BMKT 337 Exam 3 Study Guide
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Questions and Answers

What best describes bounded rationality?

  • The concept that every decision made is purely logical and objective.
  • The assumption that consumers have access to all information when making a decision.
  • A theory that states individuals always act in their own self-interest.
  • The idea that decision-making is limited by cognitive constraints and available information. (correct)

    • Which heuristic involves making decisions based on emotions and feelings?

  • Availability heuristic
  • Anchoring heuristic
  • Affect heuristic (correct)
  • Representative heuristic

    • Which of the following heuristics is NOT commonly associated with cognitive biases?

  • Affect heuristic
  • Structured decision-making (correct)
  • Confirmation bias
  • Hindsight bias

    • What is considered a limitation of rational theory in decision-making?

    <p>It assumes people always seek to maximize their utility.</p> Signup and view all the answers

    Which of the following best defines Prospect Theory?

    <p>It states that people evaluate potential losses and gains differently.</p> Signup and view all the answers

    What best describes a para-social relationship?

    <p>A one-sided relationship where a person feels connected to a media figure.</p> Signup and view all the answers

    What is the primary role of influencers and opinion leaders in marketing?

    <p>To shape consumer perceptions and influence purchasing decisions.</p> Signup and view all the answers

    What does the term 'associative group tactics' refer to?

    <p>Approaches that emphasize shared experiences or connections among individuals.</p> Signup and view all the answers

    How does word-of-mouth (WOM) impact brand perception?

    <p>It helps to create personal and emotional connections between the brand and potential customers.</p> Signup and view all the answers

    What aspect of sensory marketing does the PowerPoint consider in relation to branding?

    <p>Strategic use of multiple senses to enhance brand identity.</p> Signup and view all the answers

    What aspect of consumer behavior does trait theory best examine?

    <p>How personality traits influence buying choices</p> Signup and view all the answers

    What is an example of a characteristic related to the need for cognition?

    <p>Desire for detailed product information</p> Signup and view all the answers

    What scenario best illustrates the concept of cognitive dissonance?

    <p>A consumer feels guilty after buying an expensive item they did not need</p> Signup and view all the answers

    How do marketers typically utilize locus of control in their strategies?

    <p>By adapting messages to influence consumer perceptions of control</p> Signup and view all the answers

    What does equity theory in consumer behavior primarily focus on?

    <p>The balance between consumer expectations and actual experiences</p> Signup and view all the answers

    What is a major outcome consumers seek after making a choice, according to the expectancy-disconfirmation theory?

    <p>Reassurance that their choice was correct</p> Signup and view all the answers

    Which factor is crucial in shaping consumers' expectations for products and services?

    <p>Past experiences with similar items</p> Signup and view all the answers

    When considering individual differences, how do marketers segment their audience?

    <p>By analyzing psychographics and behavioral patterns</p> Signup and view all the answers

    What are psychographics used to analyze in consumer behavior?

    <p>Individual values and interests</p> Signup and view all the answers

    What does the multiple-trait approach aim to study?

    <p>Individual differences in consumer behavior</p> Signup and view all the answers

    Which of the following is a segmentation strategy that focuses on individuals’ behaviors?

    <p>VALZ</p> Signup and view all the answers

    What is a key characteristic of the PRIZM segmentation strategy?

    <p>It classifies people based on their geography and social rank.</p> Signup and view all the answers

    What is narrative transportation in the context of marketing?

    <p>Engaging consumers through storytelling</p> Signup and view all the answers

    What psychological concept is associated with sensory marketing?

    <p>Embodied cognition</p> Signup and view all the answers

    Which of the following is NOT a common reason for the use of sensory marketing?

    <p>Clouding consumer judgment</p> Signup and view all the answers

    What group factor influences the likelihood of conformity among individuals?

    <p>Peer approval</p> Signup and view all the answers

    Study Notes

    BMKT 337 Exam 3 Study Guide

    • Exam covers 5 lectures
    • 100 points, approximately 26-30 questions
    • 4-7 questions per chapter
    • Two versions of the exam (blue and green scantrons)
    • Exam questions will be multiple choice, true/false, and matching

    Individual Differences (Ch. 6)

    • Individual differences: Traits like obsessive-compulsive vs. impulse-controlled buying, need for cognition, and affect
    • How marketers use individual differences: Understanding these traits to tailor marketing strategies
    • Locus of control: Internal vs. external locus of control
    • Psychographics: Value, interest, and lifestyle traits
    • Multiple-trait approach: Studying how individual traits affect consumer behavior (e.g., VALS, PRIZM segmentation strategies)
    • Segmentation strategies: VALS and PRIZM differ in the ways they study or segment consumers.

    Post-Decision Evaluation

    • Consumer outcomes: Expected outcomes from consumer behavior
    • Expectancy-disconfirmation theory: Consumer outcomes and when they occur
    • Consumer expectations: Factors shaping pre-purchase expectations
    • Equity theory: How consumers react to fairness in products and services
    • Cognitive dissonance: Discomfort after purchasing
    • Marketing actions to reduce dissonance: Techniques businesses use to reduce consumer discomfort after a purchase

    Sensory Marketing

    • Why use sensory marketing: To create a strong brand experience
    • Embodied cognition: Study how physical sensations affect reactions
    • 5 sensory components: Crucial sensory factors in the marketing process to be studied. These are not explicitly listed but appear to be implied
    • Olfactory (smell): Sensory component of marketing
    • Strategic use of sensory elements: How to tie sensory elements to a brand's abstract qualities

    Heuristics & Biases (New Ch.)

    • Definition of heuristic: Mental shortcuts for decision-making
    • Rational theory: Individuals make rational decisions, opposed to relying on mental shortcuts.
    • Bounded rationality: Concept of restricted rationality
    • Prospect theory: Model that describes how people make decisions under uncertainty.
    • Heuristics: Four biases, each covered in different slides, that apply to decision making
    • In-class activity on D2L: Activities on D2L involving study of bias samples, requiring in class engagement.
    • Affect heuristic: Understanding how emotions shape decision-making. Examples of its application in marketing will appear in the PowerPoint presentation.

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    Related Documents

    BMKT 337 Consumer Behavior Exam 3 Study Guide PDF

    Description

    Prepare for BMKT 337 Exam 3 with this comprehensive study guide covering individual differences in consumer behavior and post-decision evaluation. The exam includes multiple choice, true/false, and matching questions based on lecture content and key marketing concepts. Understand how traits influence marketing strategies and consumer segmentation.

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