Exam 8: Decision Making

Chen Lo used a decision rule that says, "only buy well-known brand names" when selecting a set of golf clubs. He did not look at price, the store, or even discounts when purchasing clubs. Chen Lo's purchasing pattern is an example of a consumer using a ________ rule.

Free

(Multiple Choice)

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Question 1

Correct Answer:

Verified

Define noncompensatory rules used in purchase decision-making. Describe the types of rules that fall under this category.

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(Essay)

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Question 2

Correct Answer:

Verified

When consumers consider attributes of several product choices, they may follow a simple noncompensatory decision rule, meaning that they feel a product with a high standing on one attribute cannot "make up for" (or compensate for) poor performance on another.
∙ Noncompensatory decision rules-These decision rules are characterized by exclusion: low standing on one attribute cannot be ignored because of good performance on other attributes. Strong attributes do not compensate for weak ones.
Kinds of rules include:
∙ Lexicographic rule-The brand that is best on the most important attribute is selected. In the event of a tie, brands are evaluated on the next most important attribute.
∙ Elimination-by-aspects rule-Brands are compared for the presence of the attribute considered most important. If that feature is not present, the alternative is rejected.
∙ Conjunctive rule-Minimum cutoffs are established for each attribute the brands possess. The brand must meet all cutoffs to be considered.

People tend to emphasize their losses more than their gains.

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(True/False)

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Question 3

Correct Answer:

Verified

True

A consumer is most likely to engage in ________ when she is in a good mood or when she is uninvolved in other activities.

(Multiple Choice)

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Question 4

________ is the process by which the consumer surveys his or her environment for appropriate data to make a reasonable decision.

(Multiple Choice)

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Question 5

The first stage in the consumer decision-making process is ________.

(Multiple Choice)

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Question 6

What is an evoked set? What is a consideration set? Create examples to illustrate the terms.

(Essay)

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Question 7

Coca-Cola is an example of a(n) ________ product because it has come to characterize an entire category of soft drinks.

(Multiple Choice)

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Question 8

The presence of too many product options in the marketplace is referred to as ________.

(Multiple Choice)

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Question 9

A hot and thirsty customer buys a cool drink and finds it very satisfying. He then buys another drink even though he had not initially planned on buying two and even though he is no longer thirsty. This is an example of ________.

(Multiple Choice)

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Question 10

A small company, Craig Inventions, produced a pill that had the nutrient value of a healthy breakfast. The company put the product on the market as a substitute for breakfast for busy people. The product failed. Craig Inventions then marketed the pill as a diet product and it became very successful. What does the example best demonstrate?

(Multiple Choice)

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Question 11

A consumer who falls back on "mental rules of thumb" when making a decision is using heuristics.

(True/False)

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Question 12

According to the theory called ________, a company can make money if it sells small amounts of items that only a few people want if the company sells enough different items.

(Multiple Choice)

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Question 13

Cedric runs out of gas. He thinks to himself, How stupid I am! Cedric has just experienced a form of problem recognition that is being dominated by a downward movement in his actual state.

(True/False)

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Question 14

Attributes actually used to differentiate among choices are called ________ attributes.

(Multiple Choice)

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Question 15

Demonstrate how a marketer could use neuromarketing to advance the cause of his product. You may use any example you choose for your demonstration.

(Essay)

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Question 16

Les just bought a megaphone of root beer. As he drinks from the giant cup, he eventually becomes full. One of his friend's comments, "If you don't stop drinking that stuff, you will get sick." Les replies, "Hey, I bought it and I am not going to waste one drop of it." Les's behavior could best be described by which of the following mental biases?

(Multiple Choice)

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Question 17

A consumer could recognize a problem as either an opportunity or a need. How would promotions differ between those emphasizing opportunities and those emphasizing needs?

(Multiple Choice)

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Question 18

List and define the five stages of the consumer decision-making process.

(Essay)

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Question 19

Incidental learning occurs after a very concentrated search for information.

(True/False)

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Question 20

Showing 1 - 20 of 90

Chen Lo used a decision rule that says, "only buy well-known brand names" when selecting a set of golf clubs. He did not look at price, the store, or even discounts when purchasing clubs. Chen Lo's purchasing pattern is an example of a consumer using a ________ rule.

Define noncompensatory rules used in purchase decision-making. Describe the types of rules that fall under this category.

People tend to emphasize their losses more than their gains.

A consumer is most likely to engage in ________ when she is in a good mood or when she is uninvolved in other activities.

________ is the process by which the consumer surveys his or her environment for appropriate data to make a reasonable decision.

The first stage in the consumer decision-making process is ________.

What is an evoked set? What is a consideration set? Create examples to illustrate the terms.

Coca-Cola is an example of a(n) ________ product because it has come to characterize an entire category of soft drinks.

The presence of too many product options in the marketplace is referred to as ________.

A hot and thirsty customer buys a cool drink and finds it very satisfying. He then buys another drink even though he had not initially planned on buying two and even though he is no longer thirsty. This is an example of ________.

A consumer who falls back on "mental rules of thumb" when making a decision is using heuristics.

According to the theory called ________, a company can make money if it sells small amounts of items that only a few people want if the company sells enough different items.

Cedric runs out of gas. He thinks to himself, How stupid I am! Cedric has just experienced a form of problem recognition that is being dominated by a downward movement in his actual state.

Attributes actually used to differentiate among choices are called ________ attributes.

Demonstrate how a marketer could use neuromarketing to advance the cause of his product. You may use any example you choose for your demonstration.

A consumer could recognize a problem as either an opportunity or a need. How would promotions differ between those emphasizing opportunities and those emphasizing needs?

List and define the five stages of the consumer decision-making process.

Incidental learning occurs after a very concentrated search for information.

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