SPMT 370 Waltemyer Unit 1 test-
QUESTIONS/ANSWERS (VERIFIED AND WELL
DETAILED ANSWERS) LATEST UPDATE 2024/2025
What affects consumer behavior? - ✔✔External influences, internal influences,
decision making process, outcomes and issues
What are the approaches to studying consumer behavior? - ✔✔Description,
Explanatory, and Exploratory (Quantitative- survey/questionnaire Qualitative-
Ethnography, interviews, focus groups, secret shoppers)
What does STP stand for? - ✔✔Segmentation, Targeting, Positioning
why is consumer behavior dynamic? - ✔✔Economy, technology, and globalization
Consumer behavior theory - ✔✔illustrates factors that shape consumption-related
behaviors and determine the value associated with consumption
What is consumption? - ✔✔the process by which consumers use and transform
products into value
Value= - ✔✔benefits - costs
Utilitarian Value - ✔✔a value derived from a product or service that helps the
consumer solve problems and accomplish tasks
, Hedonic Value - ✔✔value derived from the gratification that comes from some task
Total value concept (TVC) - ✔✔practiced when companies operate with the
understanding that products provide value in multiple ways
TVC - ✔✔Every produts value proposition is made up of the augmented elemets, plus
the ancillary elements
4 P's - ✔✔Product, Price, Place, Promotion
Product Differentiation - ✔✔creating and designing products so that customers
perceive them as different from competing products
product positioning - ✔✔the way a product is designed to create a perception in the
mind of the consumer
Perceptual map - ✔✔the tool used to graphically depict the positioning of competing
products
Blue Ocean Strategy - ✔✔positioning a firm far away from competitors' positions so
that it creates an industry of its own and, at least for a time, isolates itself from
competitors
Consumer personality - ✔✔individual characteristics (motivation, values, personality,
lifestyle, self-image, and emotions)
consumer psychology - ✔✔processes of the mind (attitudes, learning, perceptions,
memory)
QUESTIONS/ANSWERS (VERIFIED AND WELL
DETAILED ANSWERS) LATEST UPDATE 2024/2025
What affects consumer behavior? - ✔✔External influences, internal influences,
decision making process, outcomes and issues
What are the approaches to studying consumer behavior? - ✔✔Description,
Explanatory, and Exploratory (Quantitative- survey/questionnaire Qualitative-
Ethnography, interviews, focus groups, secret shoppers)
What does STP stand for? - ✔✔Segmentation, Targeting, Positioning
why is consumer behavior dynamic? - ✔✔Economy, technology, and globalization
Consumer behavior theory - ✔✔illustrates factors that shape consumption-related
behaviors and determine the value associated with consumption
What is consumption? - ✔✔the process by which consumers use and transform
products into value
Value= - ✔✔benefits - costs
Utilitarian Value - ✔✔a value derived from a product or service that helps the
consumer solve problems and accomplish tasks
, Hedonic Value - ✔✔value derived from the gratification that comes from some task
Total value concept (TVC) - ✔✔practiced when companies operate with the
understanding that products provide value in multiple ways
TVC - ✔✔Every produts value proposition is made up of the augmented elemets, plus
the ancillary elements
4 P's - ✔✔Product, Price, Place, Promotion
Product Differentiation - ✔✔creating and designing products so that customers
perceive them as different from competing products
product positioning - ✔✔the way a product is designed to create a perception in the
mind of the consumer
Perceptual map - ✔✔the tool used to graphically depict the positioning of competing
products
Blue Ocean Strategy - ✔✔positioning a firm far away from competitors' positions so
that it creates an industry of its own and, at least for a time, isolates itself from
competitors
Consumer personality - ✔✔individual characteristics (motivation, values, personality,
lifestyle, self-image, and emotions)
consumer psychology - ✔✔processes of the mind (attitudes, learning, perceptions,
memory)
