Exam 9: Decision Making

Directories and portals, Web site evaluators, forums, fan clubs, and user groups are all forms of which of the following?

A consumer who buys the same brand over and over again exhibits ________.

Within a given store, higher prices generally indicate higher quality.

A positioning strategy relies on the marketer's ability to convince the consumer to consider its product within a given category.

Evaluative criteria are the dimensions used to judge the merits of competing options.

Define framing.

Shortcuts are considered heuristics, or "mental rules-of-thumb" in decision making.

Which of the following best describes intelligent agents?

The success of a positioning strategy depends on the marketer's ability to convince the consumer to consider its product within a given category.

According to ________, we evaluate the effort we'll need to make a particular choice and then we tailor the amount of cognitive "effort" we expend to make that choice.

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

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.

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

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

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

Claire remembers that uniquely wonderful taste that can only come from a frosty mug of root beer. As she heads to the soft drink aisle in the grocery store, she decides that today is the day to experience her root beer again. Claire has just conducted what is called an informational search.

List and describe the three "buckets" of consumer decision making.

Habitual decision making describes the choices we make with little or no conscious effort.

What is an evoked set?

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."