MKT 310 Final Exam
___________ 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
