Exam 15: Applying Social Psychology to Consumer Behavior

Ali is having a garage sale. He is trying to sell an old alarm clock for $20, an old pair of sneakers for $40, and an old TV set for $100. These prices are way too high. Since Ali owns these products, they seem to him to be more valuable than they really are. This phenomenon is known by social psychologists as ____.

Harley Davidson hires researchers to ride motorcycles and attend various events so they can learn more about the way enthusiasts talk about their products, to identify opinion leaders, and ultimately to have good ideas as to product modifications or new items such as Harley Davidson branded clothing and other accessories for motorcycles. This approach is best described as ____.

Research indicates that credit card debt is most related to ____.

Research indicates that the presence of credit card stimuli is associated with ____.

What is one important way in which consumers today differ from consumers in previous decades?

Services like Klout.com help advertisers ____.

High self-monitors are to social aspects of products as low self-monitors are to ____.

Tony is too cheap to buy weights to do weight-lifting. He therefore decides to use bottled water instead. Consumer psychologists would say that this is an example of ____.

Conspicuous consumption refers to cases in which people ____.