Creating Societal Value in Business
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Questions and Answers

What is essential for a company to create societal added value?

  • Reducing the cost of production
  • Using its strengths effectively (correct)
  • Following industry standards strictly
  • Identifying weaknesses in competitors

    • What should companies focus on to make a tangible impact?

  • Ensuring staff welfare
  • Expanding their market reach
  • Implementing aggressive marketing strategies
  • Searching for concrete solutions and contributions (correct)

    • What is a common pitfall for companies aiming for societal impact?

  • Collaborating with social enterprises
  • Prioritizing short-term profits over long-term goals (correct)
  • Investing in employee training programs
  • Conducting customer satisfaction surveys

    • How can companies enhance their societal contributions?

    <p>By clearly communicating their core messages</p> Signup and view all the answers

    What role do the identified strengths play in a company's strategy?

    <p>They can drive innovation and societal benefit</p> Signup and view all the answers

    What is the primary function of non-compensatory decision-making models?

    <p>To eliminate alternatives that don't meet specific criteria</p> Signup and view all the answers

    Which non-compensatory model involves a strict 'must have' criterion?

    <p>Conjunctive model</p> Signup and view all the answers

    In which situation would a compensatory decision-making strategy be most appropriate?

    <p>When only a few alternatives are present to choose from</p> Signup and view all the answers

    What typically influences consumer decision-making for convenience products?

    <p>Emotional responses and immediate needs</p> Signup and view all the answers

    What is the first stage in the customer adoption process for new products?

    <p>Awareness</p> Signup and view all the answers

    What can trigger the use of non-compensatory decision-making strategies?

    <p>The presence of many alternatives to choose from</p> Signup and view all the answers

    In which stage of the customer adoption process do consumers evaluate the new product?

    <p>Evaluation</p> Signup and view all the answers

    What is a characteristic of impulse goods in consumer behavior?

    <p>They are purchased frequently with minimal effort</p> Signup and view all the answers

    What does 'Ultimate Convenience' focus on in customer experience?

    <p>Using technology to automate customer interactions</p> Signup and view all the answers

    Which strategy focuses on understanding the life journey of customers?

    <p>Partner in Life</p> Signup and view all the answers

    What is the primary goal of the 'Save the World' axis?

    <p>To encourage companies to act responsibly for society</p> Signup and view all the answers

    How does 'Ultimate Convenience' benefit the customer-company relationship?

    <p>By making transactions effortless and automated</p> Signup and view all the answers

    Which aspect does 'Partner in Life' seek to optimize?

    <p>The emotional relationship with customers</p> Signup and view all the answers

    What can be considered a detriment to achieving 'Ultimate Convenience'?

    <p>All of the above</p> Signup and view all the answers

    What is a potential outcome of effectively implementing 'Save the World' strategies?

    <p>Increased brand loyalty and customer trust</p> Signup and view all the answers

    Which of these best describes the interrelation between the three axes of 'The Offer You Can’t Refuse'?

    <p>Each axis enhances the others for a comprehensive strategy</p> Signup and view all the answers

    What is the primary distinction between Customer Experience (CX) and Customer Service?

    <p>CX encompasses all touchpoints with a brand.</p> Signup and view all the answers

    Which of the following aspects is NOT included in Customer Experience?

    <p>User Interface design</p> Signup and view all the answers

    How does User Experience (UX) differ from Customer Experience (CX)?

    <p>UX involves direct interaction with products.</p> Signup and view all the answers

    What element does Customer Experience NOT directly focus on?

    <p>User testing</p> Signup and view all the answers

    Why is managing a CX strategy critical for businesses?

    <p>It influences brand reputation and customer loyalty.</p> Signup and view all the answers

    Which of the following best describes the relationship between UI and UX?

    <p>UX encompasses what UI provides.</p> Signup and view all the answers

    Which of the following is an element of Customer Experience?

    <p>Customer service response times</p> Signup and view all the answers

    What does CX encompass that UI does not?

    <p>Brand reputation</p> Signup and view all the answers

    Which of the following is NOT one of the five adoption categories identified by Rogers?

    <p>Challengers</p> Signup and view all the answers

    What does the S-Curve represent in the context of innovation diffusion?

    <p>Cumulative adoption and market share evolution</p> Signup and view all the answers

    Which impact of digital technology on innovation diffusion refers to the ability to try an innovation before committing?

    <p>Easier trialability</p> Signup and view all the answers

    How does digital technology influence the categories of consumers involved in innovation?

    <p>By blurring the categories between consumer clusters</p> Signup and view all the answers

    Which of the following is a characteristic of complex buying behavior?

    <p>High consumer involvement and significant perceived differences</p> Signup and view all the answers

    Which aspect of digital technology contributes to faster innovation diffusion?

    <p>Increased speed and scale</p> Signup and view all the answers

    In terms of consumer response, what does the decision process influence?

    <p>Behaviors, attitudes, and preferences</p> Signup and view all the answers

    What factor contributes to 'broader observability' in the diffusion of innovation?

    <p>Availability of product demonstrations</p> Signup and view all the answers

    Why is significant perceived difference among brands important in consumer decision-making?

    <p>It increases consumer involvement</p> Signup and view all the answers

    What effect does digital technology have on trialability of innovations?

    <p>Facilitates easier trial of innovations</p> Signup and view all the answers

    What are beliefs in the context of the consumer purchase decision process?

    <p>Ideas held to be true by the consumer</p> Signup and view all the answers

    How do attitudes affect consumer behavior?

    <p>They determine the emotional responses to products.</p> Signup and view all the answers

    What does the term 'total product satisfaction' represent?

    <p>Expectations of satisfaction from product attributes</p> Signup and view all the answers

    What does a compensatory model in decision-making allow for?

    <p>Positive attributes can outweigh negative ones.</p> Signup and view all the answers

    How do brand beliefs influence consumer decisions?

    <p>They shape the way consumers perceive a brand's attributes.</p> Signup and view all the answers

    What is indicated by the term 'evaluation procedure' in consumer decision-making?

    <p>How consumers develop attitudes towards brands</p> Signup and view all the answers

    Which aspect is NOT a component of product attributes?

    <p>Brand image</p> Signup and view all the answers

    What is a common consequence of selective perception in consumers?

    <p>Distorted beliefs about a brand's actual attributes</p> Signup and view all the answers

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