Over which factor depicted in the Consumer Value Framework does the marketer have the most control?
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)
c.marketing relationship management (MRM) d.customer relationship management (CRM) e.relationship quality management (RQM)
d. custiner relationship management (CRM)
Which orientation means each customer represents a potential stream of resources rather than just a single sale?
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?
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?
Characteristic traits of individuals, including personality and lifestyles, are known as _____.
A. individual differences
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.
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?
E. socio-environmental factors
_____ is a personal assessment of the net worth obtained from an activity.
Which of the following represents the value equation?
A. Value = What you get - What you give
All of the following are examples of benefits received from consumption EXCEPT _____.
All of the following are examples of “What you give,” or sacrifices, in the value equation EXCEPT _____.
a.internal and external
b.utilitarian and hedonic
c.personal and social
d.primary and secondary
e.temporal and stable
b. utilitarian and hedonic
_____ value is derived from a product that helps a consumer solve problems and accomplish tasks.
_____ value is the immediate gratification that comes from experiencing some activity.
How do hedonic and utilitarian value differ?
C. Hedonic value is very emotional and subjective in nature.
A planned way of doing something is known as a(n) _____.
A company that views itself in a product business, rather than in a value, or benefits producing business runs the risk of developing _____, which could cause the company to go out of business if technology makes the product obsolete.
E. marketing myopia
Black & Decker is well known for power tools. However, if the company thinks of itself merely as a power tool company instead of a company that delivers the benefits users want, such as cut materials or holes in materials, it could be taking a short-sighted focus of its business. If a technologically-advanced device is developed that could replace the need for power tools to deliver those benefits, this company could go out of business. That is, Black & Decker could suffer from _____.
A university realizes it needs to increase revenue in the face of severe budget cuts due to the weak economy. The school decides to pursue students who have some college but have not completed their degrees. To do this, the university is offering online degree programs, charges extra fees for these students, offers a wide selection of online courses each semester, and advertises on billboards, on radio, on television, and in newspapers throughout the state. The school also sends direct mail letters to students who were previously enrolled at the school but did not complete their degree. The courses, the tuition, online delivery, and promotion are examples of _____.
Kyle purchased a Macbook Pro and an extended warranty. He also purchased one-on-one training to learn how to use the computer. This is an example of a(n) _____.
E. augmented product
The business practice wherein companies operate with the understanding that products provide value in multiple ways is called the _____.
C. total value concept
The realization that a consumer is necessary and must play a part in order to produce value is the major premise underlying the concept of _____.
B. value co-creation
All of the following are elements of the marketing mix EXCEPT _____.
Vann’s is a company that manufactures and markets shoes for serious skateboarders. These consumers are predominantly males, 10-25 years old. This market segment that Vann’s serves with a specific marketing mix is called its _____.
C. target market
Community Trust Bank is analyzing its customer data to determine if groups other than simply consumer and business customers can be identified. It is looking at the frequency of branch visits, use of ATMs, online banking activity, loan activity, and account balances for each customer. The bank has identified three groups of customers based on these factors and is considering offering different products to better meet the needs of each group. What marketing concept do these different groups of customers represent?
A. market segmentation
The degree to which a consumer is sensitive to changes in some product characteristic is known as _____.
D. displays a positive price-quantity demanded relationship
Consumers do not view all soft drinks as identical to one another. Some prefer Coca-Cola, while others will only drink Pepsi-Cola. Still others will not drink either cola and drink only non-caffeinated soft drinks. This marketplace condition in which consumers do not view all competing products as identical to one another is called _____.
D. product differentiation
_____ refers to the way a product is perceived by a consumer.
C. product positioning
A cosmetic manufacturer was looking at a graphical display of how women perceived different brands of cosmetics and was dismayed to learn that its brand was clustered with brands that are targeted toward older women, not the younger women the marketer was trying to reach. The graphical depiction of the positioning of competing brands the marketer was using is called a(n) _____.
D. perceptual map
Which of the following on a perceptual map represents the combination of product characteristics that provide the most value to an individual consumer or market segment?
A. ideal point
What do the x- and y-axes on a perceptual map represent?
C. factors used to identify market segments
The approximate worth of a customer to a company in economic terms is known as _____.