SPMT 370 Final Exam Review Questions with
Verified Correct Answers
Five stages of the decision-making process
want/need recognition, search for information, evaluation of alternatives, purchase decision,
post choice evaluation
What process works in conjunction with the decsion-making process?
Consumption Process
Types of decision-making processes
Extended, Limited, Habitual
extended decision making
consumers move diligently through various problem-solving activities in search of the best
information that will help them reach a decision (example: choice of college)
limited decision making
consumers spend little time searching for information and reach decisions based on prior
beliefs/experience (example: vacation dinner)
habitual decision making
consumers generally do not seek information at all when a problem is recognized and select a
product based on habit (example: PB choice)
level of risk associated with extended decision making
high involvement/high risk
level of risk associated with limited decision making
low involvement/low risk
brand loyalty
a customer's favorable attitude toward a specific brand (affective)
brand inertia
, occurs when a consumer simply buys a product repeatedly without any real attachment
(possibly for convenience or price)
Decision-making revolves around
motivation
Decision-making leads to
consumer choice
consumer choice is linked to
value
value related approaches to decision-making
Affective (hedonic/ experiential)
Behavioral (impulsive/situational)
Cognitive (utilitarian/ rational)
Perceived Risk
perception of the negative consequences that are likely to result from a course of action and the
uncertainty of which course of action is best to take
As involvement and risk increase,
consumers are motivated to think more carefully about the decision-making process
Types of perceived risk
Financial, Social, Physical, Functional, Time
What type of perceived risk is associated with sports?
Functional (not performing as promised)
Maximizer
consumers who work to find the BEST solution
Satisficing
practice of using decision-making shortcuts to arrive at satisfactory, rather than optimal,
decisions
Most daily choices/purchases are ... involvement & ... risk
Verified Correct Answers
Five stages of the decision-making process
want/need recognition, search for information, evaluation of alternatives, purchase decision,
post choice evaluation
What process works in conjunction with the decsion-making process?
Consumption Process
Types of decision-making processes
Extended, Limited, Habitual
extended decision making
consumers move diligently through various problem-solving activities in search of the best
information that will help them reach a decision (example: choice of college)
limited decision making
consumers spend little time searching for information and reach decisions based on prior
beliefs/experience (example: vacation dinner)
habitual decision making
consumers generally do not seek information at all when a problem is recognized and select a
product based on habit (example: PB choice)
level of risk associated with extended decision making
high involvement/high risk
level of risk associated with limited decision making
low involvement/low risk
brand loyalty
a customer's favorable attitude toward a specific brand (affective)
brand inertia
, occurs when a consumer simply buys a product repeatedly without any real attachment
(possibly for convenience or price)
Decision-making revolves around
motivation
Decision-making leads to
consumer choice
consumer choice is linked to
value
value related approaches to decision-making
Affective (hedonic/ experiential)
Behavioral (impulsive/situational)
Cognitive (utilitarian/ rational)
Perceived Risk
perception of the negative consequences that are likely to result from a course of action and the
uncertainty of which course of action is best to take
As involvement and risk increase,
consumers are motivated to think more carefully about the decision-making process
Types of perceived risk
Financial, Social, Physical, Functional, Time
What type of perceived risk is associated with sports?
Functional (not performing as promised)
Maximizer
consumers who work to find the BEST solution
Satisficing
practice of using decision-making shortcuts to arrive at satisfactory, rather than optimal,
decisions
Most daily choices/purchases are ... involvement & ... risk