Deck 2: Contemporary Perspectives on Consumption

Question 1

Which branch of traditional economics takes the contexts of decisions into account?

A) Macroeconomics
B) Cognitive economics
C) Microeconomics
D) Behavioral economics

Answer 1

D

Question 2

The behavioral economics perspective recognizes that different contexts of consumption will result in _______ behaviors.

A) consistent
B) different
C) neutral
D) unbiased

Answer 2

B

Question 3

Exchange value is

A) how much a product is worth to a consumer.
B) the differences between two similar products.
C) a measure of what function the product performs.
D) the perceived personal relevance of a product.

Answer 3

A

Question 4

Utility value is

A) the perceived personal relevance of a product.
B) how much a product is worth to a consumer.
C) the differences between two similar products.
D) a measure of what function the product performs.

Question 5

If a consumer decides not to purchase a product because it is too expensive this means that the _______ value is too high for them.

A) exchange
B) absolute
C) symbolic
D) contained

Question 6

If a consumer decides to purchase a designer purse over a much cheaper alternative, which value is highest to them?

A) Utility value
B) Exchange value
C) Symbolic value
D) Contained value

Question 7

Smiling at a puppy or jumping at a loud sound are examples of consumers operating in _______ mode.

A) reflective
B) automatic
C) emotional
D) independent

Question 8

A consumer that is searching for the perfect gift for a loved one is operating in _______ mode.

A) reflective
B) automatic
C) emotional
D) independent

Question 9

The presentation of two or more choices that influence consumers to make the "preferred" choice is known as choice

A) personality.
B) architecture.
C) representation.
D) management.

Question 10

_______ occurs when individuals allocate assets into separate categories to which they assign different levels of utility.

A) Mental accounting
B) Purchasing analysis
C) Choice architecture
D) Scenario planning

Question 11

_______ is the tendency of individuals to dislike losses more than gains of an equivalent amount.

A) Choice architecture
B) Default mode
C) Loss aversion
D) Mental accounting

Question 12

The concept of loss aversion predicts that achieving a gain is

A) not as motivating as avoiding a loss.
B) an effective way to offset perceived loss.
C) more motivating than avoiding a loss.
D) an ineffective way to offset perceived loss.

Question 13

The endowment effect is the tendency for individuals to value the things that

A) others want.
B) cost more.
C) are symbolic.
D) they own.

Question 14

The set of informal rules that a society imposes to guide individual behavior are called

A) beliefs.
B) norms.
C) values.
D) defaults.

Question 15

A community is given information on their energy consumption as well as the average consumption in their area. Which phenomenon occurs when an above-average consumers decrease their energy use, but below-average users increase their energy use?

A) The endowment effect
B) The nudging effect
C) The diffusion effect
D) The boomerang effect

Question 16

Nudging happens when subtle cues are used to help consumers make choices that are

A) conservative.
B) based on value.
C) innovative.
D) better for them.

Question 17

Providing healthy options that are easily available in school cafeterias and making unhealthy options less available will nudge students to

A) choose healthy options.
B) choose to eat less.
C) bring food from home.
D) become more active.

Question 18

A _______ is a preselected option that a consumer makes without active thought or consideration.

A) norm
B) custom
C) nudge
D) default

Question 19

_______ is the phenomenon whereby which exposure to a stimulus alters an individual's response without their conscious awareness.

A) Nudging
B) Priming
C) Diffusion
D) Aversion

Question 20

What are the three major priming effects?

A) Money, status, and culture
B) Norms, endorsement, and trends
C) Words, sights, and smells
D) None of the above

Question 21

Which concept in behavioral economics demonstrates that consumers are influenced by a variety of external and contextual factors?

A) Diffusion
B) Priming
C) Endowment
D) Reflection

Question 22

The concept of behavioral economics that focuses on consumers seeking engaging activities is called

A) experiential marketing.
B) consumer culture theory.
C) the endowment effect.
D) choice architecture.

Question 23

The _______ aspects of consumption involve the experience of sensations that enter a consumer's consciousness through one of the five senses.

A) discriminate
B) hedonic
C) functional
D) sensory

Question 24

_______ aspects of consumption involve multiple senses, emotions, and even some fantasy.

A) Discriminate
B) Hedonic
C) Functional
D) Sensory

Question 25

Watching a movie is an act of _______ consumption.

A) sensory
B) default
C) automatic
D) hedonic

Question 26

Experiential marketing perspective that views consumers as

A) rational decision-makers.
B) risk averse.
C) Both a and b
D) None of the above

Question 27

There are _______ key stages in the consumption of an experience.

A) four
B) two
C) six
D) three

Question 28

The consumption experience that involves searching for, planning, and imagining the experience is called the

A) core consumption experience.
B) nostalgia experience.
C) preconsumption experience.
D) purchase experience.

Question 29

Which consumption experience includes the choice process and the interaction with the service setting?

A) The preconsumption experience
B) The remembered experience
C) The core consumption experience
D) The purchase experience

Question 30

Which consumption experience involves the sensation of consumption and whether we feel good about it or not?

