MKT 310 Final Exam

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___________ describes the choices we make with little or no conscious effort. Many purchase decisions are so routine we may not realize​ we've made them until we look in our shopping​ carts!

Habitual decision making

The alternatives actively measured during a​ consumer's choice process are the​ ________ set.

consideration

A customer buying an unfamiliar product that carries a fair degree of risk would most likely engage in​ ________ decision​ making?

Cognitive

Marketers often need to understand ​consumers' behavior rather than a​ consumer's behavior. For​ instance, ______________ is a situation in which more than one person chooses the products or services that multiple consumers use

Collective decision making

What term describes a Web site or app that helps to filter and organize online market information so that customers can identify and evaluate alternatives more​ efficiently?

Cybermediary

A consumer visits an electronics retailer and finds more than 20 choices for a new laptop computer. Which of the following refers to these​ alternatives?

Evoked set

(T/F) Neuromarketing refers to the use of MRI tools that try to understand and then apply a human decision​ maker's multiattribute preferences for a product category.

False

The​ Internet, social​ media, and the availability of online reviews are important factors in​ "leveling the playing​ field" for large companies and entrepreneurial businesses. This online business model is called​ ______________.

Long Tail

Luke owns several relatively new business suits that he enjoys wearing. One day at the​ office, he notices an especially attractive suit worn by a coworker and decides he needs to buy a new suit. As described in this​ chapter, what type of problem recognition has taken​ place?

Opportunity recognition

Which of the following occurs when a consumer uses a selected product and decides whether it merits​ his/her expectations?

Post-purchase evaluation

A decision strategy that seeks to deliver an adequate solution rather than the best possible solution is referred to as​ ________.

Satisficing

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 best illustrates​ ________.

The sunk-cost fallacy

Cedric runs out of gas on the way to work. He thinks to himselflong dash​"How stupid I​ am!" Cedric has experienced a form of a problem recognition that is being dominated by a downward movement in his actual state. (T/F)

True

Decisions driven by our emotional responses to a product are called​ ________.

affective

When using the​ ________ rule of decision​ making, a consumer evaluates brands on the most important​ attribute, but specific cutoffs are imposed

conjunctive

Due to​ ______________, a consumer is more likely to comply with a requirement than to make the effort not to comply.

default bias

Dimensions we use to judge the merits of competing options are called​ ________.

evaluative criteria

People often make decisions on the basis of mental accounting. One facet of this accounting is making a decision based on the way a problem was posed. This is called​ ________.

framing

According to​ ________, utility is defined in terms of gains and losses.

prospect theory

A mental or​ problem-solving shortcut to make a decision is called​ a(n) ________.

Heuristic

Patti believes that price and quality are closely related for some product categories. When she buys​ makeup, for​ example, she always buys the most expensive of her choices. Which term applies to​ Patti's shortcut to decision​ making?

Heuristics

Jessie is grocery shopping and she passes an end cap with ketchup and suddenly realizes that she has little left at home. She grabs a bottle of Heinz to replace the one that is almost empty. At what level of involvement is Jessie making her​ decision?

Inertia

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

Information search

Luke works for a small​ start-up bank. The organizational structure is flat and collective decision making is the norm. He is fed up with the​ firm'' copying​ machine's constant breakdowns and approaches his fellow employees about purchasing a new one. What is​ Luke's role in this​ decision?

Initiator

TJ wants to treat Alex to an expensive dinner theatre on Saturday. In anticipation of the​ expenditure, he intends to pack his lunch on​ Monday, Wednesday, and Friday. He plans to forego lunch on Tuesday and Thursday. What has TJ​ "created" in anticipation of the​ expenditure?

Mental budget

If a​ consumer's ideal state is very near or identical to his or her actual​ state, which of the following best describes the type of problem recognition the consumer would most likely​ have?

No problem recognition

According to the​ ________ rule, a product with a low standing on one attribute cannot make up for this position by being better on another attribute.

Noncompensatory

A consumer can recognize problems as either an opportunity or a need. How should promotions differ between those emphasizing opportunities and those emphasizing​ needs?

Promotions emphasizing opportunities should attempt to increase the ideal​ state, while promotions emphasizing needs should give locations where the products can be purchased.

Hirosi ordered the expensive​ "heart attack​ special" at the local pub. It came with a​ one-pound hamburger and a full bucket of fries. Halfway through the​ meal, Hirosi was not feeling well. Yet according to the​ sunk-cost fallacy, Hirosi will likely continue until he has finished the​ "special." (TF)

True

Tomorrow, Janice will be attending a party with a buffet. In anticipation of splurging on delicious​ food, she is eating very little today. Janice is using a​ ________ to help her estimate consumption over time and regulate her behavior.

mental budget

The evaluation of alternatives is the ________ stage of the consumer​ decision-making process.

third


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