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1. The same act of consumption cannot provide both utilitarian and hedonic value.
a.
True
b.
False
ANSWER:
False
2. Utilitarian value is the immediate gratification that comes from experiencing some activity.
a.
True
b.
False
ANSWER:
False
3. A marketer’s offering does not create value directly, but rather consumption involves value co-creation.
a.
True
b.
False
ANSWER:
True
4. Worth to a consumer is actually a function of much more than price.
a.
True
b.
False
ANSWER:
True
5. A corporate strategy deals with how a company goes about creating value for customers.
a.
True
b.
False
ANSWER:
False
6. In the context of Customer Relationship Management (CRM), people and groups who help shape a consumer’s
everyday experiences also include people unknown to the consumer.
a.
True
b.
False
ANSWER:
True
7. Marketers can maximize the value they receive from exchange by concentrating their marketing efforts on consumers
with high customer lifetime values (CLVs).
a.
True
b.
False
ANSWER:
True
8. In the context of Consumer Value Framework (CVF), learning and perception are external influences that shape
consumption-related behaviors of consumers.
a.
True
b.
False
ANSWER:
False
9. Relationship quality reflects the connectedness between a consumer and a retailer, brand, or service provider.
a.
True
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b.
False
ANSWER:
True
10. A corporate strategy provides the operating orientation for a company.
a.
True
b.
False
ANSWER:
True
11. Value can be modeled by playing between “what you get” and “what you have to give” to get the product.
a.
True
b.
False
ANSWER:
True
12. In the context of Customer Relationship Management (CRM), the social and cultural aspects of life are the internal
influences that shape consumption-related behavior of a consumer.
a.
True
b.
False
ANSWER:
False
13. Utilitarian and hedonic values are mutually exclusive.
a.
True
b.
False
ANSWER:
False
14. Every product’s value proposition is made up of the basic benefits a product provides and the estimated life of the
product.
a.
True
b.
False
ANSWER:
False
15. Cognition refers to the feelings experienced during consumption activities or feelings associated with specific objects.
a.
True
b.
False
ANSWER:
False
16. A company that focuses on value creation builds innovative solutions around consumer needs and wants, not the
physical product.
a.
True
b.
False
ANSWER:
True
17. In the context of customer lifetime value (CLV), every customer is equally valuable to a firm.
a.
True
b.
False
ANSWER:
False
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18. Situational influences are unique to a time or place that can affect consumer decision making and the value received
from consumption.
a.
True
b.
False
ANSWER:
True
19. The object or activity that allows something else good to happen or be accomplished provides utilitarian value.
a.
True
b.
False
ANSWER:
True
20. The Consumer Value Framework (CVF) represents consumer behavior (CB) theory illustrating factors that shape
consumption-related behaviors and ultimately determine the value associated with consumption.
a.
True
b.
False
ANSWER:
True
21. A market for any product is the sum of the demand existing in individual groups or segments of consumers.
a.
True
b.
False
ANSWER:
True
22. In the context of Consumer Value Framework (CVF), social class is an internal influence that shape consumption-
related behaviors of consumers.
a.
True
b.
False
ANSWER:
False
23. Marketing tactics are ways marketing management is implemented.
a.
True
b.
False
ANSWER:
True
24. Hedonic value is derived from a product that helps the consumer solve problems and accomplish tasks that are a part
of being a consumer.
a.
True
b.
False
ANSWER:
False
25. The marketing mix represents the factors that shape consumption-related behaviors and ultimately determine the value
associated with consumption.
a.
True
b.
False
ANSWER:
False
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26. In economics, product differentiation is a term used to represent market sensitivity to changes in price or other
characteristics.
a.
True
b.
False
ANSWER:
False
27. A strong, or high-quality, relationship is typified by a consumer who buys the same brand each time a need for that
product arises.
a.
True
b.
False
ANSWER:
True
28. In the context of perceptual maps, the ideal point represents temporary factors unique to a time or place that can
change the value seen in a buying decision.
a.
True
b.
False
ANSWER:
False
29. Consumers ultimately pursue good quality products because they address motivations that manifest themselves in
needs and desires.
a.
