Richard bought a new 4 GB USB flash drive, costing $100, for $85 in a sale. He was extremely happy with his buy and the fact that he had saved $15, even though he did not really require a flash drive. Richard's behavior relates BEST to which of the following biases relevant to marketing?
A) Losses loom larger than gains
B) Compromise effect / extremism aversion
C) Attraction effect
D) Transaction utility
E) Status quo bias

Question

Quizplus · Accepted Answer

Richard's satisfaction comes from the perceived value of the deal rather than the necessity of the product, which is a clear example of transaction utility. This concept refers to the psychological satisfaction or dissatisfaction associated with the financial aspects of a deal, separate from the actual utility or use value of the product or service purchased.

Richard Bought a New 4 GB USB Flash Drive, Costing