Question 1

Imagery plays a key role in ____ decision making.

Accepted Answer

Imagery largely influences affective decision making, which involves emotions, preferences, and attitudes. Affective decisions are often driven by sensory perceptions and imagery can enhance the emotional appeal of the options being evaluated. Cognitive decision making, on the other hand, relies more on rational analysis and logical reasoning. Disjointive, attributive, and additive decision making are not commonly used terms in decision-making theory.

Question 2

Clarke is willing to sell is Star Wars Lego collection to his friend Patrick.However,he wants to charge a price that is much higher than Patrick is willing to pay.This is an example of the

Accepted Answer

The endowment effect is a psychological phenomenon where people ascribe more value to things merely because they own them. In this scenario, Clarke values his Star Wars Lego collection more highly simply because it is his, leading him to set a price higher than Patrick is willing to pay.

Question 3

According to prospect theory

Accepted Answer

According to prospect theory, losses are more important to consumers than gains. This means that consumers are more sensitive to losses of a certain amount than they are to equivalent gains. Therefore, even if the magnitude of the gain and loss is the same, consumers will be more affected by the loss.

Question 4

It is December and Barb is planning ahead for her summer vacation.She is basing her decisions on how she will feel next summer.This is an example of

Accepted Answer

Barb's planning ahead based on her anticipated emotional state next summer is an example of affective forecasting. Affective forecasting refers to the process of predicting one's own emotional state in the future and basing decisions on those predicted emotions.

Question 5

How are judgments and decisions different?

Accepted Answer

The answer of How are judgments and decisions different?...

Question 6

With an attribute-based strategy to compare noncomparable alternatives,consumers make comparisons easier by

Accepted Answer

An attribute-based strategy involves forming abstract representations of comparable attributes to make comparisons easier.

Question 7

Attribute-processing models are useful for marketers primarily because they not only aid in identifying determinant attributes but also provide additional information on

Accepted Answer

Attribute-processing models help marketers understand the sequence in which consumers evaluate different attributes, which can inform marketing strategies and product positioning.

Question 8

Choosing between going to a movie and eating at a nice restaurant can best be thought of as

Accepted Answer

Going to a movie and eating at a nice restaurant are noncomparable options as they do not share a common unit of measurement. Therefore, the decision-making process would involve comparing the subjective value of each option based on personal preferences and priorities.

Question 9

Sellers typically ask a higher price for an item than buyers are willing to pay.This is called a(n)

Accepted Answer

The endowment effect is a psychological phenomenon where people ascribe more value to things merely because they own them. This explains why sellers often ask for a higher price than buyers are willing to pay, as sellers value the item more highly due to their ownership of it.

Question 10

The elimination-by-aspects model is similar to the lexicographic model except that it

Accepted Answer

The elimination-by-aspects model is similar to the lexicographic model in that it involves a series of decision stages, but it differs in that it incorporates the notion of an acceptable cutoff. This means that attribute levels that fall below the cutoff are eliminated from consideration, allowing the decision maker to compare alternatives across a narrower set of attributes. This can make the decision process more manageable and efficient, while still ensuring that the chosen alternative meets the decision maker's minimum standards or requirements.

Question 11

Maureen hates shopping for clothes.So the night before a gala event that she was planning to attend,she is at the mall frantically looking for a dress to wear.What consumer tendency does this illustrate?

Accepted Answer

The answer of Maureen hates shopping for clothes.So the night...

Question 12

In comparing noncomparable alternatives with an alternative-based strategy,consumers develop a(n)

Accepted Answer

With an alternative-based strategy, consumers make an overall evaluation of each option and then make a decision using a compensatory or affective strategy. This is the most common approach that consumers use when comparing noncomparable alternatives. Option A, subtracting from each of the products attribute by attribute, is known as the lexicographic strategy, which is a form of attribute-based decision making. Option B, additive differential strategy, is another form of attribute-based decision making, where consumers rate each option on each attribute and then calculate a numerical difference between the scores. Option C, decision calculus strategy, is a complex approach that involves calculating the expected value of each option based on probability and payoff information. Option E, decision about each attribute, and make decisions using a compensatory or affective strategy involves making a decision for each attribute and then weighting them based on their importance.

Question 13

Describe a judgment and give some examples within a consumer behavior context.

Accepted Answer

The answer of Describe a judgment and give some examples...

Question 14

If we choose a restaurant based on the good feelings we had the last time we ate there,we are using ____ decision making.

Accepted Answer

Affective decision making is based on emotions and feelings, rather than a strict evaluation of options. Choosing a restaurant based on good feelings from a previous visit aligns with this type of decision making.

Question 15

Consumers often base decisions on how they think they will feel in the future.This is called

Accepted Answer

Affective forecasting refers to the process of predicting how one will feel in the future as a result of a decision or event. This can influence consumer behavior as individuals often base their decisions on expected emotions, rather than rational analysis. Options A, B, D, and E are not accurate descriptions of this phenomenon.

Question 16

By convincing consumers that they should not accept a lower level on an important attribute,competitors can be rejected from consideration.This is best thought of as an example of marketers

Accepted Answer

This is an example of getting customers to switch from a compensatory to a noncompensatory strategy, as they are no longer willing to accept a lower level on an important attribute, even if the brand performs well on other attributes. This allows them to reject competitors who do not meet their minimum requirements.

Question 17

Options that are extreme on some attributes are less attractive than those that are moderate on those attributes.This is known as

Accepted Answer

This phenomenon is known as extremeness aversion, where extreme options on some attributes seem less attractive than moderate ones. This is because extreme options may create uncertainty or seem risky to consumers.

Question 18

Becca is in an elegant restaurant with a group of female friends.Each of her friends orders a low-fat fish entrée and a small salad.Becca orders a large steak and French onion soup.Which individual-group goal is Becca achieving?

Accepted Answer

Becca is achieving the individual goal of self preservation by ordering what she wants to eat even if it goes against the group norm of ordering low-fat fish entrées and small salads.

Question 19

Consumers who make decisions based on affect are often

Accepted Answer

Consumers who make decisions based on affect are often more satisfied than those who make cognitively-based decisions because they rely on their emotions and feelings rather than rational thinking, which can lead to a more positive emotional experience.

Question 20

Feelings are crucial for products and services that are

Accepted Answer

Hedonic, symbolic or aesthetic products and services are typically chosen based on emotional responses and feelings rather than functional needs. For example, people may choose a particular perfume or piece of artwork based on how it makes them feel rather than any practical use it may have.

Quiz 8: Judgment and Decision Making Based on High Effort