Q&A Hero

Q: _____ refers to the feelings that are experienced during consumption activities or associated with specific objects. a. Cognition b. Internalization c. Affect d. Habituation e. Utilitarian value

Q: 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 _____. a. sensitization b. affect c. emotional contagion d. emotional intelligence e. cognition

Q: 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? a. Cognition b. Schema c. Affect d. Synergy e. Internalization

Q: _____ are things that can be thought of as part of the consumer. a. External influences b. Innate influences c. Internal influences d. Social influences e. Personal influences

Q: When a consumer realizes high value from an exchange with a company, _____ improves. a. relationship quality b. internalization c. emotional contagion d. augmented quality e. elasticity

Q: _____ reflects the connectedness between a consumer and a retailer, a brand, or service provider. a. Hedonic value b. Interconnectivity c. Synergy d. Consumption e. Relationship quality

Q: According to which of the following orientations, each customer represents a potential stream of resources rather than just a single sale? a. Product orientation b. CVF orientation c. Hedonic orientation d. CRM orientation e. Utilitarian orientation

Q: 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 _____. a. customer relationship management b. marketing management c. consumer value management d. quality management e. internal marketing management

Q: According to the Customer Relationship Management (CRM) orientation: a. each customer represents just a single sale rather than a potential stream of resources. b. customers who switch providers each time they make a purchase tend to be more profitable than loyal customers due to their wide range of purchases. c. the most profitable customers are those who search for information about a product online and then buy it in a brick-and-mortar store. d. customers form relationships with companies as opposed to companies conducting individual transactions with customers. e. a strong, or high-quality, relationship is typified by a consumer who buys different brands of a product each time a need for that product arises.

Q: A basic _____ premise is that customers form relationships with companies as opposed to companies conducting individual transactions with customers. a. Consumer Behavior Framework b. Customer Relationship Management c. Marketing Consumer Framework d. Relationship Quality Management e. Consumption Process Framework

Q: Which of the following is considered a part of the consumer's personality? a. Memory b. Attitude c. Intuition d. Categorization e. Personal values

Q: 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? a. Lifestyles of luxury car buyers b. Political choices of potential buyers c. Social status of potential buyers d. Buyers' attitudes toward different brands e. The accessories that car owners prefer

Q: Which of the following is an external influence on consumer value? a. Personal values b. Attitude c. Needs d. Perception e. Reference groups

Q: Which of the following is an internal influence on consumer value? a. Costs b. Learning c. Social class d. Time e. Family

Q: Which of the following is an element of consumer psychology? a. Environment b. Media c. Implicit memory d. Culture e. Emotional intelligence

Q: Which of the following is at the heart of the consumer value framework and the focus of marketing efforts? a. Utilitarian and hedonic values b. Personal values c. Consumer perception d. Environment e. Cultural values

Q: The _____ represents consumer behavior theory illustrating factors that shape consumption-related behaviors that ultimately determine the value associated with consumption. a. Consumer Behavior Framework (CBF) b. Consumer Value Framework (CVF) c. Consumption Process Framework (CPF) d. Customer Relationship Framework (CRF) e. Marketing-Consumer Framework (MCF)

Q: Customer lifetime value is equal to sales attributed to a particular customer minus the costs associated with satisfying that customer over the lifetime of that customer.

Q: Customer lifetime value represents the approximate worth of a customer to a company in economic terms.

Q: All the customers are equally valuable to a firm.

Q: Both consumers and marketers enter exchange-seeking value.

Q: Ideal points on a perceptual map represent each marketer's product offering.

Q: A blue ocean strategy seeks to position a firm so far away from competitors that, when successful, the firm creates an industry of its own and at least for a time, isolates itself from competitors.

Q: A perceptual map is used to depict graphically the positioning of competing products.

Q: Positioning refers to the way a product is perceived by a consumer.

Q: Product differentiation becomes the basis for product positioning.

Q: Product differentiation is a marketplace condition in which consumers do not view all competing products as identical to one another.

Q: Consumer segments exist because different consumers do not value different alternatives the same way.

Q: The most basic truth of economics is that as price increases, the quantity demanded will always decrease.

Q: The market for any product is the sum of the demand existing in individual groups or segments of consumers.

Q: In economics, the term "buoyancy" represents the degree to which a consumer is sensitive to changes in some product characteristic.

