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Exam 2: Value and the Consumer Behaviour Value Framework

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Question 41

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

A) True
B) False

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Question 42

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

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Question 43

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What is the term for a planned way of doing something?

What is the value equation?

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

Which consumer behaviour theory illustrates factors that shape the consumption-related behaviours ultimately determine the value associated with consumption?

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.

What is the term for things that are unique to a time or place and that can affect consumer decision making and the value received from consumption?

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?

Marketing tactics are ways marketing management is implemented.

Which of the following separates a market into groups based on the different demand curves associated with each group?

The core concept of consumer behaviour is value.

Both consumers and marketers enter exchanges seeking value.

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. What term refers to the marketplace condition in which consumers do not view all competing products as identical to one another?

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

Strategies exist at more than one level in an organization.

A strategy is a planned way of doing something.

SUPERFOCUS SCENARIO Superfocus is a revolutionary concept in eyeglasses-it even received a 2010 The Wall Street Journal innovation award. It is a type of eyeglass that allows the wearer to change correction without changing glasses, or having to look through a certain part of the lens like bifocal and progressive lens wearers must do. The round lenses are actually two lenses with a clear fluid in-between. The outer lens is hard, while the inner lens is flexible. There's a little slider on the bridge that, when moved, pushes the fluid and changes the shape of the inner, flexible lens. That, in turn, changes the correction, so a user can see near, far, and everything in-between just by changing the position of the slider. The only catch is that the lenses have to be perfectly round and the frames are made out of stainless steel or titanium aluminum, limiting the frame style and colour choices for consumers. Actually, they look pretty goofy.??Superfocus can be purchased through eye care professionals or directly from the manufacturer online. The company has recently started using direct-response television advertising to drive traffic to the website so consumers can learn more about this product and sign up for a free trial offer. With prices starting at $700 a pair, the free trial might help overcome some resistance due to the relatively high price. -Refer to Superfocus Scenario. For Superfocus, what is exemplified by the advertising, the distribution through the website and eye care providers, the price, and the free trial offer?

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

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