True
b.
False
ANSWER:
False
30. Market segmentation is a marketplace condition in which consumers do not view all competing products as identical
to one another.
a.
True
b.
False
ANSWER:
False
31. The presence of music in an environment is a social influence.
a.
True
b.
False
ANSWER:
False
32. A basic Customer Relationship Management (CRM) premise is that customers form relationships with companies as
opposed to companies conducting individual transactions with customers.
a.
True
b.
False
ANSWER:
True
33. Individual differences have little effect on the value experienced by consumers and the reaction consumers have to
consumption.
a.
True
b.
False
ANSWER:
False
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34. The core concept of consumer behavior (CB) is the product quality.
a.
True
b.
False
ANSWER:
False
35. Customer Relationship Management (CRM) means each customer represents more than just a single sale.
a.
True
b.
False
ANSWER:
True
36. Daniel is planning to start a mobile food business to cater to office workers. After conducting a small survey, he finds
out that consumers prefer quick but healthy food options. He adjusts his menu to incorporate quick and healthy food
alternatives. The busy professionals are Daniel’s _____ for his new restaurant.
a.
capital market
b.
target market
c.
warm market
d.
close range market
ANSWER:
b
37. The characteristics and traits that help define a consumer as a distinct person are called _____.
a.
value enhancers
b.
touchpoints
c.
ideal points
d.
individual differences
ANSWER:
d
38. Which of the following scenarios is an example of hedonic value?
a.
A man engaging a tutor for his child
b.
A woman hiring a laundry service
c.
A man reading the latest fiction novel
d.
A woman filling out insurance forms for her car
ANSWER:
c
39. When firms fail to realize how their products provide value, they run the risk of developing _____.
a.
marketing dissonance
b.
equity risk
c.
margining risk
d.
marketing myopia
ANSWER:
d
40. In the context of Consumer Value Framework (CVF), lifestyle is considered a(n) _____.
a.
virtual influence
b.
situational influence
c.
social influence
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d.
internal influence
ANSWER:
d
41. Which of the following statements is true in the context of utilitarian value?
a.
Utilitarian value is the immediate gratification that comes from experiencing some activity.
b.
Actions that provide utilitarian value are worthwhile because they are an end in and of themselves.
c.
When consumers do something to obtain utilitarian value, the action can sometimes be very difficult to explain
objectively.
d.
When consumers buy something in pursuit of utilitarian value, they can typically provide a clearly rational
explanation for the purchase.
ANSWER:
d
42. Which of the following scenarios is an example of utilitarian value?
a.
A child enjoying a ride on a merry-go-round
b.
A man hiring a housekeeping service
c.
A woman watching a street performance
d.
A man playing video games at a gaming kiosk
ANSWER:
b
43. The Consumer Value Framework (CVF) represents:
a.
the set of value-seeking activities that take place as consumers go about addressing their real needs.
b.
the multitude of value-producing seller activities that facilitate exchanges between consumers and marketers.
c.
the consumer behavior theory, illustrating factors that shape consumption-related behaviors.
d.
the approximate worth of a customer to a company in economic terms.
ANSWER:
c
44. Which of the following is an example of a marketing tactic?
a.
Implementing a new technology in order to reduce costs over the next few years
b.
Analyzing the marketing budget for the next two years
c.
Distributing a product only through discount stores
d.
Setting a company’s sales goal
ANSWER:
c
45. Raleigh Trust Bank is analyzing its customer database to identify customers with similar patterns of income and
expenditure. The bank is looking at data such as age, sex, family size, loan activity, credit card activity, deposits,
withdrawal, and account balances of consumers. The bank has identified three different types of customers based on these
factors and is planning to offer different products to better meet the needs of each group. Which of the following
marketing concepts is illustrated by the given scenario?
a.
Cause marketing
b.
Market segmentation
c.
Corporate strategy
d.
Product augmentation
ANSWER:
b
46. _____ captures how much gratification a consumer receives from consumption.
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a.
Value
b.
Positioning
c.
Cost–benefit analysis
d.
Effort estimation
ANSWER:
a
47. In the context of the value equation, which of the following is a benefit for the customer?
a.
