Question 1

It costs much less for a firm to retain current customers than to attract new ones.

Accepted Answer

A) True 
 B)False

Question 2

In selecting the best information source, consumers do not consider the speed with which the information can be obtained.

Accepted Answer

A) True 
 B)False

Question 3

Daniel wanted to buy a Renata car. However, when he learned that the nearest service center was about 50 miles from his residence, he decided to consider other brands. He did not want to drive that far every time he needed to get the car serviced or repaired. In this case, Daniel's decision was primarily influenced by the _____ associated with the product.

Accepted Answer

A)  social risk 
B)  time risk 
C)  performance risk 
D)  physical risk

Question 4

Which of the following is true of prepurchase search?

Accepted Answer

A)  It enables a consumer to reach a decision for a specific problem. 
B)  It is not necessarily focused on an upcoming decision. 
C)  It is the practice of using decision-making shortcuts to arrive at satisfactory, rather than optimal, decisions. 
D)  It is the practice of reaching decisions based on prior beliefs about products and their attributes.

Question 5

The risk associated with the cost of a product is known as _____.

Accepted Answer

A)  physical risk 
B)  financial risk 
C)  social risk 
D)  performance risk

Question 6

Soft music and dim lighting in a restaurant generally lead consumers to slow down, stay in the restaurant for a longer time, and buy more drinks and dessert. In this case, the tendency of the diners to spend more time and money can be best explained by the _____.

Accepted Answer

A)  rational decision-making perspective 
B)  experiential decision-making perspective 
C)  attribute-based decision-making perspective 
D)  behavioral influence decision-making perspective

Question 7

Which of the following is true of the rational decision-making perspective?

Accepted Answer

A)  It assumes that consumers can identify the expected value associated with a purchase. 
B)  It assumes that consumers often purchase a product based on the feeling attached to it. 
C)  It assumes that consumers sometimes do not follow a well-planned decision-making process. 
D)  It takes into account that consumers do not always pursue utilitarian value.

Question 8

Jake has been driving his hatchback for ten years now. He wants to buy a sedan. Jake's want for a sedan can be described as his _____.

Accepted Answer

A)  hypothetical state 
B)  ideal state 
C)  actual state 
D)  desired state

Question 9

Which of the following statements is true in the context of decision-making approaches?

Accepted Answer

A)  Consumers do not generally settle for alternatives that they are unsure of. 
B)  Most purchases are made with a lot of prepurchase decision effort. 
C)  Consumers are not always motivated to make the best decision. 
D)  Consumers with low self-esteem favor personal sources of information.

Question 10

Briefly explain the concept of need recognition in the consumer decision-making process.

Accepted Answer

The answer of Briefly explain the concept of need recognition...

Question 11

Experiential decision processes often focus on utilitarian value.

Accepted Answer

A) True 
 B)False

Question 12

Briefly discuss the experiential decision-making perspective.

Accepted Answer

The answer of Briefly discuss the experiential decision-making perspective....

Question 13

Maurine has been swamped with work for a while. She decides to treat herself to a spa on the weekend. She merely wants to relax and enjoy her day at the spa. Which of the following decision-making perspectives does Maurine's decision illustrate?

Accepted Answer

A)  The behavioral influence decision-making perspective 
B)  The rational decision-making perspective 
C)  The experiential decision-making perspective 
D)  The attribute-based decision-making perspective

Question 14

Briefly describe five types of perceived risk that consumers face while making a buying decision.

Accepted Answer

The answer of Briefly describe five types of perceived risk...

Question 15

In the context of the consideration set, the awareness set is the total collection of all possible solutions to a recognized need.

Accepted Answer

A) True 
 B)False

Question 16

In selecting the best information source, consumers:

Accepted Answer

A)  consider the ease of obtaining information from the source. 
B)  rely on the sources they know to be biased in favor of the product under consideration. 
C)  with high self-esteem favor impersonal sources of information such as the Internet. 
D)  do not consider the speed with which information can be obtained.

Question 17

Retailers use the brand-lift index to measure the incremental sales that occur when a product is on display.

Accepted Answer

A) True 
 B)False

Question 18

When consumers engage in _____, they tend to search diligently for information that will help them reach a satisfactory decision.

Accepted Answer

A)  routine decision making 
B)  limited decision making 
C)  extended decision making 
D)  habitual decision making

Question 19

Anna buys the same brand of orange juice that her family has been consuming for years. She has never thought of trying any other brand. In the given scenario, Anna's purchase decision is an example of _____.

Accepted Answer

A)  experiential decision making 
B)  extended decision making 
C)  habitual decision making 
D)  behavioral influence decision making

Question 20

The experiential decision-making perspective assumes that:

Accepted Answer

A)  consumers diligently gather information about purchases, compare various brands, and make an informed decision. 
B)  many consumer decisions are learned responses to environmental influences. 
C)  consumers' decision-making processes invariably focus on utilitarian value. 
D)  consumers' behaviors are based on the sheer enjoyment involved with consumption.

Exam 12: Decision Making I: Need Recognition and Search

It costs much less for a firm to retain current customers than to attract new ones.

In selecting the best information source, consumers do not consider the speed with which the information can be obtained.

Which of the following is true of prepurchase search?

The risk associated with the cost of a product is known as _____.

Soft music and dim lighting in a restaurant generally lead consumers to slow down, stay in the restaurant for a longer time, and buy more drinks and dessert. In this case, the tendency of the diners to spend more time and money can be best explained by the _____.

Which of the following is true of the rational decision-making perspective?

Jake has been driving his hatchback for ten years now. He wants to buy a sedan. Jake's want for a sedan can be described as his _____.

Which of the following statements is true in the context of decision-making approaches?

Briefly explain the concept of need recognition in the consumer decision-making process.

Experiential decision processes often focus on utilitarian value.

Briefly discuss the experiential decision-making perspective.

Maurine has been swamped with work for a while. She decides to treat herself to a spa on the weekend. She merely wants to relax and enjoy her day at the spa. Which of the following decision-making perspectives does Maurine's decision illustrate?

Briefly describe five types of perceived risk that consumers face while making a buying decision.

In the context of the consideration set, the awareness set is the total collection of all possible solutions to a recognized need.

In selecting the best information source, consumers:

Retailers use the brand-lift index to measure the incremental sales that occur when a product is on display.

When consumers engage in _____, they tend to search diligently for information that will help them reach a satisfactory decision.

Anna buys the same brand of orange juice that her family has been consuming for years. She has never thought of trying any other brand. In the given scenario, Anna's purchase decision is an example of _____.

The experiential decision-making perspective assumes that: