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Question
Explain the concept of Customer Lifetime Value (CLV). Think of a product you have purchased (e.g., toothpaste, soft drink, computer) and estimate your lifetime value to the manufacturer of a specific brand. What can the marketer of that brand do to ensure you remain loyal to that brand?Answer
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Related questions
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Search tends to decrease as a consumer's level of education and income increases.
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The ability to control information flow increases the value of information and increases the consumers' ability to remember information that is gathered.
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The size of the awareness set decreases as external search proceeds.
Q:
The total collection of all possible solutions to a recognized need is referred to as the universal set of alternatives.
Q:
Prepurchase search activities are focused on locating information that will enable the consumer to reach a decision for a specific problem.
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In an ongoing search, the search effort is focused on simply staying up to date on a topic of interest.
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Brand loyalty has an impact on the value of the brand to the firm.
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Brand loyalty involves deeply-held commitment to rebuy a product or service regardless of situational influences that could lead to switching behavior.
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With habitual decision making, consumers seek extensive information as most consumers experience high involvement with their habits.
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The perceived risk for a product or service remains the same across consumers and situations.
Q:
Performance risk is risk associated with the likelihood of a product performing as expected.
Q:
Decision-making perspectives guide consumers on how to approach decision making.
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The activities found in the decision-making process are referred to as steps because consumers proceed through the activities in a sequential fashion.
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The basic consumer behavior consumption process revolves around value-seeking activities that consumers perform as they go about satisfying needs.
Q:
Explain the significance of QR codes and GPS-based technologies in consumer search.
Q:
Explain the types of consumer search behavior with an example each.
Q:
Define universal set of alternatives. Describe the three categories of alternatives found in the awareness set.
Q:
COFFEE-MAKER SCENARIOJane was visiting her friend and was served a coffee drink at her friend's house that was similar to the ones she's had at coffee shops. Her friend told her that she can make such coffee drinks with her single-serve pod coffee maker. Jane decided she"d like to buy one as she wanted to enjoy similar coffee drinks at home, but she didn"t know much about them. She searched the Internet and visited Bed Bath & Beyond, Sur La Table, Williams Sonoma, and even Walmart. She realized there were several brands of the product, such as Tassimo, Keurig, Brevity, Cuisinart, Bunn, Senseo, and Mr. Coffee. With prices ranging from as low as $20 to several hundreds of dollars, it was difficult for Jane to decide on a single brand. She was concerned about paying several hundred dollars for a coffee maker. In the end, she shortlisted Tassimo, Keurig, and Cuisinart over the others for further consideration, keeping in mind her budget as well as the product features she was looking for. She deliberately left out Real and Fresh Coffeez, even though it was believed to be a good brand as she had a bad experience with one of its products. She did notice that Tassimo featured Well-Fresh coffee while none of the others did, and she ended up purchasing Tassimo for $130. She bought it because that's her favorite brand of coffee and Jane strongly feels that the coffee experience at Well-Fresh coffee is found nowhere else. In buying Tassimo, Jane hoped to replicate the Well-Fresh coffee experience at home. Refer to Coffee-Maker Scenario. Jane finally decided on buying Tassimo, which featured Well-Fresh coffee, her favorite brand of coffee. Jane strongly feels that the coffee experience at Well-Fresh coffee is found nowhere else. In buying Tassimo, Jane hoped to replicate the Well-Fresh coffee experience at home. Which of the following decision-making perspectives best describes Jane's final choice?a. Rational decision-making perspectiveb. Experiential decision-making perspectivec. Behavioral influence decision-making perspectived. Functional decision-making perspectivee. Implemental decision-making perspective
Q:
REAL ESTATE BROKER SCENARIOJane, a consumer researcher, worked with a real estate broker as part of her research on consumer decision-making behavior. During the course of her research, she found that young couples, mostly professionals, look out for a space they can call their own. Although young, they seldom make spontaneous and impulsive decisions while buying a house. All of them arrive at a decision after an exhaustive effort of finding more information, talking to different people, and checking out neighborhoods through various sources. This strengthens Jane's hypothesis that people tend to make wise and informed decisions while buying a house. In her experience of working with the real estate broker, Jane has had a successful run, except for the time when an elderly man left disappointed after weeks of continuous search. After his retirement, he had wanted to invest in a "dream house," but sadly he could not find what he was looking for. Whatever he liked exceeded his budget. Jane also met a young couple who spent most of their weekends house hunting. After being out with them week after week, they finally admitted that they never intended to buy a house and that they were mostly interested in gathering information and being updated about the real estate industry. Refer to Real-Estate Broker Scenario. Young couples seldom make spontaneous, impulsive decisions while buying a house. All of them arrive at a decision after an exhaustive effort of finding more information, talking to different people, and checking out neighborhoods through various sources. Which of the following decision-making approaches are they most likely to employ?a. Experiential decision makingb. Habitual decision makingc. Routine decision makingd. Extended decision makinge. Limited decision making
Q:
Irene has been saving up and searching for the right house to buy. She was ecstatic when a friend told her of a website that deals with real estate promotion and purchase. Irene, who confesses to be not so proficient with the use of the Internet, visited the site for information. However, she was disappointed since her laptop did not have all the necessary software to download information and images from the site. The disappointment that Irene experienced can best be described as search _____.a. overdriveb. regretc. biasd. dissonancee. insurance
Q:
Which of the following statements is true about the amount of search performed by consumers during decision making?