Interaction
b.
Time
c.
Prestige
d.
Opportunity
ANSWER:
c
48. Martha, the owner of a small handicrafts store, sometimes decorates her store with festive decorations such as colorful
lights, balloons, and fragrant flowers. She observes that customers tend to spend more time in her store and usually end up
buying more goods when there is a festive atmosphere in the store. In this scenario, the festive decorations are examples
of _____.
a.
social influences
b.
situational influences
c.
utilitarian influences
d.
functional influence
ANSWER:
b
49. A marketing strategy:
a.
is the way marketing management is implemented.
b.
should provide the vision statement of a company.
c.
should provide an effective way of dealing with competition.
d.
deals with how a company will be defined.
ANSWER:
c
50. In the context of Consumer Value Framework (CVF), _____ is an internal influence.
a.
timing
b.
categorization
c.
family influence
d.
acculturation
ANSWER:
b
51. Which of the following is true of market segmentation?
a.
It is essentially a part of the marketing tactics.
b.
It is created by the marketers through differentiated offerings.
c.
It is a part of the corporate strategy.
d.
It is created by consumers through their unique preferences.
ANSWER:
d
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52. As the manager of a leading bank, Ashley regularly collates information about the bank’s clients from the “customer
preference” page of the bank’s website. This enables the bank to make more client-oriented decisions, leading to longer-
lasting affiliations with clients. Ashley’s actions are an example of _____.
a.
Customer Relationship Management (CRM)
b.
marketing management
c.
Total Quality Management (TQM)
d.
internal marketing management
ANSWER:
a
53. The term _____ signifies which market segment a company will serve with a specific marketing mix.
a.
nascent market
b.
close range market
c.
target market
d.
warm market
ANSWER:
c
54. Which of the following is an element of the marketing mix?
a.
Relationship quality
b.
Distribution strategy
c.
Corporate strategy
d.
External influence
ANSWER:
b
55. _____ deals with how a firm will be defined and sets general goals.
a.
Corporate strategy
b.
A marketing strategy
c.
Customer Relationship Management
d.
Perceptual mapping
ANSWER:
a
56. Andrea wanted to purchase a gaming desktop computer. After a lot of research, she decided to buy a desktop from a
retail store which was giving 3 videogames free with the computer. In this scenario, the gaming computer, along with free
videogames, is an example of a(n) _____.
a.
diversified product
b.
differentiated product
c.
segmented product
d.
augmented product
ANSWER:
d
57. Amy is a member of the readers’ club in her school. Before she buys any new book, she checks what is popular with
the others in her club. In the context of Consumer Value Framework (CVF), Amy’s readers’ club is a part of her _____
that influences Amy’s reading experiences.
a.
value network
b.
social environment
c.
internal environment
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d.
integrated network
ANSWER:
b
58. Unlike utilitarian value, hedonic value:
a.
is a means to an end.
b.
solves problems or accomplishes tasks.
c.
can be rationally explained.
d.
is subjective in nature.
ANSWER:
d
59. PrimeAqua Inc. is a company that manufactures and markets bodysuits for professional kayakers. These consumers
are predominantly in the age group of 25–45 years. In the given scenario, the market segment that PrimeAqua Inc. serves
with a specific marketing mix is called its _____.
a.
emerging market
b.
warm market
c.
target market
d.
high-end market
ANSWER:
c
60. In the context of Consumer Value Framework (CVF), which of the following is an external influence?
a.
Search
b.
Categorization
c.
Enculturation
d.
Perception
ANSWER:
c
61. The term _____ means the original product plus the extra things needed to increase the value from consumption.
a.
augmented product
b.
complete product
c.
differentiated product
d.
enhanced product
ANSWER:
a
62. FameTech is an American software company whose clients are based in France. The company has formed a team to
determine the direction the organization should take over the next five years. The focus of this team is to increase the
company’s clientele in Europe. The company is keen on taking advantage of the opportunities and avoiding threats in the
changing environment. In the context of consumer value, this team is involved in developing a _____ for the organization.
a.
blueprint
b.
strategy
c.
Customer Relationship Management (CRM) system
d.
