MKTG 351 Final practice questions
Students in every other seat were given university mugs. Then reported how much they would be willing to sell the mug for. Students who did not get a mug reported the price they would be willing to pay to get one. What happened? a. The students with mugs priced them higher. b. The students with no mugs priced them higher. c. Both sets of students priced them about the same
a
As choices increased what happened to the likelihood of investing? a. increased b. decreased c. stayed the same
b
Connie just purchased her first new car, and she's actually feeling a little bad about it. She's concerned about how much money she spent and how long she will be making car payments. She's not sure she made the right choice, either. She liked another car a little better, but ended up purchasing another model. Connie is experiencing _____. a. postpurchase worry b. postpurchase dissonance
b
Consider the study involving coffee mugs. In one case, students were given a coffee mug as theirs to keep, and later asked for what price they would sell the coffee mug. In another case, students were asked what price they would pay for this same coffee mug. One group gave their average price as $2.25, and one group gave an average price as $4.50. Which group gave the lower average price ($2.25)? a. the group that was initially given a coffee mug, but was asked if they wanted to sell b. the group that was NOT given a coffee mug, but was asked if they wanted one
b
Rebecca is a single woman in her 40s. She sold her Honda Civic and bought an Acura CSX, which is considerably more expensive, but she really liked it. She was going to her brother's house with her mother, and she asked that her mother drive. She didn't want her brother to see that she had purchased an expensive car for herself. Rebecca was experiencing _____. a. postpurchase anxiety b. consumption guilt c. consumption anxiety d. postpurchase dissonance
b
Your firm sells product Gamma. The own price elasticity of Gamma is -0.5. The price of Gamma is $20 and the quantity sold of Gamma is 100. Suppose the price of Gamma is raised to $30. What is the new quantity sold of Gamma? a. 25 b. 75 c. 125
b
Your firm sells product Theta. The own price elasticity of Theta is -2. The cross price elasticity of Theta wrt price of Alpha is -2. The price of Theta is $20 and the quantity sold of Theta is 100; current price of Alpha is $100. Suppose your boss tells you to increase sales of Theta to 150, not by changing price of Theta, but by changing price of Alpha. Your firm sells product Theta. The own price elasticity of Theta is -2. The cross price elasticity of Theta wrt price of Gamma is +2. The price of Theta is $20 and the quantity sold of Theta is 100; current price of Gamma is $100. Suppose your boss tells you to increase sales of Theta to 150, not by changing price of Theta, but by changing price of Gamma. Which of the following statements is true, re. Theta: a. gamma is a complement and alpha is a substitute b. gamma is a substitute and alpha is a complement
b
Your firm sells product Theta. The own price elasticity of Theta is -2. The price of Theta is $20 and the quantity sold of Theta is 100. Suppose your boss tells you to increase sales of Theta to 150, by changing price of Theta. What should you set the new price of Theta? a. $10 b. $15 c. $20
b
"the ratio of fructose to cellulose is an objective and unchanging property of apples, of course, but the experience of sweetness is a subjective property that increases when the apple becomes my apple." the above effect is termed _______ a. asymmetric dominance b. compromise effect c. endowment effect d. bounded rationally
c
Which of the following occurs when a consumer actively acquires a product that is not used or used only sparingly relative to its potential use? a. consumption guilt b. nonconsumption guilt c. product nonuse d. counterfactual thinking e. prefactual thinking
c
Your firm sells product Theta. The own price elasticity of Theta is -2. The cross price elasticity of Theta wrt price of Alpha is -2. The price of Theta is $20 and the quantity sold of Theta is 100; current price of Alpha is $100. Suppose your boss tells you to increase sales of Theta to 150, not by changing price of Theta, but by changing price of Alpha. What should you set the new price of Alpha? a. $50 b. $60 c. $75 d. $115
c
Your firm sells product Theta. The own price elasticity of Theta is -2. The cross price elasticity of Theta wrt price of Gamma is +2. The price of Theta is $20 and the quantity sold of Theta is 100; current price of Gamma is $100. Suppose your boss tells you to increase sales of Theta to 150, not by changing price of Theta, but by changing price of Gamma. What should you set the new price of Gamma? a. $90 b. $95 c. $115 d. $125
d
Which of the following is NOT an action a consumer may utilize to reduce dissonance? a. increase the desirability of the brand purchased b. decrease the desirability of rejected alternatives c. decrease the desirability of the purchase decision d. reverse the purchase decision (return the product before use) e. increase the importance of alternatives that were not considered in the purchase initially
e