Exam 9: Decision Making

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."

Casinos make their interiors very plush and expensive looking,knowing that gamblers who would be reluctant to make a $10 bet in average surroundings would gladly make $100 wagers in luxurious surroundings.Which of the following best explains gamblers' behavior?

The first step in the consumer decision-making process is to conduct information search.

Needs are created when the actual state of a customer declines.

Which of the following is NOT a category in the buyclass theory of purchasing?

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

One of the strategies employed by organizational buyers to reduce information search and effort in evaluating competing alternatives for routine purchases is to use a fixed set of suppliers.

The "good enough" perspective on decision making is known as ________.

Chen Lo uses a decision rule that says "Only buy well-known brand names" when selecting a set of golf clubs.He does not look at price,the store,or even discounts when purchasing clubs.Chen Lo's purchasing pattern is an example of a consumer using a ________.

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.

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

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

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

What type of cybermediaries are intelligent agents?

Cedric runs out of gas on the way to work.He thinks to himself-"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.

Two important factors determine how a couple spends time and money.One of these factors is whether the couple has children.What is the other factor?

According to ________,a company can make money if it sells small amounts of items that only a few people want,if the company sells enough different items.

Buying decisions that are made with little or no conscious effort are called ________.

Decisions are influenced by the way a problem is posed.This is called framing.

Define a hybrid product and give an example.