Deck 10: Exceed Expectations With Value

Question 1

Cite an example of how companies can build value with uniqueness and shared values.

Answer 1

See text.

Question 2

Explain the role of credibility and how to build it.

Answer 2

See text.

Question 3

Long-term durability is not what customers perceive as the ultimate value.

Answer 3

False

Question 4

One way to build customer loyalty is to:

A) use reverse attribution theory to create enhanced value.
B) use promotional giveaways.
C) provide exceptional perceptions of value.
D) all of the above

Question 5

Value arises from a tradeoff between:

A) expectation and reality.
B) perception and reality.
C) benefits gained and efforts/time expended.
D) benefits gained and costs expended.

Question 6

Companies cannot wait years for their customers to see long-term value, so they can:

A) create an enhanced perception of value.
B) use expert reviews to enhance value.
C) use customer reviews to demonstrate value.
D) none of the above

Question 7

The letter "E"in the LIFE acronym stands for

A) excellence (in service).
B) essence of value.
C) expectations.
D) exceptional value.

Question 8

Marketing scholars define perceived value as a "subjective perception''of the tradeoff between multiple benefits and sacrifices, relative to competition.

Question 9

Intrinsic value arises from the:

A) core product or service itself.
B) perception of value by the customer.
C) emphasis on product value by the provider.
D) all of the above

Question 10

Associated value of a product goes beyond the core product, but is still essential to the product.

Question 11

Which of the following examples is NOT an example of something a company can do to enhance extrinsic value?

A) packaging
B) multiple varieties
C) guarantees
D) add-ons

Question 12

Customers will perceive long-term warranties as:

A) a method used by the company to gouge the customer.
B) an unnecessary expense.
C) of higher value than short-term warranties.
D) extremely valuable.

Question 13

To enhance value through goodness of product fit:

A) make sure you have responded to customer comments and altered your product or service accordingly.
B) think of ways to allow customers to customize your product or service.
C) think of customers as individuals, not demographic groups.
D) back up your product with a clear warranty so your customer will feel comfortable being able to fix a poor fit.

Question 14

Packaging enhances the value of a product or service, even if core value remains unchanged.

Question 15

Industrial intimacy:

A) comes from better understanding the specific needs and wants of customers.
B) means allowing customers to select from menus of product characteristics.
C) comes from focusing on what is important to the customer.
D) all of the above

Question 16

An intelligent system is simply a computer that learns from your customers' choices.

Question 17

Smart companies connect with their customers through:

A) experiences.
B) targeted advertising.
C) the Internet.
D) all of the above

Question 18

Small companies can compete against larger ones if they offer:

A) add-ons.
B) a feeling of comfort and fit.
C) competitive pricing.
D) none of the above