Q: Target marketing is the separation of a market into groups based on the different demand curves associated with each group.

Q: The marketing mix represents the way a marketing strategy is implemented within a given market or exchange environment.

Q: The segment or segments of a market that a company serves to is called the focal market.

Q: The marketing mix is the combination of product, pricing, promotion, and distribution strategies used to position some product offering or brand in the marketplace.

Q: A product's value can only be created by what the marketer is offering.

Q: Companies embracing the total value concept demonstrate an understanding that products provide value in multiple ways.

Q: Every product's value is made up of the basic benefits, plus the augmented product, plus the "feel" benefits.

Q: Products are multifaceted and can provide value in many ways.

Q: The term augmented product means the original product plus the extra things needed to increase the value from consumption.

Q: Marketing tactics include price, promotion, product, and distribution decisions.

Q: Marketing tactics are ways marketing management is implemented.

Q: To deliver superior customer value, different business units within the firm must have the same marketing strategy.

Q: A marketing strategy provides an operating orientation for the company.

Q: Strategies exist at more than one level in an organization.

Q: Marketing myopia is defined as a condition in which a company views itself competing in a value or benefits producing business rather than in a product business.

Q: A corporate strategy is the way a company goes about creating value for customers.

Q: A strategy is a planned way of doing something to accomplish some goal.

Q: Any act of consumption cannot provide both utilitarian and hedonic value.

Q: Rather than being viewed as opposites, utilitarian and hedonic values are not mutually exclusive.

Q: One conceptual difference between utilitarian value and hedonic value is that utilitarian value is an end in and of itself rather than a means to an end.

Q: Hedonic value is the immediate gratification that comes from experiencing some activity.

Q: Utilitarian value is derived from a product that helps the consumer solve problems and accomplish tasks that are a part of being a consumer.

Q: Two types of values are primary value and secondary value.

Q: Value equals the difference between what you get and what you have to give to get the product.

Q: Worth to a consumer is a function of price.

Q: The concept of "value" captures how much gratification a consumer receives from consumption.

Q: The core concept of consumer behavior is value.

Q: The presence of music in an environment is a social influence that may shape consumer behavior.

Q: People and groups who help shape a consumer's everyday experiences are a part of the social environment.

Q: Internal influences include the social and cultural aspects of life as a consumer.

Q: Individual differences have little effect on the value experienced by consumers and the reaction consumers have to consumption.

Q: Individual differences, which include personality and lifestyle, help determine consumer behavior.

Q: Cognition refers to the mental processes that go on as we process and store things that can become knowledge.

Q: Internal influences on the consumption process include factors, such as social class.

Q: A strong, or high-quality, relationship is typified by a consumer who buys the same brand each time a need for that product arises.

Q: Relationship quality reflects the connectedness between a consumer and a retailer, brand, or service provider.

Q: A customer relationship management system allows a firm to be more customer-focused.

Q: A basic customer relationship managementpremise is that customers form relationships with companies as opposed to companies conducting individual transactions with customers.

Q: Learning, perception, memory, and attitudes are examples of elements comprising the personality of a consumer.

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

Q: The Consumer Behavior Framework (CBF) represents consumer behavior theory illustrating factors that shape consumption-related behaviors and ultimately determine the value associated with consumption.

Q: 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?

Q: Explain how perceptual maps are useful in understanding consumers and delivering superior value.

Q: Define market segmentation and explain how it is a marketplace condition. Describe different market segments of McDonald's customers.

Q: Explain why marketing plays an important strategic role in an organization and describe where marketing strategy fits in the bigger organization.

Q: Define consumer value, and compare and contrast utilitarian value and hedonic value. Describe two situations - one in which you received utilitarian value and the other in which you experienced hedonic value. Which made you more satisfied? Explain why.

Q: Describe the Consumer Value Framework (CVF), including its basic components.

Q: Refer to Fast Food Scenario. Daniel wants to cash in on the huge population of busy professionals who usually don"t have the time for a sit-down meal. They prefer instead to grab a bite on the go. They are Daniel's _____ for his new restaurant. a. capital b. target c. dominant d. focal e. augmented

Q: Refer to Fast Food Scenario. Daniel conceptualized a place that will offer a quick bite as a healthy alternative, so consumers would not have to suffer from guilt. In doing so, Daniel is offering _____ value to his customers. a. augmented b. utilitarian c. hedonic d. temporal e. tangential