Question 1

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 fits the definition of a market maven - someone who has a high level of knowledge and expertise about a particular product category and enjoys sharing that knowledge with others. His Internet blog and video club demonstrate his desire to engage with others who share his passion for video gaming.

Question 2

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

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

Question 3

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

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Question 4

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

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Question 5

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

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Question 6

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 a psychological discomfort that arises when a person’s beliefs, attitudes, and behaviors do not align. Steve just spent a significant amount of money on his computer, and now he sees an advertisement for a similar computer at a lower price. This dissonance causes Steve to doubt whether he made the right choice in purchasing his computer.

Question 7

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 along with measures of each brand's attributes, while the perceived brand universe includes only those brands that the consumer acknowledges, so the correct answer is C. Choice A and B don't accurately describe the concepts mentioned in the question. Choice D is incorrect as it mentions the situational brand set, which is not relevant to the question. Choice E is incorrect as the parity brand universe is not mentioned in the question.

Question 8

The Expectancy Disconfirmation Model suggests that:

Accepted Answer

The Expectancy Disconfirmation Model suggests that satisfaction is influenced by the difference between expectations and actual performance. If expectations are high and not met, satisfaction decreases.

Question 9

_____ occurs when the product performs as good as consumers expected.

Accepted Answer

Satisfaction occurs when the product meets or exceeds consumer expectations. Post-consumption evaluation is a broader term that includes both satisfaction and dissatisfaction. Dissatisfaction occurs when the product falls short of consumer expectations. Post-purchase regret and cognitive dissonance refer to negative feelings or doubts that may arise after a purchase has been made, but they are not specific to product performance.

Question 10

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

Accepted Answer

The statement that very few consumers enjoy shopping for the sake of shopping is false. Research has shown that a significant portion of consumers do enjoy shopping as a leisure activity rather than simply a means of acquiring necessary goods.

Question 11

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 known as:

Accepted Answer

A non-compensatory process involves eliminating options based on certain criteria, which is what Markus is doing by narrowing down his choices to comedies and action movies.

Question 12

List the ways in which problem recognition is triggered.

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Question 13

What is the difference between needs and wants?

Accepted Answer

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Question 14

What is want creation? What is the "dark side" of marketers engaging in want creation?

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Question 15

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

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Question 16

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
-- _____

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Question 17

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

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Question 18

_____ 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 beliefs and behaviors, such as when a product does not meet expectations and seems inferior to other options, causing discomfort.

Question 19

Why is variety seeking prevalent among parity product categories?

Accepted Answer

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

Question 20

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.

Quiz 3: Overview of Consumer Decision Making

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