Deck 2: Value and the Consumer Behavior Value Framework

Question 1

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

Answer 1

True

Question 2

Relationship quality is function of a consumer's perceived value of the relationship.

Answer 2

True

Question 3

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

Answer 3

False
This is an example of an external, situational influence on consumer behavior. External social influences include culture, reference groups, social class, and family influences.

Question 4

Value is a personal assessment of the net worth obtained from an activity.

Question 5

A CRM system allows a firm to be more customer-focused.

Question 6

In the value equation, sacrifice includes things such as quality, prestige, opportunity, and image.

Question 7

Internal influences on the consumption process include factors such as service quality.

Question 8

Atmospherics, time and timing, and conditions are situational influences on consumer behavior.

Question 9

Value equals what you get minus what you give.

Question 10

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

Question 11

Individual differences are characteristic traits of individuals, including personality and lifestyle.

Question 12

The core concept of consumer behavior is value.

Question 13

Two types of value are primary value and secondary value.

Question 14

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

Question 15

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

Question 16

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

Question 17

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

Question 18

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

Question 19

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

Question 20

Price is the best indicator of value.

Question 21

Strategies exist at more than one level in an organization.

Question 22

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

Question 23

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

Question 24

Sensitivity represents the degree to which a consumer is sensitive to changes in some product characteristic.

Question 25

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

Question 26

Purchasing a satellite radio for your car and the satellite radio service necessary to use the radio is an example of an augmented product.

Question 27

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

Question 28

Consumers play a role in the creation of the value offered by marketers.

Question 29

Products are multifaceted and can provide value in many ways.

Question 30

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

Question 31

The segment or segments of a market that a company services is called the focal market.

Question 32

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.

Question 33

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

Question 34

An act of consumption cannot provide both utilitarian and hedonic value.

Question 35

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

Question 36

The best strategic focus should be centered on the products offered.

Question 37

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

Question 38

A strategy is a planned way of doing something.

Question 39

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

Question 40

Marketing tactics are ways marketing management is implemented.

Question 41

A automobile marketer is interested in the psychological influences on potential buyers of luxury automobiles. Which of the following would this researcher be interested in studying?

A) lifestyles of luxury car buyers
B) whether buyers are liberal or conservative
C) stage in family lifecycle of luxury car buyers
D) buyers' attitudes toward different brands
E) all of the above

Question 42

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

Question 43

USAA is an insurance company that believes customers form relationships with companies as opposed to companies merely conducting individual transactions with customers. For this reason, USAA rewards loyal customers in the form of dividends at the end of each year. The longer a customer has been with the company, the greater the dividend received. USAA is implementing _____.

A) consumer value management (CVM)
B) hedonic value
C) marketing relationship management (MRM)
D) customer relationship management (CRM)
E) relationship quality management (RQM)

Question 44

All of the following are elements of consumer psychology EXCEPT _____.

A) learning
B) attitude
C) culture
D) information processing
E) memory

Question 45

Both consumers and marketers enter exchanges seeking value.

Question 46

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

Question 47

Customer lifetime value (CLV) represents the approximate worth of a customer to a company in economic terms.

Question 48

Over which factor depicted in the Consumer Value Framework does the marketer have the most control?

A) motivation
B) atmospherics
C) social class
D) lifestyles
E) perception

Question 49

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

Question 50

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

Question 51

Which of the following is an external influence on consumer value?

A) personal values
B) lifestyles
C) needs
D) perception
E) reference groups

Question 52

Which concept is at the heart of the Consumer Value Framework and the focus of marketing efforts?

A) value
B) consumption
C) personality
D) culture
E) quality

Question 53

Samantha tracks detailed information about customers so more customer-oriented decisions can be made, hopefully leading to longer-lasting relationships with customers. Samantha is involved in _____.

A) customer relationship management
B) marketing management
C) consumer value management
D) quality management
E) internal marketing management

Question 54

Which of the following is an internal influence on consumer value?

A) costs
B) learning
C) social class
D) time/timing
E) family

Question 55

All of the following are considered part of a consumer's personality EXCEPT _____.

A) traits
B) values
C) lifestyles
D) motivation
E) perception

Question 56

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

Question 57

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)

Question 58

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

Question 59

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

Question 60

A company would be foolish to turn away a customer.

Question 61

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

A) situational influences
B) temporal factors
C) social influences
D) internal factors
E) socio-environmental factors

Question 62

Characteristic traits of individuals, including personality and lifestyles, are known as _____.

A) individual differences
B) individual identifiers
C) discriminators
D) value enhancers
E) exemplars

Question 63

Which orientation means 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

Question 64

Hannah believes that Mac computers are better than Windows-based computers because they are not as vulnerable to computer viruses. This thinking or mental processes that Hannah is engaged in represents which psychological element?

A) personality
B) affect
C) lifestyle
D) individual differences
E) cognition

Question 65

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

A) relationship quality
B) internalization
C) emotional attachment
D) augmented quality
E) elasticity

Question 66

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

A) emotional environment
B) internal environment
C) social environment
D) macro environment
E) micro environment

Question 67

_____ are things that go on inside of the mind and heart of the consumer and influence value.

A) External influences
B) Innate influences
C) Internal influences
D) Social influences
E) Personal influences

Question 68

Haley is a member of a sorority. She uses certain brands because they are popular with the others in her sorority. Her sorority sisters are part of the _____ that influences Haley's everyday experiences.

A) internal environment
B) value network
C) relationship network
D) emotional environment
E) social environment

Question 69

_____ 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

Question 70

_____ value is derived from a product that helps a consumer solve problems and accomplish tasks.

A) Utilitarian
B) Functional
C) Terminal
D) Purchase
E) End-state

Question 71

All of the following are examples of "What you give," or sacrifices, in the value equation EXCEPT _____.

A) time
B) opportunity
C) emotions
D) image
E) experience

Question 72

_____ is a personal assessment of the net worth obtained from an activity.

A) Value
B) Customer lifetime value
C) Prestige
D) Quality
E) Effort

Question 73

It's the day before Christmas and Mark has not even started shopping for gifts for his family. He rushes to the mall and buys the first things he sees. Which of the following is most likely having the greatest impact on Mark's behavior?

A) social influences
B) situational influences
C) socio-environmental factors
D) hedonic factors
E) perceptional influences

Question 74

Which of the following represents the value equation?

A) Value = What you get/What you give
B) Value = What you give/What you get
C) Value = What you get - What you give
D) Value = What you give - What you get
E) Value = What you give + What you get

Question 75

Two main types of value are _____.

A) internal and external
B) utilitarian and hedonic
C) personal and social
D) primary and secondary
E) temporal and stable

Question 76

All of the following are examples of benefits received from consumption EXCEPT _____.

A) quality
B) convenience
C) prestige
D) experience
E) effort

Question 77

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

A) Cognition
B) Internalization
C) Affect
D) Value
E) Utilitarian value

Question 78

Every Disney employee is thought of and trained to be a host or hostess with the express goal of making sure all guests feel good when they are there. Which of the follow refers to the feelings visitors experience while they are there and long after they've left?

A) affect
B) cognition
C) internalization
D) environment
E) satisfaction

Question 79

Josh needed new soccer cleats, so he visited several stores to find the right ones. He purchased a pair from Soccer Locker and was satisfied that his needs were met. Which of the following best describes the type of value Josh received?

A) end-state value
B) hedonic value
C) terminal value
D) utilitarian value
E) purchase value

Question 80

Which of the following 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