Question 1

A(n)_____product includes the original product plus the extra things needed to increase the value from consumption.
A)augmented
B)secondary
C)complete
D)enhanced
E)terminal

Accepted Answer

An augmented product includes the original product plus additional features or services that increase its value to the customer.

Question 2

A departmental store realizes that it needs to increase revenue in the face of severe budget cuts due to the weak economy.The store has decided to run a sale every month and upgrade their stock more regularly,so that customers don't see the same products every month.They are going to begin offering a wider selection of brands for men and women.They plan to advertise on billboards,on radio,on television,and in newspapers throughout the state.The store will also send direct mail letters to regular customers.The sale,the wide selection of brands,and the promotion are examples of _____.
A)blue ocean strategy
B)product differentiation
C)marketing tactics
D)marketing augmentation
E)task implementation

Accepted Answer

The sale, the wide selection of brands, and the promotion are all marketing tactics aimed at increasing revenue. These tactics involve various forms of advertising and direct marketing to customers. Blue ocean strategy refers to creating a new market space with uncontested market space and making competition irrelevant, which is not the case here. Product differentiation involves distinguishing a product from its competitors, which is partially being done by offering a wider selection of brands. Marketing augmentation and task implementation are not relevant in this scenario.

Question 3

The business practice wherein companies operate with the understanding that products provide value in multiple ways is called the _____ concept.
A)net worth
B)total value
C)value marketing
D)product value
E)multifaceted product

Accepted Answer

The answer of The business practice wherein companies operate with...

Question 4

Natalie and her friends enjoy visiting upscale stores together even if they do not purchase anything.For them,the experience of shopping is an end in itself,not just a means to an end.While shopping,which of the following types of values do Natalie and her friends experience?
A)Utilitarian value
B)Pleasure-seeking value
C)Hedonic value
D)Experiential value
E)Augmented value

Accepted Answer

Hedonic value refers to the emotional and psychological value that consumers derive from a product or experience. Natalie and her friends enjoy shopping for the pleasure and excitement it brings them, even if they don't intend to make a purchase. This aligns with the concept of hedonic value, as they are seeking an emotional experience rather than just a practical one (such as purchasing something they need).

Question 5

_____ value is derived from a product that helps a consumer solve problems and accomplish tasks that are a part of being a consumer.
A)Utilitarian
B)Functional
C)Terminal
D)Purchase
E)End-state

Accepted Answer

Utilitarian value refers to the practical benefits consumers derive from a product, such as solving problems and accomplishing tasks. Functionality can also contribute to utilitarian value, but it is primarily focused on solving problems and meeting consumer needs. Terminal value is more focused on the ultimate end goals of the consumer, while purchase value is related to the deal or price of the product. End-state value refers to the ultimate outcome of a consumer's use of the product.

Question 6

Sam needed a new pair of bicycle pedals.After visiting several stores to find the right ones,he purchased a pair from a local store called All Things Sports and was satisfied that his needs were met.Which of the following best describes the type of value Sam received?
A)End-state value
B)Premium value
C)Terminal value
D)Utilitarian value
E)Purchase value

Accepted Answer

Sam received utilitarian value because the pedals served a functional purpose and met his needs for cycling.

Question 7

Which of the following is a negative consequence of consumption?
A)Quality
B)Opportunity costs
C)Prestige
D)Convenience
E)Experience

Accepted Answer

Opportunity costs refer to the sacrifices made when choosing one option over another. When consuming goods and services, individuals often have to give up other opportunities such as savings, free time, or investing in experiences. Therefore, the negative consequence of consumption is opportunity costs. Quality, prestige, convenience, and experience can be seen as positive consequences depending on the context.

Question 8

Two main types of values are _____.
A)internal and external
B)utilitarian and hedonic
C)personal and social
D)primary and secondary
E)temporal and stable

Accepted Answer

The two main types of values are utilitarian and hedonic. Utilitarian values are practical and functional, such as saving money or being physically healthy, while hedonic values are related to pleasure and enjoyment, such as having fun or feeling excited.

