SPMT 370 EXAM 3 QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++
What is the heart of consumer decision making?
Value
The basic consumer behavior process works in conjunction with the...
decision making process
5 stages of decision making process
1. Problem/opportunity = want/need recognition
2. Search for information related to want/need
3. Evaluation of alternatives/options
4. Choice/decision
5. Post-choice and consumption evaluation
Extended decision making
consumers move diligently through decision making activities in search of the best
information that will help them reach a decision (high involvement and significant risk)
Limited decision making
consumers search very little for information and often reach decisions based largely on
prior beliefs about products and their attributes [low involvement (e.g. time constraints)
and generally low risk (but not always)]
Habitual decision making
, consumers generally do not seek information at all when a problem is recognized and
select a product based on habit (brand loyalty and brand inertia)
Brand loyalty
Routinely consumer the same product made by the same brand over and over without
thinking about it
Brand inertia
Consumer continuously buys the same product out of convenience
Decision making processes leads to a consumer choice and choice is always
linked to...
value
Three "value" related approaches to DMP
1. Cognitive (utilitarian ) decision making
2. Affective (hedonic) decision-making
3. Behavioral influence (impulsive) decision making
Maximizers
consumers who work to find the best solution
Satisficing
the practice of using decision making shortcuts to arrive at satisfactory, rather than
optimal, decisions
Need/want recognition
When consumers perceive a difference between their actual (current) state and a
desired state, the decision making process is triggered
Primary distinction between a want and a need
COMPLETE SOLUTIONS GRADED A++
What is the heart of consumer decision making?
Value
The basic consumer behavior process works in conjunction with the...
decision making process
5 stages of decision making process
1. Problem/opportunity = want/need recognition
2. Search for information related to want/need
3. Evaluation of alternatives/options
4. Choice/decision
5. Post-choice and consumption evaluation
Extended decision making
consumers move diligently through decision making activities in search of the best
information that will help them reach a decision (high involvement and significant risk)
Limited decision making
consumers search very little for information and often reach decisions based largely on
prior beliefs about products and their attributes [low involvement (e.g. time constraints)
and generally low risk (but not always)]
Habitual decision making
, consumers generally do not seek information at all when a problem is recognized and
select a product based on habit (brand loyalty and brand inertia)
Brand loyalty
Routinely consumer the same product made by the same brand over and over without
thinking about it
Brand inertia
Consumer continuously buys the same product out of convenience
Decision making processes leads to a consumer choice and choice is always
linked to...
value
Three "value" related approaches to DMP
1. Cognitive (utilitarian ) decision making
2. Affective (hedonic) decision-making
3. Behavioral influence (impulsive) decision making
Maximizers
consumers who work to find the best solution
Satisficing
the practice of using decision making shortcuts to arrive at satisfactory, rather than
optimal, decisions
Need/want recognition
When consumers perceive a difference between their actual (current) state and a
desired state, the decision making process is triggered
Primary distinction between a want and a need
