Lecture 3

Question 1

4) Consumer value based on

Answer 1

1. Economic Value
2. Experiential Value
3. Social Value
4. Functional Value

Question 2

4) Consumer Decision Process

Answer 2

1. Need Recognition
2. Information Search
3. Evaluation and Purchase
4. Post-choice Evaluation

Question 3

5) Maslow Fundamental motives

Answer 3

Psychogenic needs -
1. Self-Actualization
2. Ego
3. Social
4. Safety and Security
Biogenic needs - 
5. Physiological

Question 4

4) ways consumers recognize a need?

Answer 4

1. Deprivation
2. Context
3. Product
4. Direct Highlighting

Question 5

2) Information Search Types

Answer 5

1. Memory Based

2. Stimulus Based

Question 6

4) Perception types

Answer 6

1. Selective Retention
2. Selective Distortion
3. Selection Attention
4. Basic Perception

Question 7

Traditional VS Emerging view on choice

Answer 7

Traditional = based on options
Emerging = includes loyalty loop

Question 8

Downstream vs Upstream competitive advantage

Answer 8

Downstream = consumer connection
Upstream = assets

downstream is more important

Question 9

2) Companies ability to provide valued benefits depends on

Answer 9

1. Companies competencies

2. Competition

Question 10

2) How to asses Core Competencies

Answer 10

1. SWOT analysis

2. Areas of assessment (upstream and downstream)

Question 11

2) Sources of competitive advantages

Answer 11

skills and resources

Question 12

2) Why Market Leaders wait

Answer 12

1. Not our market

2. Misunderstanding competitors (strategy or tactic)

Question 13

2) Analytic Methods for Identifying Closest Competitors

Answer 13

1. Customer Judgement

2. Purchase Records

Question 14

3) Competitive Strategies

Answer 14

1. Low Cost
2. Differentiation
3. Customization