SPMT 370 Exam 3 questions with answers.

SPMT 370 Exam 3 questions with answers
|\ |\ |\ |\ |\ |\




Decision-Making Process - CORRECT ANSWERS ✔✔The process of |\ |\ |\ |\ |\ |\ |\ |\


choosing between two or more alternatives or options; most
|\ |\ |\ |\ |\ |\ |\ |\ |\


logical way to make a decision.
|\ |\ |\ |\ |\




Extended Decision-Making - CORRECT ANSWERS ✔✔When
|\ |\ |\ |\ |\ |\


consumers move diligently through decision-making activities in
|\ |\ |\ |\ |\ |\ |\


search of the best information that will help them reach a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


decision.


The Extended Decision-Making process is... - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\


✔✔High Involvement and Significant Risk.
|\ |\ |\ |\ |\




The Limited Decision-Making process is... - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\


✔✔Low involvement (e.g., time constraints) and generally 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.
|\ |\ |\ |\ |\ |\ |\




Examples of Habitual Decision Making are... - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\


ANSWERS ✔✔Brand Loyalty and Brand Inertia
|\ |\ |\ |\ |\




Brand Loyalty - CORRECT ANSWERS ✔✔Consistent preference for
|\ |\ |\ |\ |\ |\ |\ |\


one brand over all others.
|\ |\ |\ |\

, Brand Inertia - CORRECT ANSWERS ✔✔Occurs when a consumer
|\ |\ |\ |\ |\ |\ |\ |\ |\


simply buys a product repeatedly without any real attachment
|\ |\ |\ |\ |\ |\ |\ |\




What does decision-making revolve around? - CORRECT
|\ |\ |\ |\ |\ |\ |\


ANSWERS ✔✔Motivation |\




What do decision-making processes lead to? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\


ANSWERS ✔✔Consumer Choice |\ |\




Consumer choice is always linked to what? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\


✔✔Value


What are the 3 "value" related approaches to the decision-
|\ |\ |\ |\ |\ |\ |\ |\ |\


making process? - CORRECT ANSWERS ✔✔- Rational (Utilitarian)
|\ |\ |\ |\ |\ |\ |\ |\




- Experiential (Hedonic)
|\ |\ |\




- Behavioral Influence (Impulsive)
|\ |\ |\




Perceived Risk - CORRECT ANSWERS ✔✔The perception of the
|\ |\ |\ |\ |\ |\ |\ |\ |\


negative consequences that are likely to result from a course of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


action (a choice) and the uncertainty of which course of action is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


best to take.
|\ |\




Financial Risk - CORRECT ANSWERS ✔✔Risk associaated with the
|\ |\ |\ |\ |\ |\ |\ |\ |\


cost of the product. (BIGGEST RISK)
|\ |\ |\ |\ |\