CB Topic 6

Question 1

It refers to the progress under which consumers go through in deciding what to purchase, including problem recognition, information searching, evaluation of alternatives, making the decision, and post-purchase evaluation.

Answer 1

Consumer Decision Making

Question 2

The five activities included in decision-making processing (Clue: NSECP)

Answer 2

1. Need Recognition
2. Search for info
3. Evaluation of alternatives
4. Choice
5. Post- choice evaluation

Question 3

What are the three decision making processes

Answer 3

1. Decision Making and Value
2. Decision Making and Motivation
3. Decision Making and Emotion

Question 4

What are the three perspectives of consumer decision making process?

Answer 4

1. Rational Decision-making perspective
2. Experiential Decision-making perspective
3. Behavioral influence Decision-making perspective

Question 5

This refers to the perception of the negative consequences that are likely to result from a course of action.

Answer 5

PERCEIVED RISK

Question 6

What are the 5 types of Risks

Answer 6

Financial
Social
Performance
Physical
Time

Question 7

What are the 3 categories of decision making?

Answer 7

1. Extended Decision Making
2. Limited Decision Making
3. Habitual Decision Making (Brand Loyal/Inertia)

Question 8

The decision-making process begins with the _________

Answer 8

RECOGNITION OF NEED

Question 9

This is when the consumers actual state doesn’t change, but the desired state changes in some significant way.

Answer 9

OPPORTUNITY RECOGNITION

Question 10

These are the important source of information for consumers

Answer 10

REFERENCE GROUP

Question 11

This is when a consumer seeks a new product because of boredom or motivation to try something new

Answer 11

NOVELTY SEEKING

Question 12

Plays a factor when consumers plan to buy new products on account of anticipating future needs

Answer 12

COGNITIVE THOUGHT PROCESS

Question 13

Parts of Consumer Search Behavior

Answer 13

1. Ongoing Search
2. Prepurchase Search
3. Information Overload

Question 14

Recalling information acquired before one’s present situation or consumer has prior involvement

Answer 14

Internal Search

Question 15

A host of products/brands in particular category

Answer 15

Consideration Set

Question 16

Total collection of all possible solutions to a consumer problem

Answer 16

Universal Set

Question 17

Set of alternatives of which a consumer is aware

Answer 17

Awareness Set

Question 18

Alternatives set deemed to be unacceptable for further consideration

Answer 18

Inept Set

Question 19

Alternatives set which consumers are indifferent or do not hold strong feelings.

Answer 19

Inert Set

Question 20

Includes gathering info from external sources like friends, family, etc

Answer 20

EXTERNAL SEARCH

Question 21

The attributes of a product that consumers consider when reviewing possible solutions to a problem

Answer 21

EVALUATIVE CRITERIA

Question 22

Two most used Evaluative Criteria

Answer 22

Price and Quality

Question 23

The Internet improves consumer search in the following way

Answer 23

1. lower the cost
2. can be enjoyable and hedonic value
3. efficient flow of information

Question 24

Amount of search can be measured in number of ways

Answer 24

1. No. of stores visited
2. No. of websites visited
3. No. of personal sources
4. No. of alternatives considered
5. No. of advertisements studied

Question 25

Factors that influence information search

Answer 25

1. product experience 2. involvement 3. perceived risk 4. time availability 5. value of search effort 6. attitude toward shopping 7. personal factors 8. situational influencers

Question 26

It refers to the negative emotions that resulted from failed search processes.

Answer 26

SEARCH REGRET