12 Questions
What type of bias involves consumers having a preference for known brands due to familiarity?
Prior brand evaluations
Which set of options consists of those that consumers are indifferent towards when making a decision?
Inert set
Which factor influences the relevance and importance of decision criteria based on whether consumers think in abstract or concrete terms?
Timing of the decision
In which type of decision-making model do consumers base their decisions on feelings or emotions?
Affective decision-making model
What determines whether bad attributes can be compensated for by good ones in a decision-making process?
Compensatory vs non-compensatory processing
Which type of bias involves framing a decision as either a loss or gain influencing consumer choice?
Loss aversion
What is judgment in decision-making?
An evaluation of an object or estimate of likelihood of an outcome or event
Which process involves starting with an initial evaluation and adjusting it with additional information?
Anchoring and adjustment
What does 'mental accounting' involve in consumer behavior?
Categorizing spending and saving decisions into accounts designated for specific transactions, goals, or situations
What is the role of imagery in judgments of likelihood and goodness/badness?
Providing a multi-sensory mental representation of a stimulus or event
In high effort judgment processes, what does anchoring and adjustment involve?
Starting with an initial evaluation and adjusting it with additional information
What does estimation of likelihood involve?
Judging how likely something will happen
Explore the concepts of judgment and decision making in the field of marketing, including evaluating likelihood, goodness/badness, and mental accounting. Learn about high effort judgment processes such as estimation of likelihood and evaluating desirability.
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