SPMT 370 Unit 3 Exam |37 Questions
with Answers
What is perceived risk? - -the 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
- What is financial risk? - -risk associated with the cost of the product
- What is social risk? - -risk associated with how other consumers will view
the purchase
- What is functional risk? - -risk associated with the likelihood of a product
not performing as expected
- What is physical risk? - -risk associated with the safety of a product and
the likelihood that it will cause physical harm
- What is time risk? - -risk associated with the time required to search for
the product and the time necessary for the product to be serviced or
maintained
- What are the steps in the decision-making process? - -Need recognition
Information search
Evaluation of alternatives
Decision rules & choice
Consumption
post-choice evaluation
- What is the cognitive approach to consumer decision-making? - -based on
date, information, and rational mental assessments
- What is the affective approach to consumer decision-making? - -based on
feelings, emotions, and experiences
- What is the behavioral approach to consumer decision-making? - -based
on situational influences
- What is consumer internal search (recall)? - -searching for information
from memory
- What are examples of consumer information that influence recall? - -
Brand: habitual and common
Attributes: specific elements which are important to consumer
with Answers
What is perceived risk? - -the 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
- What is financial risk? - -risk associated with the cost of the product
- What is social risk? - -risk associated with how other consumers will view
the purchase
- What is functional risk? - -risk associated with the likelihood of a product
not performing as expected
- What is physical risk? - -risk associated with the safety of a product and
the likelihood that it will cause physical harm
- What is time risk? - -risk associated with the time required to search for
the product and the time necessary for the product to be serviced or
maintained
- What are the steps in the decision-making process? - -Need recognition
Information search
Evaluation of alternatives
Decision rules & choice
Consumption
post-choice evaluation
- What is the cognitive approach to consumer decision-making? - -based on
date, information, and rational mental assessments
- What is the affective approach to consumer decision-making? - -based on
feelings, emotions, and experiences
- What is the behavioral approach to consumer decision-making? - -based
on situational influences
- What is consumer internal search (recall)? - -searching for information
from memory
- What are examples of consumer information that influence recall? - -
Brand: habitual and common
Attributes: specific elements which are important to consumer
