Exam 9: Individual Decision Making

Which of the following is a key part to the elements of prospect theory?

The inert set of brand choices consists of all those alternatives the consumer has in memory plus those prominently displayed in the store.

Low-involvement decisions mean that marketers must constantly be assessing the physical surroundings and product placement. This is called the:

Rachael would like to shop around comprehensively for her car insurance this year. However she is overwhelmed at work, so instead of searching more extensively she simply does a quick check on three well-known options and chooses one. According to Herbert Simon, this is known as a ________ solution.

The view that consumers carefully gather, integrate, and weigh all the information available about a product before making a purchase decision is known as the:

Allison is in the market to purchase a new computer. She uses a decision strategy whereby she evaluates all of the available options to come up with the best possible decision. This is an example of:

The decision-making continuum is anchored at one end by limited problem solving, and by extended problem solving at the other end.

Over a period of time, many of us acquire product information just by being exposed to advertising, store promotions, or by observing what other people use. This acquisition is termed:

Tracy would like to make a purchase decision regarding a new baby stroller from a rational perspective. What would this process look like?

Explain the relationship between the evoked set, the inept set, and the inert set.

Consumers expert in product knowledge are more likely than other groups of consumers to engage in an information search because they have a better sense of what information they need.

Spiro is shopping at Walmart and very quickly picks up everything on his shopping list that he needs. Because it went quickly and he feels good, he keeps shopping. This is an illustration of:

Which of the following most accurately describes one of linguist George Kingsley Zipf's findings in the 1930s?

Generally, search activity is greater when the purchase is important.

Jonesy will buy only the lowest-priced spark plug when he goes shopping for auto supplies. Because his car is very old, he really doesn't care about any other qualities. Jonesy is using the non-compensatory decision-making rule format.

As a rule, decisions that involve some kind of ________ are more likely to result in the consumer's engaging in a more extensive search.

What is an evoked set? Create an example to illustrate the term.

Janet needs to buy a new TV. She knows almost nothing about TVs. What effect is this lack of prior experience likely have on her search for a new product compared to an expert in the field?

What type of marketing research uses functional magnetic resonance imaging (fMRI) and how is this helpful?

Explain the concept of limited problem solving.