MKT 468 EXAM 2 QUESTIONS WITH
VERIFIED ANSWERS
\.Heuristic vs. Bias - ANSWERS--Heuristics are short cuts that make our decisions
(and most often our lives) easier
-Help save time, effort, money, energy...etc.
-Heuristics may not lead to the best decision, but it is fine as long as you are aware
of it.
-Heuristics might be totally based on Emotion and Intuition but they may also be
based on Cognition
\.Self-positivity bias - ANSWERS-Consumers believe that they are less susceptible
to a risk than others, e.g., AIDS, dying in an accident
\.Negativity bias - ANSWERS-Consumers weight negative information more than
positive information when making a judgment.
\.loss aversion - ANSWERS-The strong tendency to regard losses as considerably
more important than gains of comparable magnitude—and, with this, a tendency
to take steps (including risky steps) to avoid possible loss.
\.collective conservatism - ANSWERS-the tendency of groups to stick to
established patterns
, \.status quo bias - ANSWERS-tendency to do nothing when faced with making a
decision
\.Priming Bias - ANSWERS--What we see or hear immediately before a choice
affects how we behave.
-It might even be subliminal priming or a simple question
\.Far-sighted Planner - ANSWERS-can over-ride temptations
\.Myopic doer - ANSWERS-goes with the flow
\.a cognitive load can lead to what? - ANSWERS-seeing the benefits now, costs
later.
\.Dynamic inconsistency between Behaviors and intentions - ANSWERS--Hot vs.
Cold States
-People predictably succumb to temptation.
-
Mindless choosing can produce radically inefficient results
\.Perceptual biases can lead to what? - ANSWERS-bad outcomes, especially when
combined with "mindless choosing"
VERIFIED ANSWERS
\.Heuristic vs. Bias - ANSWERS--Heuristics are short cuts that make our decisions
(and most often our lives) easier
-Help save time, effort, money, energy...etc.
-Heuristics may not lead to the best decision, but it is fine as long as you are aware
of it.
-Heuristics might be totally based on Emotion and Intuition but they may also be
based on Cognition
\.Self-positivity bias - ANSWERS-Consumers believe that they are less susceptible
to a risk than others, e.g., AIDS, dying in an accident
\.Negativity bias - ANSWERS-Consumers weight negative information more than
positive information when making a judgment.
\.loss aversion - ANSWERS-The strong tendency to regard losses as considerably
more important than gains of comparable magnitude—and, with this, a tendency
to take steps (including risky steps) to avoid possible loss.
\.collective conservatism - ANSWERS-the tendency of groups to stick to
established patterns
, \.status quo bias - ANSWERS-tendency to do nothing when faced with making a
decision
\.Priming Bias - ANSWERS--What we see or hear immediately before a choice
affects how we behave.
-It might even be subliminal priming or a simple question
\.Far-sighted Planner - ANSWERS-can over-ride temptations
\.Myopic doer - ANSWERS-goes with the flow
\.a cognitive load can lead to what? - ANSWERS-seeing the benefits now, costs
later.
\.Dynamic inconsistency between Behaviors and intentions - ANSWERS--Hot vs.
Cold States
-People predictably succumb to temptation.
-
Mindless choosing can produce radically inefficient results
\.Perceptual biases can lead to what? - ANSWERS-bad outcomes, especially when
combined with "mindless choosing"
