Podcast
Questions and Answers
What type of consumer choice is driven primarily by a consumer's immediate emotional response?
What type of consumer choice is driven primarily by a consumer's immediate emotional response?
Affective choice can be rationally articulated and is based on the analysis of product components.
Affective choice can be rationally articulated and is based on the analysis of product components.
False
What is one important factor that influences attitude-based choice?
What is one important factor that influences attitude-based choice?
Brand recognition
The choice process that involves detailed knowledge about specific product features is called ________.
The choice process that involves detailed knowledge about specific product features is called ________.
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Match the types of consumer choice with their characteristics:
Match the types of consumer choice with their characteristics:
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Which of the following is NOT a criterion for evaluating a mobile phone according to attribute-based choice?
Which of the following is NOT a criterion for evaluating a mobile phone according to attribute-based choice?
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Consumers use heuristic methods exclusively in attribute-based choice.
Consumers use heuristic methods exclusively in attribute-based choice.
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Name an example of attributes that consumers could compare when selecting a mobile phone.
Name an example of attributes that consumers could compare when selecting a mobile phone.
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What concept opposes the assumption that consumers are always rational in their decision-making?
What concept opposes the assumption that consumers are always rational in their decision-making?
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Consumers always seek optimal solutions in their decision-making.
Consumers always seek optimal solutions in their decision-making.
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What is the name of the scale developed to measure individual differences in consumer emotional intelligence?
What is the name of the scale developed to measure individual differences in consumer emotional intelligence?
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The introduction of a third choice can adjust the original ______ when a consumer is deciding between two choices.
The introduction of a third choice can adjust the original ______ when a consumer is deciding between two choices.
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Match the following researchers with their findings:
Match the following researchers with their findings:
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According to research, when consumers are faced with too many choices, they tend to:
According to research, when consumers are faced with too many choices, they tend to:
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Heuristics are used as a shortcut decision-making process when consumers are under time pressure.
Heuristics are used as a shortcut decision-making process when consumers are under time pressure.
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What emotional factors influence consumer behavior according to recent research?
What emotional factors influence consumer behavior according to recent research?
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Which decision rule evaluates a product according to all identified attributes?
Which decision rule evaluates a product according to all identified attributes?
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Rational choice theory suggests that the optimal solution for consumers changes depending on situational factors.
Rational choice theory suggests that the optimal solution for consumers changes depending on situational factors.
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What are the three assumptions of rational choice theory?
What are the three assumptions of rational choice theory?
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The ______ effect is a cognitive bias where people react differently based on how a choice is presented.
The ______ effect is a cognitive bias where people react differently based on how a choice is presented.
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Match the following decision rules with their definitions:
Match the following decision rules with their definitions:
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In prospect theory, how are losses perceived compared to gains?
In prospect theory, how are losses perceived compared to gains?
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The anchoring effect refers to making decisions based on a final outcome.
The anchoring effect refers to making decisions based on a final outcome.
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Which decision rule immediately drops products that do not meet the minimum standard?
Which decision rule immediately drops products that do not meet the minimum standard?
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_______ rationality proposes that there are limitations to making rational decisions.
_______ rationality proposes that there are limitations to making rational decisions.
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How do scarcity frames impact consumer decision-making?
How do scarcity frames impact consumer decision-making?
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Cognitive biases always lead individuals to make rational decisions.
Cognitive biases always lead individuals to make rational decisions.
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What is the effect of presenting a glass of juice as two-thirds full versus one-third empty?
What is the effect of presenting a glass of juice as two-thirds full versus one-third empty?
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An example of a non-compensatory decision rule is the _________ decision rule.
An example of a non-compensatory decision rule is the _________ decision rule.
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Match the following terms with their definitions:
Match the following terms with their definitions:
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Study Notes
Consumer Choice Processes
- Three types of consumer choice processes exist: affective, attitude-based, and attribute-based.
- Affective choice: Driven by emotional response to a product, holistic, not always rationally articulated. Product evaluation is based on feelings during use.
- Attitude-based choice: Uses general attitudes, impressions, intuitions, or heuristics. Brand recognition and perception are important factors.
- Attribute-based choice: Involves attribute-by-attribute comparisons across brands, requiring detailed product knowledge. Decisions are based on comparing attributes (number, types, or importance).
Evaluation Criteria and Judgment Models
- Evaluation criteria: Standards used by consumers to evaluate a product.
- Judgment models: Procedures or rules for evaluating alternative product qualities (decision models/choice rules).
- Compensatory decision rule: Evaluates a product based on all identified attributes. (battery life, sound, screen quality, memory, camera quality, compatible apps, OS, weight, etc.). Comparisons of several products are conducted.
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Non-compensatory decision rule: A different approach to comparison. There are three main types:
- Conjunctive decision rule: Establishes minimum required standards for each criterion; products not meeting requirements are rejected immediately.
- Lexicographic decision rule: Ranks product attributes by importance (e.g., data storage, camera quality, battery life).
- Elimination-by-aspects decision rule: Ranks attributes by importance and sets minimum requirements for each; if attributes do not meet minimum requirements, the product is eliminated.
Rational Choice Theory
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Assumptions:
- Consumers seek one optimal solution.
- Consumers have the skills and motivation to find the optimal solution.
- Optimal choice remains constant despite situational factors (time pressure, etc)
- Theory assumes that sufficient product information enables informed, optimal choice.
Challenges to Rational Choice Theory
- Framing effect: People react differently to choices based on how they are presented (e.g., "two-thirds full" vs. "one-third empty"); Prospect theory explains this, where people perceive losses as larger than gains. Examples include scarcity & limited resource framing.
- Anchoring effect: Decisions influenced by initial information (e.g., previous phone model).
- Bounded rationality: Consumer rationality is limited by available information, cognitive capacity, and time. Consumers may seek satisfactory instead of optimal solutions.
- Excessive Choice: A larger number of choices can be demotivating and lead to consumers to hastily selecting options rather than choosing carefully.
Consumer Emotional Intelligence
- CEIS (Consumer Emotional Intelligence Scale) measures individual differences in using emotional information to make consumer choices.
Additional Notes
- Consumer behavior is often complex, emotional, and incomplete, contradicting rational choice theory assumptions.
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Description
Test your knowledge on the various consumer choice processes, including affective, attitude-based, and attribute-based choice. Explore evaluation criteria and judgment models that influence consumer decisions. This quiz will help you understand the complexities of how consumers evaluate products and make choices.
