Chapter 2: Value and the Consumer Behavior Value Framework

Question 1

Consumer behavior theory that illustrates factors that shape consumption-related behaviors and ultimately determine the value associated with consumption

Answer 1

Consumer Value Framework (CVF)

Question 2

Systematic management information system that collects, maintains, and reports detailed information about customers to enable a more customer-oriented managerial approach

Answer 2

Customer Relationship Management (CRM)

Question 3

Degree of connectedness between a consumer and a retailer, brand, or service provider

Answer 3

Relationship Quality

Question 4

Things that go inside of the mind and heart of the consumer

Answer 4

Internal Influences

Question 5

Thinking or mental processes that go on as we process and store things that can become knowledge

Answer 5

Cognition

Question 6

Feelings associated with objects or experienced during events

Answer 6

Affect

Question 7

Characteristic traits or individuals, including personality and lifestyle

Answer 7

Individual Differences

Question 8

Social and cultural aspects of life as a consumer

Answer 8

External Influences

Question 9

Elements that specifically deal with the way other people influence consumer decision making and value

Answer 9

Social Environment

Question 10

Things unique to a time or place that can affect consumer decision making and the value received from consumption

Answer 10

Situational Influences

Question 11

Value derived from a product that helps the consumer with some task

Answer 11

Utilitarian Value

Question 12

Value derived from the immediate gratification that comes from some activity

Answer 12

Hedonic Value

Question 13

A personal assessment of the net worth obtained from an activity

Answer 13

Value

Question 14

A planned way of doing something

Answer 14

Strategy

Question 15

Way a company goes about creating value to customers

Answer 15

Marketing Strategy

Question 16

A common condition in which a company views itself in a product business rather than in a value, or benefits producing, business

Answer 16

Marketing Myopia

Question 17

Way a firm is defined and its general goals

Answer 17

Corporate Strategy

Question 18

Ways marketing management is implemented; involves price promotion, product, and distribution decisions

Answer 18

Marketing Tactics

Question 19

Actual physical product purchased plus any services such as installation and warranties necessary to use the product and obtain its benefits

Answer 19

Augmented Product

Question 20

Business practice wherein companies operate with the understanding that products provide value in multiple ways

Answer 20

Total Value Concept

Question 21

The realization that consumer is necessary and must play a part in order to produce value

Answer 21

Value Co-Creation

Question 22

Combination of product, pricing, promotion, and distribution strategies used to implement a marketing strategy

Answer 22

Marketing Mix

Question 23

Identified segment or segments of a market that a company serves

Answer 23

Target Market

Question 24

Separation of a market into groups based on the different demand curves associated with each group

Answer 24

Market Segmentation

Question 25

Reflects how sensitive a consumer is to change in some product characteristic

Answer 25

Elasticity

Question 26

Marketplace condition in which consumers do not view all competing products as identical to one another

Answer 26

Product Differentiation

Question 27

Way a product is perceived by a consumer

Answer 27

Product Positioning

Question 28

Tool used to depict graphically the positioning of competing products

Answer 28

Perceptual Map

Question 29

Combination of product characteristics that provide the most value to an individual consumer or market segment

Answer 29

Ideal Points

Question 30

Approximate worth of a customer to a company in economic terms; overall profitability of an individual consumer

Answer 30

Customer Lifetime Value (CLV)