MKT 310 Chapter 2 Quiz

Worth to a customer is actually a function of much more than price A. True B. False

A.

A Customer Relationship Management (CRM) system: A. Is a tool used to depict geographically the positioning of competing products. B. Tracks detailed information about customers. C. Deals with how the firm will be defined and sets general goals. D. Provides information necessary for a consumer to make a buying decision.

B.

When firms fail to realize how their products value, they run the risk of developing _______. A. Marketing myopia B. Equity risk C. Marketing dissonance D. Margining risk

A.

_____ Represents the degree of connectedness between a consumer and a service provider. A. Relationship quality B. Cognition C. Utilitarian value D. Hedonic value

A.

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

B.

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

B.

In the context of Consumer Value Framework (CVF), lifestyle is considered a(n) _____. A. Situational influence B. Virtual influence C. Internal influence D. Social influence

C.

Which of the following scenarios is an example of hedonic value? A. A man engaging a tutor for his child B. A woman filling out insurance forms for her car C. A woman hiring a laundry service D. A man reading the latest fiction novel

D.

Which of the following products is an augmented product? A. A smartphone with the latest specifications and features B. A cutlery set that is made of stainless steel C. A car with three years of free service D. A house with electricity and water

C.

In the value equation, which of the following is identified as a sacrifice for a consumer? A. Experience B. Prestige C. Convenience D. Opportunity

D.

Customer Relationship Management (CRM) means each customer represents more than just a single sale. A. True B. False

A.

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. The actions that provide hedonic value allow something to be accomplished. D. Hedonic value is gratification derived from actions that help a consumer solve problems.

A.

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 purchases 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. Terminal value D. Hedonic value

B.

Which of the following statements is true of Customer Relationship Management (CRM) ? A. It believes that customers are more affected by internal influences rather than external influences. B. It utilizes its resources primarily to cater to loyal customers. C. It considers each customer to be a potential stream of resources. D. It believes companies are more likely to conduct individual transactions with customers.

C.

The term ______ signifies which market segment a company will serve with a specific marketing mix. A. Nascent market B. Close range market C. Warm market D. Target market

D.