Question 9

Which of the following is true about the two basic types of values?
A)Utilitarian value is an end in and of itself rather than a means to an end.
B)Hedonic value is very emotional and subjective in nature.
C)Utilitarian value is the immediate gratification that comes from experiencing some activity.
D)Utilitarian value is immediate whereas hedonic value is delayed.
E)Hedonic value is provided by an activity because the activity allows something good to happen or be accomplished.

Accepted Answer

The statement "Hedonic value is very emotional and subjective in nature" accurately describes hedonic value, one of the two basic types of values. Utilitarian value, on the other hand, is focused on achieving a specific goal or outcome, making it more objective in nature. None of the other answer choices accurately describe the two types of values.

Question 10

_____ strategy deals with how the firm will be defined and sets general goals.
A)Corporate
B)Marketing
C)Tactical
D)Top-level
E)Meta

Accepted Answer

Corporate strategy is concerned with defining the overall purpose and scope of the organization and determining the goals that will achieve that purpose. Marketing strategies are specific to promoting and selling products or services, while tactical strategies deal with the implementation of specific actions to achieve goals. Top-level strategy is another term for corporate strategy, and meta strategy is not a commonly used term in business strategy.

Question 11

When firms fail to realize how their products provide value,they run the risk of developing _____.
A)marketing myopia
B)cognitive dissonance
C)negative affect
D)marketing dissonance
E)marketing disconnect

Accepted Answer

Marketing myopia refers to the narrow focus on a specific product or service rather than on the broader value it provides to customers. When firms fail to see the bigger picture of how their products add value, they can miss opportunities for innovation and growth.

Question 12

Which of the following terms refers to the way a company goes about creating value for its customers?
A)Schema
B)Marketing strategy
C)Social inclusion
D)Blueprint
E)Focus

Accepted Answer

Marketing strategy refers to the overall approach a company takes to creating value for its customers, including product development, pricing, promotion, and distribution. Schemas refer to mental frameworks or patterns of thought, social inclusion refers to efforts to reduce discrimination and promote diversity, blueprints are detailed plans or layouts for construction or manufacturing, and focus refers to concentration or emphasis on a particular area or objective.

Question 13

While buying a car,a potential buyer takes into consideration several aspects of the car,such as its design,quality,ease of servicing,speed,and mileage.An automobile company,that takes into consideration all these aspects while manufacturing and selling its cars,is said to be practicing the _____ concept.
A)value marketing
B)multifaceted product
C)total value
D)product value
E)net worth

Accepted Answer

The concept of total value takes into consideration all aspects of the product, including design, quality, ease of servicing, speed, and mileage, while also considering the overall value that the product offers to the customer. This aligns with the description of the buyer's consideration when purchasing a car.

Question 14

Cullen and MacNeil's is a well-known store that sells writing material.The company faces strong competition from the electronic media.If the company thinks of itself merely as a paper company instead of a company that delivers the benefits users want,it could be taking a short-sighted view of its business.That is,Cullen and MacNeil's could suffer from _____.
A)brain drain
B)cognitive dissonance
C)marketing disconnect
D)marketing myopia
E)product devaluation

Accepted Answer

The scenario describes how Cullen and MacNeil's could suffer from marketing myopia, which is a short-sighted view of its business that only focuses on selling its paper products instead of delivering the benefits users want. This could lead to the company being overtaken by electronic media competitors.

Question 15

The realization that a consumer is necessary and must play a part in order to produce value is the major premise underlying the concept of _____.
A)synergy
B)value integration
C)value internalization
D)value co-creation
E)dyadic valuation

Accepted Answer

The concept of value co-creation emphasizes the importance of consumer input in creating value. It recognizes that consumers are not passive recipients of value, but active participants who bring their own knowledge, skills, and experiences to the value creation process. This idea is grounded in the understanding that value is not just a matter of delivering a good or service to a customer but is also about engaging the customer in the creation of value. The other options are not as closely related to this concept.

