Question 1

The is the set of all brands that exist along with measures of each brands' attributes; whereas, the includes those brands that the consumer acknowledges.

Accepted Answer

The true brand universe is the set of all brands that exist with their measures of attributes, while the perceived brand universe is the subset of brands that consumers actually acknowledge or are aware of. Therefore, C is the most appropriate choice.

Question 2

Which two factors are combined to form a consumers perceive product market?

Accepted Answer

The perceived product market is formed by the perceived brand universe, which includes the brands a consumer is aware of, and the perceived utility function, which represents the consumer's evaluation of these brands.

Question 3

-Consider the graph.Consider the "calories" cluster.Which brand lies closest to the cluster frontier?

Accepted Answer

The answer of 
-Consider the graph.Consider the "calories" cluster.Which brand...

Question 4

-Consider the graph.What does it represent?

Accepted Answer

The graph likely represents a perceived product market for ice cream, which involves consumer perceptions and preferences in the market.

Question 5

-Consider the graph.Which brand offer the highest perceived utility for taste?

Accepted Answer

The answer of 
-Consider the graph.Which brand offer the highest...

Question 6

Describe the steps of the traditional model of consumer decision making.

Accepted Answer

The answer of Describe the steps of the traditional model...

Question 7

List and briefly describe the five perceptions of risk.Identify an example of a product that might carry each risk.

Accepted Answer

The answer of List and briefly describe the five perceptions...

Question 8

George enjoys video gaming.He seems to know everything there is to know about the various gaming systems on the market and the newest, hottest games.George not only plays video games but he also runs his own Internet blog about video games, and he has started a video club in neighborhood.George is most clearly:

Accepted Answer

George's extensive knowledge and involvement in the video game market, as well as his creation of a video club and blog, suggest that he is a market maven - an individual who has significant influence over others' purchasing decisions in a particular market.

Question 9

Steve was initially happy with his newly purchased personal computer.It had all the features he wanted, including a large monitor and internal memory.But, as he was taking the computer out of the box, Steve noticed an advertisement in the local newspaper showing a similar computer for less than he paid.Suddenly, Steve began to doubt his purchase decision and feel anxious -maybe he had not gotten such a good deal and spent too much money on his purchase.Steve was experiencing:

Accepted Answer

Steve is experiencing cognitive dissonance, which is the feeling of discomfort or anxiety that arises when a person holds two conflicting beliefs or values. In this case, Steve believed he made a good purchase decision by buying his computer, but the advertisement he saw made him question that belief and caused him to feel anxious.

Question 10

occurs when product performance falls short of consumers' expectations and seems inferior to rejected alternatives.

Accepted Answer

Cognitive dissonance occurs when there is a conflict between a consumer's expectations and the actual performance of a product, leading to feelings of regret or doubt about the purchase decision.

Question 11

Which of the following statements about information search during consumer decision making is false?

Accepted Answer

Research actually shows that a significant number of consumers enjoy shopping for the sake of shopping, indicating that shopping can be a leisure activity for many people. Therefore, statement E is false. Statements A, B, C, and D are generally true.

Question 12

Prior knowledge and experience influences the extent to which consumers conduct external information searches during the decision process.Which group typically will spend the most time gathering information?

Accepted Answer

Consumers with moderate levels of expertise are likely to spend the most time gathering information because they are aware of their knowledge gaps and motivated to learn more, unlike experts who rely on their existing knowledge or novices who may not recognize what they need to learn.

Question 13

Graph the four major types of consumer decision making based on information processing and involvement.Provide an example of each type of decision.

Accepted Answer

The answer of Graph the four major types of consumer...

Question 14

The Expectancy Disconfmnation Model suggests that:

Accepted Answer

The Expectancy Disconfirmation Model suggests that satisfaction is influenced by the degree to which a product or service meets or exceeds a consumer's expectations. If expectations are not met, satisfaction will decrease. Therefore, as expectations increase, if they are not met, satisfaction will decrease. Therefore, Option B is the correct answer to the question.

Question 15

Fill in the missing step in the uncertainty-reduction process of consumer decision making: --product-market perception
-- consideration of a subset of brands
-- choice of one brand from the consideration set

Accepted Answer

The answer of Fill in the missing step in the...

Question 16

Markus is trying to decide what type of movie to rent tonight.He has narrowed his choices down to the categories of comedies and action.This process of narrowing down choices into manageable subsets is kuown as:

Accepted Answer

A non-compensatory process involves making a decision by eliminating options that do not meet certain criteria, without weighing the pros and cons of each remaining option. Markus is using this process by eliminating other genres and focusing only on comedies and action movies.

Question 17

Why is variety seeking prevalent among parity product categories?

Accepted Answer

The answer of Why is variety seeking prevalent among parity...

Question 18

In what type of industry structure can information search be almost eliminated?

Accepted Answer

In perfect competition and monopoly, there is no need for information search because the price and quantity are determined by the market or the monopolist.

Question 19

occurs when the product performs as good as consumers expected.

Accepted Answer

Satisfaction occurs when the product meets or exceeds consumer expectations, resulting in a positive evaluation of the purchase.

Question 20

Consumers often interpret larger as an indication of greater external uncertainty, but often interpret larger as an indication of less external uncertainty.

Accepted Answer

The answer of Consumers often interpret larger as an indication...

Quiz 9: The Consumer Decision Making Process