GB 350 LATEST EXAM PREP QUESTIONS
AND ANSWERS PDF 2026
▶ Consumer Behavior. Answer: "the study of consumers and the
processes they use to choose, use (consume), and dispose of products
and services, including consumers' emotional, mental, and behavioral
responses"
▶ Value Types. Answer: - Perceived value (a) - the net worth (benefits -
costs) a consumer expects toobtain from a decision (e.g., purchase)
- Derived Value (b): Consumers' evaluations of net worth that results from
the decision
− Utilitarian value - a value derived from a product or service that helps
theconsumer solve problems and accomplish tasks
- Hedonic value - a value that acts as an end in itself rather than as a
means to an end
▶ • Consumer decision-making process. Answer: 1. need recognition
2. information search
3. evaluation of alternatives
4. purchase
5. post decision behavior
▶ Information search. Answer: - Internal information search: Recalling past
information stored in the memory
▪ previous experiences, memories of marketing efforts, current knowledge
base
- External information search: Seeking information in the outside
environment when internal information search does not produce sufficient
alternatives
− Non-marketing-controlled information source (a)
▪ Product information source that is not associated with promotion
▪ Typically viewed as more credible than marketing-controlled
− Marketing-controlled information source (b)
▪ Product information source that originates with marketers promoting a
product
, ▶ Alternative Evaluation. Answer: The stage of the buyer decision-making
process in which the consumer uses information to evaluate alternative
brands in the choice set
- Compensatory: Consumer will compromise on some attributes to find the
alternative with the best net benefit
- Non-compensatory: Consumer will not select an alternative unless all
attribute criteria are met
- Consideration/Evoked set: Group of brands resulting from an information
search from which a buyer can choose
- Inept Set: unacceptable alternatives, either due to the situation or
negative attributes
- Inert Set: alternatives that may be acceptable but the consumer doesn't
know/think about
▶ Expectations continuum. Answer: manages the customer journey
between pain points and desired gains, aiming to align brand promises with
actual experiences to build trust
▶ Post-decision processes/Equity theory. Answer: proposes that
consumers evaluate experiences (products, brands, services) based on
ratio of outcomes to investments through assessments of three forms:
distributive, procedural, interactional
▶ Decision-making types/involvement. Answer: - Product: a product
category has high personal relevance
- Situational: the circumstances of a purchase may temporarily transform a
low-involvement decision into a high-involvement one
- Shopping: represents the personal relevance of the shopping experience
− Show rooming: evaluating products in-store before purchasing online,
often at lower price; Price-match policies can help
− Webrooming: browsing products online before evaluating & purchasing
in-store; BOPIS & delivery can help
− "Smart" shoppersc: derive ego boosts from not spending more money
when a cheaper, acceptable alternative exists
- Enduring: represents an ongoing interest in an object/activity
- Emotional: represents how emotional a consumer gets during some
specific consumption activity
▶ Effective segmentation. Answer: Segments must be:
- substantial
AND ANSWERS PDF 2026
▶ Consumer Behavior. Answer: "the study of consumers and the
processes they use to choose, use (consume), and dispose of products
and services, including consumers' emotional, mental, and behavioral
responses"
▶ Value Types. Answer: - Perceived value (a) - the net worth (benefits -
costs) a consumer expects toobtain from a decision (e.g., purchase)
- Derived Value (b): Consumers' evaluations of net worth that results from
the decision
− Utilitarian value - a value derived from a product or service that helps
theconsumer solve problems and accomplish tasks
- Hedonic value - a value that acts as an end in itself rather than as a
means to an end
▶ • Consumer decision-making process. Answer: 1. need recognition
2. information search
3. evaluation of alternatives
4. purchase
5. post decision behavior
▶ Information search. Answer: - Internal information search: Recalling past
information stored in the memory
▪ previous experiences, memories of marketing efforts, current knowledge
base
- External information search: Seeking information in the outside
environment when internal information search does not produce sufficient
alternatives
− Non-marketing-controlled information source (a)
▪ Product information source that is not associated with promotion
▪ Typically viewed as more credible than marketing-controlled
− Marketing-controlled information source (b)
▪ Product information source that originates with marketers promoting a
product
, ▶ Alternative Evaluation. Answer: The stage of the buyer decision-making
process in which the consumer uses information to evaluate alternative
brands in the choice set
- Compensatory: Consumer will compromise on some attributes to find the
alternative with the best net benefit
- Non-compensatory: Consumer will not select an alternative unless all
attribute criteria are met
- Consideration/Evoked set: Group of brands resulting from an information
search from which a buyer can choose
- Inept Set: unacceptable alternatives, either due to the situation or
negative attributes
- Inert Set: alternatives that may be acceptable but the consumer doesn't
know/think about
▶ Expectations continuum. Answer: manages the customer journey
between pain points and desired gains, aiming to align brand promises with
actual experiences to build trust
▶ Post-decision processes/Equity theory. Answer: proposes that
consumers evaluate experiences (products, brands, services) based on
ratio of outcomes to investments through assessments of three forms:
distributive, procedural, interactional
▶ Decision-making types/involvement. Answer: - Product: a product
category has high personal relevance
- Situational: the circumstances of a purchase may temporarily transform a
low-involvement decision into a high-involvement one
- Shopping: represents the personal relevance of the shopping experience
− Show rooming: evaluating products in-store before purchasing online,
often at lower price; Price-match policies can help
− Webrooming: browsing products online before evaluating & purchasing
in-store; BOPIS & delivery can help
− "Smart" shoppersc: derive ego boosts from not spending more money
when a cheaper, acceptable alternative exists
- Enduring: represents an ongoing interest in an object/activity
- Emotional: represents how emotional a consumer gets during some
specific consumption activity
▶ Effective segmentation. Answer: Segments must be:
- substantial