Question 16

FordTech is a software company whose clients are based in France.The company has formed a team to decide the direction the organization should take over the next five years.The focus of this team is to increase their clientele in Europe.The company is keen on taking advantage of the opportunities and avoiding threats in the changing environment.This team is involved in developing the _____ for the organization.
A)architecture
B)layout
C)schema
D)blueprint
E)strategy

Accepted Answer

The team formed by FordTech is involved in developing a plan for the future of the organization, with the focus on increasing their clientele in Europe while taking advantage of opportunities and avoiding threats. This plan is also referred to as a long-term strategy, which makes choice E the best answer. Choices A, B, C, and D are all related to the layout or design of something, which is not the main purpose of the team's work.

Question 17

_____ value is the immediate gratification that comes from experiencing some activity.
A)Hedonic
B)Utilitarian
C)End-state
D)Process
E)Terminal

Accepted Answer

Hedonic value refers to the immediate pleasure or happiness that one gains from experiencing some activity. Utilitarian value refers to the practical or functional value of an activity. End-state value refers to the ultimate goal or outcome that one hopes to achieve through an activity. Process value refers to the value derived from engaging in the activity itself, regardless of the outcome. Terminal value refers to the ultimate goals or outcomes that one hopes to achieve in life.

Question 18

Andrea purchased an Apple iPad and an extended warranty.She also purchased a gaming application specially developed for Apple iPad.The application purchased by Andrea,is an example of a(n)_____ product.
A)terminal
B)segmented
C)extended
D)augmented
E)complete

Accepted Answer

The augmented product includes additional features or services that enhance the value of the basic product. In this case, the gaming application is an additional feature that enhances the value of the Apple iPad.

Question 19

A planned way of doing something is known as _____.
A)marketing myopia
B)a mission
C)a strategy
D)utilization
E)a terminal value

Accepted Answer

A strategy is a planned way of doing something. A mission is a statement of an organization's purpose and objectives, marketing myopia is a term used to describe a company's focusing on their current products rather than future needs, utilization refers to the use of something, and a terminal value is a long-term goal or objective.

Question 20

Which of the following is an example of a marketing tactic?
A)Implementing a new technology in order to reduce costs over the next few years
B)Analyzing the budget for the next two years
C)Focusing on the five-year plan
D)Distributing a product only through discount stores
E)Setting the company's sales goal

Accepted Answer

Distributing a product only through discount stores is an example of a marketing tactic because it involves a specific decision related to how the product will be sold and who the target customers are. The other choices are related to financial planning or broader strategic planning, rather than specific actions related to promoting and selling products.

Quiz 2: Value and the Consumer Behavior Value Framework

A(n) _____product includes the original product plus the extra things needed to increase the value from consumption.

The business practice wherein companies operate with the understanding that products provide value in multiple ways is called the _____ concept.

Natalie and her friends enjoy visiting upscale stores together even if they do not purchase anything.For them,the experience of shopping is an end in itself,not just a means to an end.While shopping,which of the following types of values do Natalie and her friends experience?

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

Sam needed a new pair of bicycle pedals.After visiting several stores to find the right ones,he purchased a pair from a local store called All Things Sports and was satisfied that his needs were met.Which of the following best describes the type of value Sam received?

Which of the following is a negative consequence of consumption?

Two main types of values are _____.

Which of the following is true about the two basic types of values?

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

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

Which of the following terms refers to the way a company goes about creating value for its customers?

The realization that a consumer is necessary and must play a part in order to produce value is the major premise underlying the concept of _____.

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

Andrea purchased an Apple iPad and an extended warranty.She also purchased a gaming application specially developed for Apple iPad.The application purchased by Andrea,is an example of a(n) _____ product.

A planned way of doing something is known as _____.

Which of the following is an example of a marketing tactic?