Judgment and Decision Making in Marketing
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Questions and Answers

What type of bias involves consumers having a preference for known brands due to familiarity?

  • Self-positivity bias
  • Confirmation bias
  • Prior brand evaluations (correct)
  • Negativity bias

    • Which set of options consists of those that consumers are indifferent towards when making a decision?

  • Inept set
  • Inert set (correct)
  • Consideration set
  • Attraction effect

    • Which factor influences the relevance and importance of decision criteria based on whether consumers think in abstract or concrete terms?

  • Consumer goals
  • Framing of the decision
  • Timing of the decision (correct)
  • Loss aversion

    • In which type of decision-making model do consumers base their decisions on feelings or emotions?

    <p>Affective decision-making model</p> Signup and view all the answers

    What determines whether bad attributes can be compensated for by good ones in a decision-making process?

    <p>Compensatory vs non-compensatory processing</p> Signup and view all the answers

    Which type of bias involves framing a decision as either a loss or gain influencing consumer choice?

    <p>Loss aversion</p> Signup and view all the answers

    What is judgment in decision-making?

    <p>An evaluation of an object or estimate of likelihood of an outcome or event</p> Signup and view all the answers

    Which process involves starting with an initial evaluation and adjusting it with additional information?

    <p>Anchoring and adjustment</p> Signup and view all the answers

    What does 'mental accounting' involve in consumer behavior?

    <p>Categorizing spending and saving decisions into accounts designated for specific transactions, goals, or situations</p> Signup and view all the answers

    What is the role of imagery in judgments of likelihood and goodness/badness?

    <p>Providing a multi-sensory mental representation of a stimulus or event</p> Signup and view all the answers

    In high effort judgment processes, what does anchoring and adjustment involve?

    <p>Starting with an initial evaluation and adjusting it with additional information</p> Signup and view all the answers

    What does estimation of likelihood involve?

    <p>Judging how likely something will happen</p> Signup and view all the answers

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