Question 1

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 _____.

Accepted Answer

Cognition refers to the mental processes that involve thinking, perceiving, and understanding. In this case, Meg's liking for milk is a result of her cognitive process, because she has been told that milk is good for health and therefore associates it with positive health benefits.

Question 2

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

Accepted Answer

CRM (Customer Relationship Management) orientation focuses on developing long-term relationships with customers, where each customer represents a potential stream of resources rather than just a single sale. This orientation aims to retain loyal customers and enhance customer satisfaction by providing personalized services and experiences.

Question 3

_____ captures how much gratification a consumer receives from consumption.

Accepted Answer

Value measures the level of satisfaction or gratification a consumer receives from consuming a product or service. Option A, B, D, and E are not related to consumer satisfaction.

Question 4

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

Accepted Answer

These characteristics and traits are known as individual differences. They are what differentiate one consumer from another and help marketers understand and target specific groups of consumers with tailored marketing efforts.

Question 5

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.

Accepted Answer

Amy's readers' club is a part of her social environment- the people and groups that she interacts with on a regular basis and who have a significant impact on her experiences and perceptions. Amy's club members are a part of her social circle, and she relies on them to guide her book choices. Thus, her social environment is key in shaping her behavior and choices.

Question 6

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

Accepted Answer

The premise described in the statement is a core principle of Customer Relationship Management (CRM). The other choices do not accurately describe this principle.

Question 7

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?

Accepted Answer

The term that refers to the sense of satisfaction Hannah feels from going to the library is called affect. Affect is a psychological term used to describe a person's emotional state, including feelings of pleasure, happiness or satisfaction. In this case, Hannah's affect is positive because she feels satisfied and happy after going to the library.

Question 8

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

Accepted Answer

The social environment includes the people and groups who help shape a consumer's everyday experiences, such as family, friends, colleagues, and other social connections. The other options refer to different types of consumer environments, but they do not specifically include the social groups and individuals that the social environment does.

Question 9

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?

Accepted Answer

Cognition refers to the mental processes involved in acquiring, processing, and storing knowledge. It includes perception, attention, memory, and problem-solving, among other processes.

Question 10

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 _____.

Accepted Answer

Customer relationship management (CRM) involves tracking and analyzing detailed data about a company's clients in order to make more informed decisions about how to approach and interact with them. This can lead to stronger and longer-lasting relationships with customers, which is likely the goal of the banking institution in question. Marketing management (B) focuses more on promoting and advertising a company's products or services, while consumer value management (C) is concerned with maximizing the value that customers receive from their interactions with a company. Quality management (D) is focused on ensuring that a company's products or services meet or exceed certain standards, while internal marketing management (E) involves promoting and communicating the company's values and mission to its own employees. While these may all be important aspects of running a successful business, none of them specifically address the tracking and analysis of client data like CRM does.

Question 11

According to the Customer Relationship Management (CRM)orientation:

Accepted Answer

The CRM orientation focuses on building long-term relationships with customers, rather than simply conducting individual transactions. Therefore, the most profitable customers are those who form relationships with companies, not those who switch providers frequently or buy from different brands each time they need a product. Additionally, the orientation emphasizes the importance of understanding customers' needs and preferences in order to personalize interactions and provide high-quality service.

Question 12

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

Accepted Answer

Relationship quality refers to the strength and longevity of the relationship between a consumer and a company. When a consumer perceives high value from an exchange with a company, it increases their overall satisfaction and trust in the company, leading to the improvement of the relationship quality.

Question 13

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

Accepted Answer

The concept described in the statement refers to the quality of the relationship between a consumer and a retailer, brand, or service provider. Therefore, the best choice is E - Relationship quality. The other options either do not fit the described concept or do not fully capture the nature of the connection between a consumer and a seller.

Question 14

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

Accepted Answer

Affect refers to the emotions, moods, and feelings that are experienced during consumption activities or associated with specific objects. Cognition refers to thinking and processing information. Internalization refers to the adoption of beliefs or values as one's own. Habituation refers to the decreasing responsiveness to a stimulus after repeated exposure. Utilitarian value refers to the practical or functional value of a product or service.

Question 15

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

Accepted Answer

Internal influences are factors that come from within the consumer, such as personality, motivation, attitudes, and perception. These are inherent traits that shape how consumers think and behave, and are therefore distinct from external influences (which come from the environment outside the consumer) and personal influences (which are related to the individual's social and cultural background). Innate influences are a similar concept, but are more focused on genetic and biological factors that influence behavior. Therefore, C is the most appropriate choice.

Question 16

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

Accepted Answer

Value refers to a personal assessment of the net worth a consumer obtains from an activity. It is the perceived benefit a consumer receives from a product or service in relation to its cost.

Question 17

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

Accepted Answer

Personal values are considered a part of a consumer's personality as they reflect the individual's beliefs and principles that guide their behavior and decision-making.

Question 18

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 _____.

Accepted Answer

Music in this context is an example of situational influence, which refers to factors within the physical environment that impact consumer behavior. Other examples of situational influences include lighting, temperature, and store layout.

Question 19

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?

Accepted Answer

The marketer would be interested in studying the attitudes of potential buyers towards different brands, as this would give them insight into the factors that influence their decision-making process when it comes to purchasing a luxury automobile. Factors such as lifestyle, social status, and preferences for accessories may also be relevant, but they are more likely to be external influences rather than internal psychological influences. Political choices are not likely to play a significant role in the decision-making process for luxury car buyers.

Question 20

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

Accepted Answer

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

Quiz 2: Value and the Consumer Behavior Value Framework