Exam 12: Decision Making I: Need Recognition and Search

Which type of value is often a focus in the experiential decision-making perspective?

What is assumed in the experiential decision-making perspective?

Which term refers to the perception of the negative consequences that are likely to result from a course of action and the uncertainty of which course of action is best to take?

Decision-making approaches can be classified into three categories: extended decision making, limited decision making, and simple decision making.

Minimizing is the practice of using decision-making shortcuts to arrive at satisfactory, rather than optimal, decisions.

The total collection of all possible solutions to a recognized need is referred to as the universal set.

The end state is the perceived state for which the consumer strives.

Which type of decision-making approach is used by consumers who tend to search diligently for information that will help them reach a satisfactory decision?

Which set of alternatives comprises those to which consumers are indifferent?

Which of the following is present when a consumer simply buys a product repeatedly without any real attachment?

Initial search includes the retrieval of knowledge about products, services, and experiences that are stored in memory.

Quality represents the perceived overall goodness or badness of some product.

Coffee Maker Scenario Jane was visiting her friend and was served a coffee drink similar to one she's had at coffee shops like Tim Hortons and Starbucks. Her friend told her that she can make coffee drinks like that with her single-serve pod coffee maker. Jane decided she'd like to buy one because she wanted to enjoy similar coffee drinks at home, but she didn't know much about them. She searched the Internet and went to Bed Bath and Beyond, Home Outfitters, Williams Sonoma, and even Walmart. She realized there are several brands of this machine, such as Tassimo, Keurig, Breville, Cuisinart, Bunn, Senseo, and Verismo. They ranged in price from as low as $20 to several hundreds of dollars, making it difficult for her to decide which one to purchase. She was concerned about paying several hundred dollars for a coffee maker. She did notice that one brand, Tassimo, featured Tim Hortons coffee while none of the others did, and she ended up purchasing that one for $150 because that's her favourite brand of coffee. -Refer to Coffee Maker Scenario. Jane purchased the coffee maker that was able to make her favourite brand of coffee drinks. What can be said about her feelings towards the Tim Hortons' brand?

One reason the Internet improves consumer search activities is the fact that consumers have the ability to control information flow much more efficiently than if they were viewing product information from mass media sources.

It is difficult to measure the amount of search that a consumer performs related to decision making.

While most young adults would like to own a Porsche automobile, which is very expensive, which type of risk is likely preventing them from purchasing one?

A consumer's actual state must change for need recognition to occur.

Which statement does NOT accurately describe brand loyalty?

Which type of risk is associated with the likelihood of a product working as expected?

Ed is looking for a new car and is spending a lot of money on gas travelling from one car dealership to another. He decides to stop searching because the costs are exceeding the benefits. What search factor is being considered in his decision?