Consumer Behavior and Marketing Strategy Quiz

What is consumer behavior?

• The study of production and consumption

• The process of creating value for customers

• The study of how consumers seek value in an effort to address real needs

• The process of transforming goods into value

What is the basic consumption process?

• The study of production and consumption

• The process of creating value for customers

• The study of how consumers seek value in an effort to address real needs

• The process of transforming goods into value

What is the difference between utilitarian value and hedonic value?

• Utilitarian value is derived from immediate gratification, while hedonic value helps consumers solve a problem

• Utilitarian value is provided because the object or activity allows something good to happen, while hedonic value is provided by the extra things needed to increase the value from consumption

• Utilitarian value is derived from something that helps a consumer solve a problem, while hedonic value is derived from immediate gratification

• Utilitarian value is provided by the actual experience and emotions associated with consumption, while hedonic value provides a rational explanation for purchases

What is the total value proposition?

• The way a firm is defined and sets its general goals

• The way a company goes about creating value for customers

• The basic benefits, the augmented product, and the feel benefits

• The original product plus the extra things needed to increase the value from consumption

What is market segmentation?

• The approximate worth of a customer to a company in economic terms

• The tool used to depict graphically the positioning of competing products

• The combination of product, pricing, promotion, and distribution strategies used to implement a marketing strategy

• The separation of a market into groups based on the different demand curves associated with each group

What is a perceptual map used for?

• To identify competitors and opportunities for doing more business

• To depict the positioning of competing products

• All of the above

• To diagnose potential problems in the marketing mix

What is customer lifetime value (CLV)?

• The way a firm is defined and sets its general goals

• The overall profitability of an individual consumer

• The approximate worth of a customer to a company in economic terms

• The way a company goes about creating value for customers

What is the resource-advantage theory?

• The prominent theory that explains why companies fail or succeed

• The ways of doing business

• The study of human reactions to their environment

• The study of groups of people within a society

What is stakeholder marketing?

• The way a company goes about creating value for customers

• The tool used to depict graphically the positioning of competing products

• Firms recognize that more than just the buyer and seller are involved in the marketing process

• The separation of a market into groups based on the different demand curves associated with each group

What is the role of consumer behavior in today’s business and society?

• To explain the inner meanings and motivations associated with specific consumption experiences

• To embody the importance of creating value for customers among all employees

• To address real needs and seek value

• To prioritize consumer value and satisfaction