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Question
Identify the four tiers of the customer pyramid and explain how a financial institution might change its offerings based on the characteristics of each tier. In your response, be sure to tie the suggested offerings to the characteristics of the tier so it is clear that you understand the characteristics of each tier.Answer
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Related questions
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Examples of compulsive consumption include eating disorders, shopping, gambling, and alcoholism.
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Variety seeking measures a person's craving for or enjoyment of thinking.
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Consumers whose actual lifestyles are equivalent to their OSL scores are likely to seek rest or relief.
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In the Thematic Apperception Test, respondents are presented with words, one at a time, and asked to say the first word that comes to mind.
Q:
WEIGHT LOSS MINI CASE: Peter has decided that he wants to lose weight and develop a more defined physique in order to make himself more attractive to women. To this end, he joins a gym and begins eating low-fat, low-calorie foods. In particular, he cuts potato chips out of his diet and packs fruit in his lunch instead. After a few weeks, Peter decides that he actually prefers fruit with his lunch.
In the WEIGHT LOSS MINI CASE, after several weeks of exercising, Peter is still not seeing the desired results and decides that he is just too busy to go to the gym enough, and that his employer is really to blame for his failure to lose weight. Which of the following defense mechanisms has Peter demonstrated?
A) rationalization
B) projection
C) repression
D) aggression
E) withdrawal
Q:
WEIGHT LOSS MINI CASE: Peter has decided that he wants to lose weight and develop a more defined physique in order to make himself more attractive to women. To this end, he joins a gym and begins eating low-fat, low-calorie foods. In particular, he cuts potato chips out of his diet and packs fruit in his lunch instead. After a few weeks, Peter decides that he actually prefers fruit with his lunch.
In the WEIGHT LOSS MINI CASE, the desire to be attractive to women is Peter's ________.
A) goal
B) target
C) tension
D) motivation
E) need
Q:
PARTY BEER MINI CASE: Party Beverages brews beer and specifically targets its products to college students and young professionals. Its advertisements typically show a group of young adults having fun and drinking Party Beer together, along with their slogan "Without the right Beer, it's just not a Party."
In the PARTY BEER MINI CASE, Party Beverages' advertisements suggest that Party Beer will satisfy which of Murray's psychogenic needs?
A) needs associated with inanimate objects
B) needs concerned with human power
C) needs that reflect ambition, power, accomplishment, and prestige
D) needs concerned with exhibition
E) needs concerned with affiliation or affection between people
Q:
FURNITURE MINI CASE: Andrews Mountain Furniture is a manufacturer of home furnishings in eastern North Carolina. Andrews has been in business for 150 years and its advertising emphasizes the company's long history of production and sales in the United States. It also encourages cross-generational brand loyalty within families by suggesting adults should buy the same furniture that their parents had in their homes.
In the FURNITURE MINI CASE, Andrews Mountain Furniture is most likely to appeal to consumers who are ________ and value tradition over novelty.
A) low in ethnocentricity
B) low in dogmatism
C) high in dogmatism
D) sensation seekers
E) novelty seekers
Q:
TEQUILA MINI CASE: Viva Beverages has recently launched its own brand of tequila under the slogan "I never have, but I'd like to." Viva's television advertisements are set in a trendy night club with a well-dressed man standing at the bar. A scantily clad woman with a Russian accent is serving drinks. She approaches him and the following interaction ensues:
WOMAN: What can I do for you?
MAN: I don't know, something different.
WOMAN: Well, have you ever tried ... (WOMAN looks both ways, then leans across the bar and whispers into MAN's ear)
MAN: I never have, but I'd like to ...
(WOMAN serves MAN a Viva Tequila)
In the TEQUILA MINI CASE, what kind of consumer behavior does Viva's slogan encourage?
A) ethnocentricity
B) dogmatism
C) consumer innovativeness
D) consumer satisfaction
E) consumer uniqueness
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Jenna buys a pair of sought-after, vintage Levi jeans to enrich her self-image. Which of the following is NOT one of the ways the possession of the vintage jeans might be viewed as an extension of the self?
A) ideally
B) actually
C) symbolically
D) by conferring status or rank
E) by feelings of immortality
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"Buy American" and "Keep America Working" are both tag-lines used by companies to attract the ________ consumer.
A) dogmatic
B) ethnocentric
C) innovative
D) variety-seeking
E) compulsive
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A recent study discovered that consumers who scored high on ________ and innovativeness were more likely to incorporate volunteerism into their vacations.
A) dogmatism
B) ethnocentrism
C) need for cognition
D) sensation seeking
E) materialism
Q:
According to Freud's theories, the ________ functions as an internal monitor that helps balance the impulses stimulated by biogenic needs and the constraints applied by the sociocultural setting.
A) super-id
B) self-image
C) ego
D) superego
E) id
Q:
Using sexual imagery to sell a product primarily appeals to Freud's conceptualization of the ________.