Consumer Value Framework (CVF)
ANSWER:
b
63. Natalie and her friends enjoy visiting upscale stores together. Sometimes they indulge in buying things they do not
need. The experience of buying things in expensive stores gives them pleasure and satisfaction. In the given scenario,
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Natalie and her friends experience _____.
a.
instrumental value
b.
utilitarian value
c.
hedonic value
d.
terminal value
ANSWER:
c
64. Sam needed a new pair of bicycle pedals as the pedals of his bicycle had cracks in them. After visiting several stores
to find the right ones, he purchased a pair from a local store, All Things Sports, and was satisfied that his needs were met.
Which of the following best describes the type of value Sam received?
a.
Premium value
b.
Utilitarian value
c.
Hedonic value
d.
Terminal value
ANSWER:
b
65. Amanda and Steve wanted to open a convenience store. After conducting some research, they decided to open the
store near one of the residential areas of the town that did not have any other convenience store. The people residing in the
nearby residential area welcomed the idea of a store close by, and the venture was a success. Which of the following
strategies did Amanda and Steve implement to start their business?
a.
The blue ocean strategy
b.
The cannibalization strategy
c.
The acquisition strategy
d.
The penetration strategy
ANSWER:
a
66. A garment manufacturing company, Stitch Inc., plans to launch a clothing line for teenagers. Before designing the
clothes, it surveys teenagers to understand their requirements. In the given scenario, the teenage group can be best
described as the _____.
a.
emerging market
b.
target market
c.
close range market
d.
community market
ANSWER:
b
67. Which of the following products is an augmented product?
a.
A smartphone with the latest specifications and features
b.
A car with three years of free service
c.
A house with electricity and water
d.
A cutlery set that is made of stainless steel
ANSWER:
b
68. _____ is a personal assessment of the net worth a consumer obtains from an activity.
a.
Value
b.
Judgment
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c.
Benefit
d.
Effort
ANSWER:
a
69. A product with backward sloping demand displays:
a.
a positive price-to-quantity demanded relationship.
b.
a negative price-to-quantity demanded relationship.
c.
a higher consumer sensitivity toward price than toward product quality.
d.
a higher consumer sensitivity toward price than toward product desirability.
ANSWER:
a
70. Which of the following statements is true of situational influences?
a.
They cannot change the value seen in a buying decision and received from consumption.
b.
They include elements like attitude, lifestyle, and emotional intelligence.
c.
They shape consumer behavior and even change buying patterns.
d.
They are not temporary as they stem from cultural values of a consumer.
ANSWER:
c
71. In the context of Customer Relationship Management (CRM), which of the following statements is true?
a.
Customers who experience high value from service do not equate it to high-quality relationship.
b.
Loyal customers are more profitable than customers who consider switching brand or providers each time they
make a purchase.
c.
Irrespective of the relationship quality, customers are highly receptive to brand extensions.
d.
High-quality is typified by a consumer who occasionally shops at other stores but keep returning to the
preferred store again and again.
ANSWER:
b
72. Siesta Inc., a mattress store, recently launched a new range of mattresses. According to the management of the
company, these mattresses are made with advanced technology and guarantee a good sleep. However, the sales are not
very promising. An in–store survey shows that consumers find the mattresses expensive and are reluctant to invest too
much in a product that is new in the market. To boost the sales, the marketing team decides to reduce the price by ten
percent and offer a three-month return policy. As soon as these changes are implemented, the sale of the new mattresses
picks up. The reduction in the price and the offer of return policy are examples of _____.
a.
situational influences
b.
switching costs
c.
marketing tactics
d.
loyalty programs
ANSWER:
c
73. Since childhood, Meg’s parents always told her that fruits are good for health. As a result, Meg developed a liking for
fruits. She makes sure to include fruits in everyday diet. In this scenario, Meg’s thinking or mental process is referred to as
_____.
a.
internal influence
b.
cognition
c.
induction
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d.
situational influence
ANSWER:
b
74. In the context of hedonic value, which of the following statements is true?
a.
The actions to obtain hedonic value can sometimes be very difficult to explain objectively.
b.
