Answer

False

Question 3

Price is the best indicator of value.

Accepted Answer

Price alone cannot determine the value of a product or service. Many factors such as quality, features, and benefits also contribute to the overall value. Additionally, subjective factors such as personal preferences and brand loyalty can also influence the perceived value of a product or service.

Question 4

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

Accepted Answer

Internal influences are things that go on inside of the mind and heart of the consumer.

Question 5

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

Accepted Answer

This statement is true. Individual differences refer to the unique traits and characteristics possessed by individuals, such as their personality, values, beliefs, abilities, and lifestyle. These differences can have an impact on how individuals behave, interact with others, and approach tasks and challenges.

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.

Accepted Answer

The answer of The Consumer Behaviour Framework (CBF) represents consumer...

Question 7

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

Accepted Answer

External 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.

Accepted Answer

Relationship quality is defined as the emotional attachment or connectedness between a consumer and a retailer, brand, or service provider. It reflects the level of trust, commitment, satisfaction, and loyalty that consumers have towards the entity.

Question 9

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

Accepted Answer

Situational influences are external factors that can impact a consumer's behavior, and atmospherics, time and timing, and conditions are all examples of situational influences. Atmospherics refer to the physical environment or ambiance, while time and timing refer to the time of day, day of the week, or timing of events. Conditions refer to short-term states, such as weather or mood, that can influence consumer behavior.

Question 10

The core concept of consumer behaviour is value.

Accepted Answer

Value is a fundamental concept in consumer behaviour as it reflects a consumer's perception of the benefits received in exchange for the costs incurred. Consumers seek to maximize their value, which can include a combination of functional, emotional, and social benefits. Understanding consumer value is crucial for marketers in developing effective marketing strategies and delivering products and services that meet consumer needs and expectations.

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.

Accepted Answer

Utilitarian value is based on the practical usefulness of a product to the consumer in terms of solving problems and accomplishing tasks.

Question 12

Value equals what you get minus what you give.

Accepted Answer

This is the basic concept of value, that it is the benefit or reward you receive after subtracting the cost or effort required to obtain it.

Question 13

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

Accepted Answer

Relationship quality refers to the strength, depth, and positivity of the relationship between a consumer and a brand. It is based on the perceived value of the relationship, including trust, commitment, satisfaction, and loyalty. Therefore, the statement is true.

Question 14

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

Accepted Answer

CRM (Customer Relationship Management) is based on the notion that businesses should build long-term relationships with their customers, rather than viewing them as individual transactions or one-time sales opportunities. A successful CRM strategy requires businesses to focus on the needs and preferences of their customers, and to develop personalized marketing and sales approaches that help build trust, loyalty, and mutually beneficial relationships over time.

Question 15

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

Accepted Answer

A CRM system allows a firm to store and manage customer data, analyze customer interactions and behavior, and personalize communications and interactions with customers. This enables the firm to better understand and serve the needs of their customers, making them more customer-focused.

Question 16

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

Accepted Answer

Sacrifices include time, money, effort, opportunity, emotions, and image. Quality and prestige are benefits.

Question 17

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

Accepted Answer

Cognition refers to mental processes such as perception, attention, memory, and problem-solving that occur as we process and store information, leading to the acquisition of knowledge.

Question 18

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

Accepted Answer

Individual differences such as personality, values, and preferences can greatly impact the value experienced by consumers and the reaction they have to consumption. For example, extroverted individuals may enjoy social events more than introverted individuals, while individuals with a strong environmental value may prefer eco-friendly products. These individual differences can affect perceptions of value, satisfaction, and emotional response to consuming a product or service.

Question 19

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

Accepted Answer

The social environment includes people and groups who have an impact on a consumer's daily life, such as family, friends, coworkers, and even societal norms and values. These factors can shape consumer behavior and preferences.

Question 20

Two types of value are primary value and secondary value.

Accepted Answer

The two types of value described are utilitarian and hedonic.

Quiz 2: Value and the Consumer Behaviour Value Framework