MKTG 367 Final Exam Babin Questions With
Complete Answers
Consumer Behavior - ANSWER set of value-seeking activities that take place as people go
about addressing their real needs
consumption - ANSWER process by which goods, services, or ideas are used and transformed
into value
Cognitive Psychology - ANSWER study of the intricacies of mental reactions involved in
information processing
Marketing - ANSWER multitude of value-producing seller activities that facilitate exchanges
between buyers and sellers, including production, pricing, promotion, distribution, and
retailing
consumer orientation - ANSWER way of doing business in which the actions and decision
making of the institution prioritize consumer value and satisfaction above all other concerns
Market Orientation - ANSWER organizational culture that embodies the importance of
creating value for customers among all employees
attribute - ANSWER a part, or tangible feature, of a product that potentially delivers a benefit
,of consumption.
Consumer Value Framework (CVF) - ANSWER consumer behavior theory that illustrates
factors that shape consumption-related behaviors and ultimately determine the value
associated with consumption
Customer Relationship Management (CRM) - ANSWER systematic information management
system that collects, maintains, and reports detailed information about customers to enable a
more customer-oriented managerial approach
cognition - ANSWER thinking or mental processes that go on as we process and store things
that can become knowledge
relationship quality - ANSWER degree of connectedness between a consumer and a retailer,
brand, or service provider
external influences - ANSWER social and cultural aspects of life as a consumer
social environment - ANSWER elements that specifically deal with the way other people
influence consumer decision making and value
situational influences - ANSWER things unique to a time or place that can affect consumer
decision making and the value received from consumption
, value - ANSWER a personal assessment of the net worth obtained from an activity
utilitarian value - ANSWER gratification derived because something helps a consumer solve a
problem or accomplish some task
hedonic value - ANSWER value derived from the immediate gratification that comes from
some activity
marketing tactics - ANSWER ways marketing management is implemented; involves price,
promotion, product, and distribution decisions
augmented product - ANSWER actual physical product purchased plus any services such as
installation and warranties necessary to use the product and obtain its benefits
total value concept - ANSWER business practice wherein companies operate with the
understanding that products provide value in multiple ways
Market Segmentation - ANSWER separation of a market into groups based on the different
demand curves associated with each group
product differentiation - ANSWER marketplace condition in which consumers do not view all
competing products as identical to one another
Complete Answers
Consumer Behavior - ANSWER set of value-seeking activities that take place as people go
about addressing their real needs
consumption - ANSWER process by which goods, services, or ideas are used and transformed
into value
Cognitive Psychology - ANSWER study of the intricacies of mental reactions involved in
information processing
Marketing - ANSWER multitude of value-producing seller activities that facilitate exchanges
between buyers and sellers, including production, pricing, promotion, distribution, and
retailing
consumer orientation - ANSWER way of doing business in which the actions and decision
making of the institution prioritize consumer value and satisfaction above all other concerns
Market Orientation - ANSWER organizational culture that embodies the importance of
creating value for customers among all employees
attribute - ANSWER a part, or tangible feature, of a product that potentially delivers a benefit
,of consumption.
Consumer Value Framework (CVF) - ANSWER consumer behavior theory that illustrates
factors that shape consumption-related behaviors and ultimately determine the value
associated with consumption
Customer Relationship Management (CRM) - ANSWER systematic information management
system that collects, maintains, and reports detailed information about customers to enable a
more customer-oriented managerial approach
cognition - ANSWER thinking or mental processes that go on as we process and store things
that can become knowledge
relationship quality - ANSWER degree of connectedness between a consumer and a retailer,
brand, or service provider
external influences - ANSWER social and cultural aspects of life as a consumer
social environment - ANSWER elements that specifically deal with the way other people
influence consumer decision making and value
situational influences - ANSWER things unique to a time or place that can affect consumer
decision making and the value received from consumption
, value - ANSWER a personal assessment of the net worth obtained from an activity
utilitarian value - ANSWER gratification derived because something helps a consumer solve a
problem or accomplish some task
hedonic value - ANSWER value derived from the immediate gratification that comes from
some activity
marketing tactics - ANSWER ways marketing management is implemented; involves price,
promotion, product, and distribution decisions
augmented product - ANSWER actual physical product purchased plus any services such as
installation and warranties necessary to use the product and obtain its benefits
total value concept - ANSWER business practice wherein companies operate with the
understanding that products provide value in multiple ways
Market Segmentation - ANSWER separation of a market into groups based on the different
demand curves associated with each group
product differentiation - ANSWER marketplace condition in which consumers do not view all
competing products as identical to one another