A) ego
B) self-image
C) superego
D) id
E) super-id
Q:
The inner psychological characteristics that both determine and reflect how a person responds to his or her environment compose an individual's ________.
A) role
B) self-image
C) individuality
D) personality
E) status
Q:
According to Maslow, ________ are the first and most basic level of human needs.
A) egoistic needs
B) physiological needs
C) self-actualization needs
D) safety and security needs
E) social needs
Q:
Failure to achieve a goal often results in feelings of ________.
A) achievement
B) aspiration
C) self-awareness
D) personal promotion
E) frustration
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P & G is worried about the financial hardship of America's upper class, which amounts to 40% of the country's households.
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The family life cycle is a classification of the phases most families go through and each stage represents an important target segment to many marketers.
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Consumers in different social classes tend to vary in terms of values, product preferences, and buying habits.
Q:
Demographic variables can reveal ongoing trends that signal business opportunities, such as shifts in age and income distribution.
Q:
Targeting is the process of dividing a market into subsets of consumers with common needs or characteristics.
Q:
MUSEUM MINI CASE: Central City Art Museum is looking to increase museum revenues by trying to draw more people to the museum. Research has shown that the most frequent users of the museum are over 55 years old, have college degrees, and have a household income of over $100,000. Less frequent users of the museum have the same education and income profile as frequent users, but tend to be younger, between 35 and 55. Surveys suggest that these younger adults would use the museum more frequently, but do not have enough time due to the demands of their children and families. In order to increase museum entrance revenues, the administrative team wants to attract people who are likely to become heavy users of the museum when they get older, and try to bring them into the heavy user category at an earlier age. In an effort to encourage heavy museum use, the museum has begun a membership program that offers discounts on museum entrance and gift shop purchases and special exhibit preview events for members. The museum has also begun to offer free children's art and museum appreciation classes on weekend afternoons that will allow younger adults to drop their children off once a week and then enjoy the museum's exhibits and caf. In order to promote its new children's programming, the museum acquired an address list of local households with children, including the ages of those children, and intends to send tailored messages specifically highlighting programming that is age-appropriate for each household's children.
In the MUSEUM MINI CASE, the most important differentiating factor between frequent and less frequent users is ________.
A) income
B) age
C) gender
D) education
E) stage of family life cycle
Q:
MUSEUM MINI CASE: Central City Art Museum is looking to increase museum revenues by trying to draw more people to the museum. Research has shown that the most frequent users of the museum are over 55 years old, have college degrees, and have a household income of over $100,000. Less frequent users of the museum have the same education and income profile as frequent users, but tend to be younger, between 35 and 55. Surveys suggest that these younger adults would use the museum more frequently, but do not have enough time due to the demands of their children and families. In order to increase museum entrance revenues, the administrative team wants to attract people who are likely to become heavy users of the museum when they get older, and try to bring them into the heavy user category at an earlier age. In an effort to encourage heavy museum use, the museum has begun a membership program that offers discounts on museum entrance and gift shop purchases and special exhibit preview events for members. The museum has also begun to offer free children's art and museum appreciation classes on weekend afternoons that will allow younger adults to drop their children off once a week and then enjoy the museum's exhibits and caf. In order to promote its new children's programming, the museum acquired an address list of local households with children, including the ages of those children, and intends to send tailored messages specifically highlighting programming that is age-appropriate for each household's children.
In the MUSEUM MINI CASE, the museum's approach to promoting its new children's programming is best described as ________.
A) countersegmentation
B) mass marketing
C) narrowcasting
D) concentrated marketing
E) demographic segmentation
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Positioning Avis using the claim that "We're No. 2. We Try Harder." was an example of ________.
A) premier position
B) positioning against competition
C) umbrella positioning
D) key attribute positioning
E) un-owned perception positioning
Q:
Positioning Joy (a fragrance brand) as "the costliest perfume in the world" is an example of ________.
A) premier position
B) positioning against competition
C) umbrella positioning
D) key attribute positioning
E) un-owned perception positioning
Q:
Campbell's slogan "soup is good food" is an example of ________.
A) premier position
B) positioning against competition
C) umbrella positioning
D) key attribute positioning
E) un-owned perception positioning
Q:
________ is a statement or slogan that describes a company's character without referring to its specific branded products.
A) Premier position
B) Positioning against competition
C) Umbrella positioning
D) Key attribute positioning
E) Un-owned perception positioning
Q:
Home Depot uses its individual customer purchase history to design customized ads. This is an example of ________.
A) psychographic segmentation
B) geodemographic segmentation
C) countersegmentation
D) mass marketing
E) behavioral targeting
Q:
________ are bits of computer code placed on browsers to keep track of online activity.
A) Data minerals
B) Candies
C) Cookies
D) Binodes
E) Geofences