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MBA 706 Test 2 questions and answers verified answers||Latest 2024/2025
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MBA 706 Test 2 questions and answers verified answers||Latest 2024/2025
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MBA 706 Test 2Customer perceived value - ANSis a ratio of the customer's perception of all the benefits and
costs of your product /service vs. the perceived alternatives
Total customer benefit - ANSthe perceived bundle of economic, functional, and psychological
benefits associated with a product.
Total customer cost - ANSthe perceived bundle of costs customers expect to incur in evaluating,
obtaining, using, and disposing of the product (monetary, time, energy, and psychological costs)
True - ANST/F Marketers can increase perceived value by raising economic, functional, or
emotional benefits and/or reducing one or more costs.
customer value analysis - ANSreveals the company's strengths and weaknesses relative to
those of various competitors
Loyalty. (Loyalty is not accepting a substitute for the brand.) - ANSis a deeply held commitment
to rebuy a product/service in the future despite situational influences which cause switching
behavior
value proposition - ANSa promise about the experience customers can expect from the
company's offering and their relationship with the supplier.
value delivery system - ANSincludes all the experiences the customer will have on the way to
obtaining and using the offering.
Quality - ANSrepresents the total features and characteristics of a product with regard to its
ability to satisfy stated or implied needs
Conformance - ANS___ quality represents "freedom from variation"
performance - ANS____quality has to do with functionality and fitness for use.
Midsize - ANS___ customers who receive good service and pay nearly full price are usually the
most profitable.
Customer lifetime value - ANSthe present value of the stream of future profits expected over the
customer's lifetime purchases
True (except for loyal customers whose purchasing increases with time) - ANST/F Lifetime
value is generally a bell curve
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