Question 1

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's focus on increasing clientele in Europe and developing a plan to take advantage of opportunities and avoid threats in the changing environment suggests that they are working on the organization's strategy. Therefore, the best choice is E - strategy. The other options - architecture, layout, schema, and blueprint - are more specific to physical or digital structures, but not appropriate for describing the development of a strategic plan.

Question 2

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 gaming application that Andrea purchased is an example of an augmented product, as it is a product that has been added to the core product (the iPad) to enhance its value to the customer.

Question 3

_____ 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 is derived from the functionality of a product and its ability to solve problems and help consumers accomplish tasks.

Question 4

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

The type of value Sam received is utilitarian value, which refers to the practical value or usefulness of a product in meeting the needs and desires of the consumer. In this case, the pedals met Sam's needs and satisfied him that his requirement for a new pair of pedals was met.

Question 5

_____ 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 someone receives from experiencing an activity. This contrasts with utilitarian value, which is derived from the usefulness or practicality of an activity, end-state value, which is based on achieving a particular goal, and terminal value, which reflects a long-term, overarching goal or ideal. Process value focuses on the enjoyment of the activity itself, rather than its outcomes.

Question 6

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, wider selection of brands, and various advertising tactics are all marketing tactics aimed at increasing revenue. The other options do not accurately describe the strategies being used by the departmental store.

Question 7

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 that matches the given scenario is the total value concept. This concept suggests that a company should strive to provide maximum value to its customers by taking into consideration all aspects of a product, such as design, quality, servicing, speed, and mileage. Therefore, a company that considers all these aspects while manufacturing and selling its cars is said to be practicing the total value concept. None of the other concepts mentioned in the options match the given scenario accurately.

Question 8

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 a situation where a company is too focused on its products or services, rather than on the needs and wants of its customers. This can lead to a narrow or short-term view of the market, and a failure to recognize the changing needs of consumers. As a result, the company might miss out on opportunities for growth or fail to remain competitive over time.

Question 9

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 is the term that refers to the way a company goes about creating value for its customers. It involves identifying the target market, analyzing customer needs and wants, and developing the appropriate marketing mix (product, price, promotion, and place) to satisfy those needs and wants.

Question 10

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. Marketing myopia refers to a short-sighted approach to marketing that focuses on the company's products instead of the needs and wants of the customers. A mission is a statement that summarizes the purpose of an organization. Utilization refers to the use or application of something. A terminal value is a long-term goal or desired end state.

Question 11

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

Hedonic value is based on emotions and subjective experiences. Utilitarian value is focused on practical uses and outcomes, but it is not necessarily an end in and of itself. Utilitarian value can also be delayed and provided by an activity that allows something good to happen or be accomplished.

Question 12

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 13

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 that must be made when choosing one option over another. In the case of consumption, this can mean sacrificing resources such as time or money that could have been used for other important goals, such as savings or investment. Therefore, it is a negative consequence of consumption. The other options listed (quality, prestige, convenience, and experience) can be positive or negative consequences depending on the specific context.

Question 14

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 a marketing tactic as it involves deciding on a specific channel of distribution for the product. The other options relate to budgeting, planning, and goal-setting, which are important but not necessarily marketing tactics.

Question 15

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

The definition given matches the concept of an augmented product, which includes additional features or services beyond the core product to increase its value. The other options, such as secondary or terminal, do not accurately describe this concept.

Question 16

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 the consumer's active participation in the value creation process, where both the consumer and the company work together to generate value. This recognizes that consumers are not just passive recipients of value, but actively play a role in creating it. Synergy, value integration, and value internalization are not directly related to this premise, and dyadic valuation is not a commonly used term in marketing.

Question 17

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

Marketing myopia refers to the situation where a company takes a short-sighted view of its business and focuses only on the products they sell instead of the benefits that their customers seek. In this case, if Cullen and MacNeil's think of themselves as just a paper company and fail to understand the evolving needs of their customers, they may suffer from marketing myopia.

Question 18

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 pleasure or enjoyment that a consumer receives from an experience or product, and is typically associated with experiential or emotional factors rather than functional or utilitarian benefits. In this scenario, Natalie and her friends are primarily enjoying the experience of shopping together, rather than seeking to fulfill a specific functional need, suggesting that they are experiencing hedonic value.

Question 19

_____ 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 deals with the overall direction and goals for the entire organization, including defining the firm and setting general goals. Marketing strategy is more focused on specific tactics for selling products or services, and tactical strategy involves the implementation of specific actions to achieve goals within the overall corporate strategy. Top-level strategy often refers to the highest level of decision-making in an organization and may involve both corporate and tactical strategies. "Meta" strategy is not a commonly recognized term in business strategy.

Question 20

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 (values related to practical, functional benefits) and hedonic (values related to emotional, experiential benefits). Options A, C, D, and E are not the most commonly recognized and accepted types of values.

Quiz 2: Value and the Consumer Behavior Value Framework

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.

_____ 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?

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

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?

A planned way of doing something is known as _____.

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

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

Which of the following is a negative consequence of consumption?

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

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

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 _____.

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?

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

Two main types of values are _____.