MKT 405 Ch 1 & 2 Quiz

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

C. A car with three years of free service

"In the context of hedonic value, which of the following statements is true?" a. The actions that provide hedonic value are worthwhile because they provide a means to an end. b. Hedonic value is the gratification derived from actions that help a consumer solve problems. c. The actions to obtain hedonic value can sometimes be very difficult to explain objectively. d. The actions that provide hedonic value allow something to be accomplished.

C. The actions to obtain hedonic value can sometimes be very difficult to explain objectively.

"In the context of Consumer Value Framework (CVF), lifestyle is considered a(n) _____." a. social influence b. virtual influence c. internal influence d. situational influence

C. internal influence

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 believes companies are more likely to conduct individual transactions with customers. c. It utilizes its resources primarily to cater to loyal customers. d. It considers each customer to be a potential stream of resources.

D. It considers each customer to be a potential stream of resources.

"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

D. marketing myopia

_____ represents the degree of connectedness between a consumer and a service provider.

Relationship quality

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

Target market

"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. Utilitarian value b. Terminal value c. Hedonic value d. Premium value

a. Utilitarian value

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

b. FALSE

"In the value equation, which of the following is identified as a sacrifice for a consumer?" a. Experience b. Convenience c. Prestige d. Opportunity

d. Opportunity