a. Search tends to decrease as a consumer's level of education and income increases.
b. When searching costs are greater than the benefits of the search process, consumers no longer value the activity and search stops.
c. Consumers who possess negative attitudes toward shopping generally spend more time searching for product information.
d. Search tends to decrease when a consumer possesses a high level of purchase involvement.
e. As perceived risk decreases, search effort increases.
Q:
Consumer groupings are ineffective when microcultures are involved.
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A microculture is defined as a group of people who share similar values and tastes that are subsumed within a larger culture.
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Give some examples of street microcultures in different parts of the world.
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Explain the role of microcultures in influencing consumer behavior. Describe two microcultures that influence your consumption behavior.
Q:
IMMIGRANT SCENARIOAnita, a second-generation-Asian immigrant, just started college. A self-assured girl, she displays none of the self-conscious traits one usually sees in her parents. Unlike Anita, her parents have had it tough with only enough money to make both ends meet. Till the time Anita was born, they could not afford to live in any of the respectable residential neighborhoods. Some of the neighborhood authorities make it mandatory for aspiring residents to submit details like age, ethnicity, sex, occupation, income, region, religion, and gender. Anita has always seen her parents juggle between two world-views whenever they had to make up their minds as they try to negotiate between a perceived sense of guilt for their native country and a perceived sense of loyalty for the host country. Despite their insistence that she joins an Asian community, Anita joined Delta, a sorority for geometry lovers. She has always been passionate about geometry and her membership to Delta, not only defines her on-campus personality, it makes her "˜cool" in front of her other peers. Refer to Immigrant Scenario. Anita has always seen her parents juggle between two world-views whenever they had to make up their minds, as they try to negotiate between a perceived sense of guilt for their native country and a perceived sense of loyalty for the host country. Which of the following terms best describes the negotiation that Anita's parents deal with?a. Intraculturalb. Integrationc. Enculturationd. Biculturale. Isolation
Q:
IMMIGRANT SCENARIOAnita, a second-generation-Asian immigrant, just started college. A self-assured girl, she displays none of the self-conscious traits one usually sees in her parents. Unlike Anita, her parents have had it tough with only enough money to make both ends meet. Till the time Anita was born, they could not afford to live in any of the respectable residential neighborhoods. Some of the neighborhood authorities make it mandatory for aspiring residents to submit details like age, ethnicity, sex, occupation, income, region, religion, and gender. Anita has always seen her parents juggle between two world-views whenever they had to make up their minds as they try to negotiate between a perceived sense of guilt for their native country and a perceived sense of loyalty for the host country. Despite their insistence that she joins an Asian community, Anita joined Delta, a sorority for geometry lovers. She has always been passionate about geometry and her membership to Delta, not only defines her on-campus personality, it makes her "˜cool" in front of her other peers. Refer to Immigrant Scenario. Anita joined Delta, a sorority for geometry lovers. She has always been passionate about geometry and her membership to Delta, not only defines her on-campus personality, it makes her "˜cool" in front of her other peers. Which of the following terms best describes Anita's decision to join Delta?a. Isolationb. Acculturationc. Emergenced. Divergencee. Resurgence
Q:
Ascribed status differs from achieved status in that ascribed status refers to:
a. consumers who do not aspire to move up the social ladder.
b. consumers who work their way into a class.
c. consumers who believe in conspicuous consumption to gain entry into a class.
d. consumers marked in some way that indicates their place in the society.
e. consumers born into a social class.
Q:
Mental and cognitive structures through which individuals perceive the world based largely on their standing in a social class is referred to as _____.
a. habitus
b. conceptus
c. status
d. prospectus
e. stratum
Q:
List the fundamental elements of verbal and nonverbal communication. Describe a recent interaction you had with another person and discuss the elements of verbal and nonverbal communication that took place.