Question 1

Over the last few months Katie has been acquiring information about the organizational buying process at work through incidental learning. Explain the process and how this may affect future purchasing decisions.

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Question 2

Explain prospect theory.

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Question 3

Define problem recognition. Show how problems can arise. Give a brief example to illustrate the problem recognition process.

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Question 4

What is an evoked set? Create an example to illustrate the term.

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Question 5

Compare and contrast internal and external search.

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Question 6

Janet needs to buy a new TV. She knows almost nothing about TVs. What effect is this lack of prior experience likely have on her search for a new product compared to an expert in the field?

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Question 7

Explain Herbert Simon's view of the decision making process.

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Question 8

Ella's absolute favourite cereal is Love Crunch by Nature's Path. However, one day she decides to switch to a less-liked cereal, just to "mix things up." What concept does this behaviour demonstrate and why did she likely do this?

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Question 9

Fiona enjoys hunting for information and generally keeping track of developments in the marketplace. What type of information search is she making?

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Question 10

Wendy is in the market to purchase a new vehicle. She has several attributes she is using to evaluate the potential options including price, styling, fuel efficiency, and handling. Using Wendy's case as an example, explain the notion of evaluative criteria and determinant attributes.

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Question 11

How are online search engines and social media informing both consumers and marketers, as searches are made for product information?

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Question 12

What type of marketing research uses functional magnetic resonance imaging (fMRI) and how is this helpful?

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Question 13

Identify the series of steps customers go through as a part of the stages in extended problem solving.

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Question 14

Which kind of decision rule is being used by a consumer who says that good performance on one or more attributes cannot "make up for" poor performance on other product attributes?

Accepted Answer

A non-compensatory rule is used when a consumer decides that poor performance in one attribute cannot be compensated for by good performance in another attribute.

Question 15

Dave enjoys Carlsberg lager and would say it is his favourite brand. However, sometimes he will buy another brand of beer even when his favourite is there. Why?

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Question 16

Fred and Karen are both considering purchasing a new stereo. Fred knows nothing about stereos, while Karen has a fair amount of knowledge about them, but is hardly an expert. Who will seek more information during the decision process and why? What type of product attributes will Fred consider?

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Question 17

Alison has been given a free ticket to a dance performance. On the night of the performance, there is the threat of a transportation strike. Would Alison be likely to attempt to go or not, and would her decision be different if she had paid a high price for her ticket? Explain.

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Question 18

How is product categorization related to the notion of forming a positioning strategy? Give an example.

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Question 19

Explain the relationship between the evoked set, the inept set, and the inert set.

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Question 20

A consumer selects a brand that performs best on the most important attribute for that product. This is the result of which decision rule?

Accepted Answer

The lexicographic rule is a decision-making process where the consumer selects the brand that is the best on the most important attribute.

Quiz 9: Individual Decision Making