SPMT 370, EXAM 3 questions with answers

SPMT 370, EXAM 3 questions with |\ |\ |\ |\ |\ |\




answers

Consumer Decision Making Process Overview - CORRECT
|\ |\ |\ |\ |\ |\ |\


ANSWERS ✔✔1. Problem Recognition |\ |\ |\




2. Information Search
|\ |\




3. Alternatives Evaluation
|\ |\




4. Purchase Decision
|\ |\




5. Post Purchase Decision Evaluation
|\ |\ |\ |\




Consumers are continually making decisions that are meant to...
|\ |\ |\ |\ |\ |\ |\ |\


- CORRECT ANSWERS ✔✔...solve problems & satisfy wants and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\


needs


Decision Kaking Process 5 activities: - CORRECT ANSWERS ✔✔-
|\ |\ |\ |\ |\ |\ |\ |\


need/want recognition |\




-search for information |\ |\




-evaluation of elder natives |\ |\ |\




-choice
-post choice evaluation
|\ |\




Decision Making, Choice, Value - CORRECT ANSWERS ✔✔-
|\ |\ |\ |\ |\ |\ |\


revolves around motivation (a goal)|\ |\ |\ |\




-leads to consumer choice
|\ |\ |\

,-always linked to value |\ |\ |\




3 Perspectives of the Decision Making Process - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\


ANSWERS ✔✔1. Rational decision making perspective |\ |\ |\ |\ |\




2. Experiential decision making perspective
|\ |\ |\ |\




3. Behavioral influence decision making
|\ |\ |\ |\




Rational Perspective - CORRECT ANSWERS ✔✔-consumer are
|\ |\ |\ |\ |\ |\ |\


rational, carefully arrive at decision
|\ |\ |\ |\




Ex: features of ticket options
|\ |\ |\ |\




Experiential Perspective - CORRECT ANSWERS ✔✔-influenced by |\ |\ |\ |\ |\ |\ |\


feelings
Ex: going snowboarding for fun
|\ |\ |\ |\




Behavioral Influence Perspective - CORRECT ANSWERS ✔✔- |\ |\ |\ |\ |\ |\


decisions are responses to environmental influences
|\ |\ |\ |\ |\




Ex: see a margarita billboard, go buy a marg
|\ |\ |\ |\ |\ |\ |\ |\




Perceived Risk - CORRECT ANSWERS ✔✔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


As involvement and risk increase... - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\


✔✔Consumers are motivated to move more carefully through the |\ |\ |\ |\ |\ |\ |\ |\


decision making process
|\ |\ |\

, Extended Decision Making - CORRECT ANSWERS ✔✔-consumers
|\ |\ |\ |\ |\ |\ |\


more diligently through decision making activities in search of
|\ |\ |\ |\ |\ |\ |\ |\ |\


the best information that will help them reach a decision
|\ |\ |\ |\ |\ |\ |\ |\ |\




-high involvement and significant risk
|\ |\ |\ |\




Limited Decision Making - CORRECT ANSWERS ✔✔-consumers
|\ |\ |\ |\ |\ |\ |\


search very little for information and often reach decisions based
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\


largely on prior beliefs about products and their attributes
|\ |\ |\ |\ |\ |\ |\ |\




-low involvement and low risk
|\ |\ |\ |\




Habitual Decision Making - CORRECT ANSWERS ✔✔-consumers
|\ |\ |\ |\ |\ |\ |\


generally do not seek information at all when a problem is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


recognized and select a product based on habit |\ |\ |\ |\ |\ |\ |\




-brand loyalty |\




-brand inertia |\




Summary of Decision Making Process - CORRECT ANSWERS ✔✔-
|\ |\ |\ |\ |\ |\ |\ |\


decision making processes do not guarantee maximum value
|\ |\ |\ |\ |\ |\ |\




-consumers often make mistakes or settle for alternatives that
|\ |\ |\ |\ |\ |\ |\ |\ |\


they are unsure of
|\ |\ |\




-most purchases made daily are low involvement and do not
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\


entail significant risk
|\ |\




-some consumers called "maximizes" work to find the best
|\ |\ |\ |\ |\ |\ |\ |\ |\


solution