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Exam 2: Value and the Consumer Behavior Framework

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Question 41

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In the context of customer lifetime value (CLV), every customer is equally valuable to a firm.

A) True
B) False

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Question 42

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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.

E) A) and B)
F) A) and C)

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Question 43

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Discuss the concept of value co-creation.

Cognition refers to the feelings experienced during consumption activities or feelings associated with specific objects.

The Consumer Value Framework (CVF) represents:

Discuss the importance of perceptual maps for spotting opportunities in the marketplace.

Marketers can maximize the value they receive from exchange by concentrating their marketing efforts on consumers with high customer lifetime values (CLVs).

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 _____.

The object or activity that allows something else good to happen or be accomplished provides utilitarian value.

Explain the concept of customer lifetime value (CLV).

In the context of Consumer Value Framework (CVF) , lifestyle is considered a(n) _____.

Which of the following statements is true of situational influences?

The core concept of consumer behavior (CB) is the product quality.

Which of the following scenarios is an example of utilitarian value?

When firms fail to realize how their products provide value, they run the risk of developing _____.

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?

Value can be modeled by playing between "what you get" and "what you have to give" to get the product.

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, Natalie and her friends experience _____.

The characteristics and traits that help define a consumer as a distinct person are called _____.

The term _____ signifies which market segment a company will serve with a specific marketing mix.