A) The remembered experience
B) The core consumption experience
C) The purchase experience
D) The preconsumption experience

Question 31

Which consumption experience involves reliving past experience and classifying this experience among other experiences?

A) The core consumption experience
B) The purchase experience
C) The preconsumption experience
D) The nostalgia experience

Question 32

_______ is a broad collection of models, perspectives, and research methods for studying the social and cultural aspects of consumption.

A) Experiential marketing
B) Consumer culture theory
C) Cognitive research
D) The positivist approach

Question 33

Which of the following themes focuses on consumers seeking to develop themselves through their consumption behavior?

A) Sociohistoric patterning of consumption
B) Marketplace culture research
C) Mass-mediated marketplace ideologies
D) Consumer identity projects

Question 34

Which of the following themes focuses on how consumers interact with the marketplace, how their particular consumption needs are served by it, and how consumers become influencers?

A) Marketplace culture research
B) Sociohistoric patterning of consumption
C) Mass-mediated marketplace ideologies
D) Consumer identity projects

Question 35

Which of the following themes focuses on how consumption experiences are influenced by the institutions and social structures in our lives?

A) Marketplace culture research
B) Sociohistoric patterning of consumption
C) Mass-mediated marketplace ideologies
D) Consumer identity projects

Question 36

_______ focus(es) on how consumers make sense of marketing messages and develop responses to them?

A) Marketplace cultures
B) Sociohistoric patterning of consumption
C) Mass-mediated marketplace ideologies
D) Consumer identity projects

Question 37

Advancements in technology are _______ changes in consumer needs.

A) a result of
B) responsible for
C) necessitated by
D) All of the above

Question 38

_______ innovations are small, incremental improvements in products that tend to create very few changes to consumption patterns?

A) Continuous
B) Discontinuous
C) Conspicuous
D) Dynamically continuous

Question 39

_______ innovations are new products or features that create some changes in behavioral patterns for consumers.

A) Continuous
B) Discontinuous
C) Compensatory
D) Dynamically continuous

Question 40

_______ are disruptive to a consumer's established consumption patterns.

A) Continuous
B) Discontinuous
C) Compensatory
D) Dynamically continuous

Question 41

_______ are the first people to adopt a new product.

A) Innovators
B) Early adopters
C) Early majority
D) Late Majority

Question 42

What type of consumers are motivated to purchase a product because almost everyone else has one and prices are dropping?

A) Laggards
B) Early majority
C) Late majority
D) Early adopters

Question 43

_______ refers to how new innovations are accepted and spread throughout a group of consumers.

A) Choice architecture
B) The endowment effect
C) Diffusion of innovation
D) Sociohistoric patterning

Question 44

The power of _______ is one of the most important contemporary topics in consumer behavior.

A) mental accounting
B) online endowment effect
C) sociohistoric patterning
D) online social networks

Question 45

Social media has changed a variety of consumption-related behaviors, such as

A) recommending products.
B) complaining about products.
C) Both a and b
D) None of the above

Question 46

_______ is a method for studying online communities that investigates communications between individuals and how relationships and meanings are developed and shared.

A) Netnography
B) Discourse analysis
C) Ethnography
D) Narrative analysis

Question 47

Online reviews more meaningful than advertisements because they are

A) used to create meaningful brand relationships.
B) developed by marketing professionals.
C) written by consumers with real experiences.
D) designed to influence consumer behavior.

Question 48

Social media offers opportunities to connect and to enhance the consumer's relationship with a brand by

A) anticipating consumer responses.
B) engaging specific consumer groups.
C) embracing socialized inhibition.
D) company-sponsored social network sites.

Question 49

Define exchange value. Why it is important for companies to know this value?

Question 50

What is the difference between exchange value, utility value, and symbolic value?

Question 51

Define experiential marketing. Define the two important aspects of experiential marketing? Provide an example of each.

Question 52

What is the impact of behavioral economics and experiential marketing?

Question 53

Define consumer culture theory.

Question 54

Explain why online community interactions can be extremely helpful to consumers. What helps us understand this aspect of consumer behavior?

Question 55

How does technology and innovation influence product choice and consumption?

Question 56

What are the three factors influencing the way in which a new innovation impacts consumption?

Question 57

How has social media changed how consumers interact with brands?

Question 58

Why do consumers trust online reviews?

Question 59

How do company-sponsored social networking sites facilitate a different type of interaction with current and potential customers?

Question 60

How can behavioral economics be used to improve our understanding of consumer behavior? Identify and define the seven concepts that derive from behavioral economics. For each one, describe how a marketing manager might utilize this concept.

Question 61

What is experiential marketing and how is it different from other conceptualizations of consumption? Explain the sensory and the hedonic aspects of experiential consumption. Identify and describe the four key stages in the consumption of an experience.

Question 62

List and describe the four key themes of consumer culture theory. What insights can marketers derive from them?

Question 63

List the categories, characteristics, and marketing strategy implications of consumers at different stages of the diffusion of innovation curve