The actions that provide hedonic value are worthwhile because they provide a means to an end.
c.
Hedonic value is the gratification derived from actions that help a consumer solve problems.
d.
The actions that provide hedonic value allow something to be accomplished.
ANSWER:
a
75. The term _____ refers to the thinking or mental processes that go on as we process and store things that can become
knowledge.
a.
value co-creation
b.
cognition
c.
affect
d.
circadian rhythm
ANSWER:
b
76. The “zero moment of truth” is the point when:
a.
an organization accepts the failure of a product in the market.
b.
a consumer realizes that a product has failed to live up to expectations.
c.
the demand for a newly introduced product exceeds the production capacity of a company.
d.
a passive shopper becomes an active shopper and actively seeks out exchange alternatives.
ANSWER:
d
77. _____ represents the degree of connectedness between a consumer and a service provider.
a.
Relationship quality
b.
Utilitarian value
c.
Hedonic value
d.
Cognition
ANSWER:
a
78. EasyShop, a chain of supermarkets, recognizes that it needs to increase revenue in the face of severe budget cuts due
to the weak economy. The store has decided to run a sale every month and upgrade their stock more regularly so that
customers see new products every month. They are planning to offer a wider selection of brands for men and women.
They are also planning to advertise on billboards, radio, and television, and in newspapers throughout the state. In this
scenario, which of the following strategies is EasyShop using?
a.
Marketing tactics
b.
Product differentiation
c.
Perceptual mapping
d.
Customer value proposition
ANSWER:
a
79. In the value equation, which of the following is identified as a sacrifice for a consumer?
a.
Convenience
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b.
Experience
c.
Opportunity
d.
Prestige
ANSWER:
c
80. Cullen and MacNeil’s is a printing press. It currently faces a threat from the electronic media. The company primarily
views itself as a printing company instead of a company that delivers the benefits that the consumers want. In the given
scenario, Cullen and MacNeil’s outlook is an example of _____.
a.
marketing myopia
b.
attitude inoculation
c.
positive disconfirmation
d.
marketing dissonance
ANSWER:
a
81. What do the x- and y-axes on a perceptual map represent?
a.
The hedonic value and utilitarian value that consumers get from product
b.
The ideal point and the actual attributes of all the competing products in a market
c.
The dimensions that consumers use to separate competitors on specific characteristics
d.
The profitability of a particular product as a function of time
ANSWER:
c
82. The customer lifetime value (CLV) is equal to the net present value (npv) of the stream of profits over a customer’s
lifetime, _____.
a.
minus the net expenses associated with satisfying that customer
b.
plus the worth attributed to the equity a good customer can bring in the form of positive referrals
c.
plus the opportunity costs saved from having loyal customers
d.
minus the cost associated with identifying segments of consumers containing valuable customers
ANSWER:
b
83. Bells & Berries Inc., a cosmetic manufacturing company, is planning to venture into the health care product market.
The company’s analyst has prepared a graphical depiction of the positioning of competing brands. The graph helps the
marketing team identify opportunities in the market and diagnose potential problems in the marketing mix. The graphical
representation prepared by the analyst is called a _____.
a.
perceptual map
b.
distribution graph
c.
normal curve
d.
demand curve
ANSWER:
a
84. A Customer Relationship Management (CRM) system:
a.
tracks detailed information about customers.
b.
deals with how the firm will be defined and sets general goals.
c.
provides information necessary for a consumer to make a buying decision.
d.
is a tool used to depict graphically the positioning of competing products.
ANSWER:
a
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85. Consumers ultimately pursue _____.
a.
relationship quality
b.
value
c.
innovation
d.
good quality product
ANSWER:
b
86. An automobile marketer is interested in studying the internal influences that affect the psychology of the potential
buyers of luxury automobiles. The marketer would most likely be studying the:
a.
cultural values of the potential buyers.
b.
social status of the potential buyers.
c.
attitudes of the potential buyers toward brands.
d.
effect of acculturation on the potential buyers.
ANSWER:
c
87. Which of the following statements is true of Customer Relationship Management (CRM)?
a.
It utilizes its resources primarily to cater to loyal customers.
b.
