ch 9.2

Since consumers rarely have the resources, especially time, to weigh every possible factor into a decision, they often happily settle for a solution that is just good enough. This is known as:

_____ shoppers, who have more to lose when they make a bad purchase, actually search less before they buy than do _____ shoppers.

One form of framing called _____ describes people who are so obsessed with preparing for the future that they can't enjoy the present.

Casinos make their interiors very plush and expensive looking, knowing that gamblers who would be reluctant to make a $10 bet in average surroundings would gladly make $100 wagers in luxurious surroundings. Which of the following best explains the gamblers' behaviour?

Rachael would like to shop around comprehensively for her car insurance this year. However she is overwhelmed at work, so instead of searching more extensively she simply does a quick check on three well-known options and chooses one. According to Herbert Simon, this is known as a _____ solution.

Allison is in the market to purchase a new computer. She uses a decision strategy whereby she evaluates all of the available options to come up with the best possible decision. This is an example of:

There is a snowstorm tonight, and the Toronto Maple Leafs game is going ahead as scheduled. Your roommate, Alexi, obtained a free ticket from a work associate and is staying home. You, however, paid $75 (non-refundable) and feel like you have to go. This is an example of:

Which of the following is a key part to the elements of prospect theory?

Louis has wanted a Louis Vuitton handbag ever since they saw one on the television show Sex and the City. They could never imagine adjusting their household budget in order to save up the money to buy such an item as it was an outrageous amount to spend on a bag. This year they received a large bonus at work and went directly to the Louis Vuitton website and ordered the handbag. What bias does this behaviour reflect?

_____ occurs whenever the consumer sees a significant difference between their current state of affairs and some desired or ideal state.

John happened to stop by a showroom and test drive a new Acura LX and then decided he should replace his 2001 clunker before starting his new job. What has occurred?

A consumer's existing knowledge of a product may be the result of _____, wherein on a previous occasion the consumer had already searched for relevant information or experienced some of the alternatives.

_____ is the process by which the consumer surveys their environment for appropriate data to make a reasonable decision.

Over a period of time, many of us acquire product information just by being exposed to advertising, store promotions, or by observing what other people use. This acquisition is termed:

Mona feels that she is moderately knowledgeable about foreign films. Her friend Kim admits to knowing almost nothing about these films, while her other friend Wanda has just finished a course in foreign films with the highest grade in the class. Of the three friends, who is most likely to seek the most information about a new foreign film being shown on campus before deciding to see the film?

Yasser has expert knowledge about computers. He is now in the market for a new model. He will make a(n):

As a rule, decisions that involve some kind of _____ are more likely to result in the consumer's engaging in a more extensive search.

What is the key distinction between a social risk and a psychological risk?

Consumers realize they face risks in buying products, of which some factors are objective (unsafe products) and some subjective (embarrassment). Which type of perceived risk is inherent in the purchase of either visible or symbolic goods that are visible to others?

Which buyers are most sensitive to psychological risks in purchase decisions?

High-ticket items that require substantial expenditures are most subject to which form of purchase risk?

Shawna believes she is a practical consumer. She is always on the lookout for better ways to obtain order in her life and make chores easier. New products that promise to help with these work tasks catch her eye. However, she sometimes makes mistakes by buying products that do not deliver on their promises to do the work required. Considering the above description, Shawna could be prone to which of the following types of perceived risk?

When Jacob first thought of buying a new vehicle, he could name at least eight SUV models. His friend Emily could think of only four. Jacob spent several weeks researching SUVs and rejected five of the models. His evoked set is now smaller than Emily's. Why?

Craig had heard stories about toaster disasters from his friends. This brand blew up, that one shorted out, another had not lasted even a year, and so on. He knew he should not consider those brands. They were Craig's:

Jamie is considering ordering a dessert for lunch. Before they ever decide on the kind they prefer, they decide whether to get a fattening or nonfattening dessert. This decision relates to which of the following levels of abstraction of dessert categories?

A small company, Graig Inventions, produced a pill that had the nutrient value of a healthy breakfast. They put it on the market as a substitute for breakfast for busy people. The product failed. Graig Inventions then marketed the pill as a diet product and it became very successful. What does the example best demonstrate?

Coca-Cola would be an example of a(n) _____ product because it has come to characterize an entire category of soft drinks.

Product designers making items such as smartphones and tablets have a tendency to maximize the features included. What is this called?

When consumers anticipate having to use a product in front of others, they tend to prefer _____ products.

The dimensions or qualities a consumer uses when judging the merits of competing purchase options are called:

Although Greg had considered numerous factors when looking at several models of road bikes, the critical or deciding factors that led to an actual purchase are called:

As a customer's product knowledge continually increases, what typically happens to the amount of search conducted by the consumer?

A new organic milk product has a long shelf life without being refrigerated. The product did not sell. When the marketing team convinced stores to make space for it with other milk containers in the refrigerators, they couldn't keep it in stock. It was a huge success. Putting it in the fridge allowed consumers:

Ian discovers the apartment has run out of toilet paper. This is an example of necessity recognition.

Claire remembers that uniquely wonderful taste that can only come from a "frosty mug" of root beer. As she heads to the soft drink aisle in her grocery store, she decides that today is the day to experience root beer again. Claire has just conducted what is called an internal search for information.

When a consumer becomes satiated with a favourite product, they may trade enjoyment just to try a different product. This is termed variety seeking.

Hirosi ordered the expensive "heart attack special" at their local pub. It came with a full pound of hamburger and a full bucket of fries. Halfway through the meal, Hirosi was not feeling well. Yet according to the sunk-cost fallacy, Hirosi will continue until they have finished the "special."

Generally, search activity is greater when the purchase is important.

Shelly makes an excellent salary as a production manager for a large company. John has lost his job and has been having a difficult time making ends meet. If Shelly and John were looking to buy the same product, we would expect John to expend more effort than Shelly in gathering information and looking at alternatives.

Consumers expert in product knowledge are more likely than other groups of consumers to engage in an information search because they have a better sense of what information they need.

Syl is a financially poor college student. They try to make every purchase decision a wise one because of their economic situation. Based on the types of risk mentioned in the text, Syl's primary risk when making decisions would appear to be a psychological risk.

The inert set of brand choices consists of all those alternatives the consumer has in memory plus those prominently displayed in the store.

Products that customers put on the subordinate level always have at least one thing in common.

The basic idea of feature creep is that a competitor starts to steal product features from another company.

Criteria on which products differ carry less weight in the decision process than do criteria that are similar.