MGT 103 CORRECT FINALS ANSWERS AND
QUESTIONS SET A+
✔✔Information Search - ✔✔Consumers need adequate information to make a decision
- Internal & External Search - Pre-purchase & Ongoing Search - Influence of Prior
Knowledge
✔✔Evaluation of Alternatives - ✔✔Evoked Set: The brands or products a consumer
knows about and may consider.
Unawareness Set: Brands or products the consumer does not know about.
Consideration Set: The brands or products the consumer seriously considers buying.
Inept Set Brands:or products the consumer knows about but would not choose.
✔✔Product Choice: Heuristics (mental rules of thumb) - ✔✔Price = quality
Brand Loyalty - emotional connection
Status Quo bias - bias over repetitive behavior
Country of origin - korean skincare
Affect - emotions and feelings, go w what feels good
Normative tactics - go w wat u should do
✔✔Product Choice: Contextual cues - ✔✔Sunk costs- costs you wont get back
Endowment effect - smth has more values once its yours
Compromise effect- need at least 3 options, averse to extremes --> attract middle
Decoy effect (assymetric dominance) - only 2 options, price closely so ppl pick the large
✔✔Post-purchase evaluation - ✔✔Experience vs expectations
- Degree of satisfaction is influenced by whether or not expectations of product quality
are met/exceeded
- Marketing communications must create accurate expectations for the product
✔✔Cognitive dissonance - ✔✔When behavior and attitude are not consistent. Common,
so marketers do what they can to help reduce it. Post-purchase regret is one type of
cognitive dissonance
, ✔✔Influence on decision making - ✔✔- internal
- social
- situational
✔✔Internal influence - ✔✔• Perception - Process by which we select, organize, and
interpret information from outside world
• Motivation - Internal state that drives us to satisfy needs by activating goal-oriented
behavior
• Learning - A relatively permanent change in behavior caused by information or
experience
• Attitudes - learned predispositions to respond favorably or unfavorably to stimuli on the
basis of relatively enduring evaluations of people, objects, and issues.
• Personality - The set of unique psychological characteristics that consistently
influences the way a person responds to situations in the environment
• Age groups - Products can be targeted at certain age segments - Age groups -
Cohorts/Generations - Life cycle
• Lifestyle - activities, interests, and opinions
✔✔Classic Shopping list Study (Haire 1950) - ✔✔Woman who wrote instant coffee
shopping list perceived as: - Lazy - Poorly organized - Careless with money -
Inadequate wife and mother
- Consumers'perceptions are often very subjective but they are the only thing that
counts!
- Products are often tied to values or seen has having a particular role in life
- Motives and perceptions are intimately tied to purchase decisions - Psychological
barriers to purchase may exist
✔✔Classical Conditioning - ✔✔Ex. Pavlov's Dogs: Dogs naturally salivate to food. By
pairing a bell with food, the dogs learn to salivate at the sound of the bell alone.
✔✔Operant conditioning - ✔✔Ex. : A rat learns to press a lever to receive a food pellet
(positive reinforcement)
✔✔Situational Influences - ✔✔Physical environment - Store environment - layout,
mirrors, signage - Web environment - Sensory impacts - scents, lighting, colors •
Scarcity (of product and of time) - Time poverty (feeling as though you are running out
of time) • Limited time offers • Flash sales
✔✔Social Influences - ✔✔• Culture - - Ethnic cultures, racial culture, country culture,
geographic culture, university culture, etc
• Subculture
• Social Class - The overall rank or social standing of groups of people within a society,
according to factors such as family background, education, occupation, and income
• Group Membership - Aspiration, associative, dissociative
QUESTIONS SET A+
✔✔Information Search - ✔✔Consumers need adequate information to make a decision
- Internal & External Search - Pre-purchase & Ongoing Search - Influence of Prior
Knowledge
✔✔Evaluation of Alternatives - ✔✔Evoked Set: The brands or products a consumer
knows about and may consider.
Unawareness Set: Brands or products the consumer does not know about.
Consideration Set: The brands or products the consumer seriously considers buying.
Inept Set Brands:or products the consumer knows about but would not choose.
✔✔Product Choice: Heuristics (mental rules of thumb) - ✔✔Price = quality
Brand Loyalty - emotional connection
Status Quo bias - bias over repetitive behavior
Country of origin - korean skincare
Affect - emotions and feelings, go w what feels good
Normative tactics - go w wat u should do
✔✔Product Choice: Contextual cues - ✔✔Sunk costs- costs you wont get back
Endowment effect - smth has more values once its yours
Compromise effect- need at least 3 options, averse to extremes --> attract middle
Decoy effect (assymetric dominance) - only 2 options, price closely so ppl pick the large
✔✔Post-purchase evaluation - ✔✔Experience vs expectations
- Degree of satisfaction is influenced by whether or not expectations of product quality
are met/exceeded
- Marketing communications must create accurate expectations for the product
✔✔Cognitive dissonance - ✔✔When behavior and attitude are not consistent. Common,
so marketers do what they can to help reduce it. Post-purchase regret is one type of
cognitive dissonance
, ✔✔Influence on decision making - ✔✔- internal
- social
- situational
✔✔Internal influence - ✔✔• Perception - Process by which we select, organize, and
interpret information from outside world
• Motivation - Internal state that drives us to satisfy needs by activating goal-oriented
behavior
• Learning - A relatively permanent change in behavior caused by information or
experience
• Attitudes - learned predispositions to respond favorably or unfavorably to stimuli on the
basis of relatively enduring evaluations of people, objects, and issues.
• Personality - The set of unique psychological characteristics that consistently
influences the way a person responds to situations in the environment
• Age groups - Products can be targeted at certain age segments - Age groups -
Cohorts/Generations - Life cycle
• Lifestyle - activities, interests, and opinions
✔✔Classic Shopping list Study (Haire 1950) - ✔✔Woman who wrote instant coffee
shopping list perceived as: - Lazy - Poorly organized - Careless with money -
Inadequate wife and mother
- Consumers'perceptions are often very subjective but they are the only thing that
counts!
- Products are often tied to values or seen has having a particular role in life
- Motives and perceptions are intimately tied to purchase decisions - Psychological
barriers to purchase may exist
✔✔Classical Conditioning - ✔✔Ex. Pavlov's Dogs: Dogs naturally salivate to food. By
pairing a bell with food, the dogs learn to salivate at the sound of the bell alone.
✔✔Operant conditioning - ✔✔Ex. : A rat learns to press a lever to receive a food pellet
(positive reinforcement)
✔✔Situational Influences - ✔✔Physical environment - Store environment - layout,
mirrors, signage - Web environment - Sensory impacts - scents, lighting, colors •
Scarcity (of product and of time) - Time poverty (feeling as though you are running out
of time) • Limited time offers • Flash sales
✔✔Social Influences - ✔✔• Culture - - Ethnic cultures, racial culture, country culture,
geographic culture, university culture, etc
• Subculture
• Social Class - The overall rank or social standing of groups of people within a society,
according to factors such as family background, education, occupation, and income
• Group Membership - Aspiration, associative, dissociative