It considers each customer to be a potential stream of resources.
c.
It believes companies are more likely to conduct individual transactions with customers.
d.
It believes that customers are more affected by internal influences rather than external influences.
ANSWER:
b
88. In the context of Consumer Value Framework (CVF), timing is considered a(n) _____.
a.
virtual influence
b.
situational influence
c.
social influence
d.
internal influence
ANSWER:
b
89. Which of the following formulas best represents the customer lifetime value (CLV)?
a.
CLV = npv (sales – costs) – npv (equity)
b.
CLV = npv (sales – costs) / npv (fixed cost)
c.
CLV = npv (sales – costs) + npv (equity)
d.
CLV = npv (sales – costs) – npv (fixed cost)
ANSWER:
c
90. Hannah is an avid reader and looks forward to going to the library at the end of each week to issue more books. The
sense of satisfaction she derives from this activity is termed as _____.
a.
Affect
b.
Schema
c.
Value
d.
Cognition
ANSWER:
a
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mutually exclusive. In other words, the same act of consumption can provide both utilitarian value and
91. Explain the concept of customer lifetime value (CLV).
ANSWER:
Answers will vary. CLV represents the approximate worth of a customer to a company in economic terms.
Put another way, CLV is the overall, long-term profitability of an individual consumer. Although there is no
generally accepted formula for the CLV, the basic idea is simple:CLV = npv (sales – costs) + npv
(equity)The CLV then is equal to the net present value (npv) of the stream of profits over a customer’s
lifetime, plus the worth attributed to the equity a good customer can bring in the form of positive referrals
and word of mouth.
92. Discuss how social environment acts as an external influence on a consumer.
ANSWER:
Answers will vary. The social environment includes people and groups who help shape a consumer’s
everyday experiences. Some influence is personal, meaning the consumer actually knows the people; some is
impersonal, coming from unknown people like celebrities; and still other influence is virtual, coming from
unknown sources online or in social networks. In addition, any time a consumer chooses to do something, at
least in part, to please or appeal to another consumer, the social environment plays a role in that process.
Group influence is one mechanism through which social influences work. Simple decisions ranging from
what breakfast foods to buy to complicated things like attending a university all are shaped by subtle
influences like acculturation, the sometimes not-so-subtle influence of family and friends.
93. In the context of the Consumer Value Framework (CVF), discuss the importance of Customer Relationship
Management (CRM).
ANSWER:
Answers will vary. CRM is a systematic information management system that collects, maintains, and
reports detailed information about customers to enable a more customer-oriented managerial approach. A
basic CRM premise is that customers form relationships with companies as opposed to companies
conducting individual transactions with customers. A CRM system tracks detailed information about
customers so marketers can make more customer-oriented decisions that hopefully lead to longer-lasting
relationships. CRM means each customer represents a potential stream of resources rather than just a single
sale.
94. Briefly explain the concept of market segmentation?
ANSWER:
Answers will vary. Market segmentation is the separation of a market into groups based on the different
demand curves associated with each group. Market segmentation is a marketplace condition; numerous
segments exist in some markets, but very few segments may exist in others. Market segmentation is not
really a marketing tactic because the segments are created by consumers through their unique preferences.
Market segmentation is critically important to effective marketing, though, and the marketing researcher’s job
becomes identifying segments and describing the segments’ members based on characteristics such as age,
income, geography, and lifestyle.
95. Discuss the importance of perceptual maps for spotting opportunities in the marketplace.
ANSWER:
Answers will vary. Perceptual maps are widely used to plot the way consumers view competitors in an
industry. They are very useful for spotting opportunities in the marketplace. They allow a business to better
understand exactly whom they compete with, and identify what-if situations by examining what would
happen if they changed an offering by raising or lowering characteristics. Very commonly, brands analyze
themselves on a perceptual map with price and quality as the dimensions. If a firm lowers price or raises
quality, their competition may well change. Perceptual mapping is used in practically every competitive
industry, including the nonprofit sector. The simple two-dimensional graphics give the user an easy way to
analyze a market.
Answers will vary. Rather than being viewed as opposites, utilitarian value and hedonic value are not
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