CB Topic 7 and 8

Question 1

What are the 3 attributes consumers consider when reviewing possible solutions to a problem? [Evaluation of Alternatives: Criteria]

Answer 1

1. Price
2. Features
3. Quality

Question 2

It’s the main reason for customers to buy.

Answer 2

Determinant Criteria

Question 3

Consumer Decision can be divided into:

Answer 3

Hedonic and Utilitarian

Question 4

This is a consumer decision that includes emotional, symbolic, and subjective attributes or benefits that are associated with an alternative.

Answer 4

HEDONIC

Question 5

This is a consumer decision that pertain to functional or economic aspects associated with an alternative.

Answer 5

UTILITARIAN

Question 6

This is a human decision-making process in which consumers attempt to satisfice rather than optimize.

Answer 6

Bounded Rationality

Question 7

This is when a consumer accept an available option as satisfactory.

Answer 7

Satisfice

Question 8

What are the 3 human process in bounded-rationality model.

Answer 8

1. Cognitive Limitations
2. Information Imperfection
3. Time Constraint

Question 9

This refers to inability of humans to process information in an optimal manner.

Answer 9

COGNITIVE LIMITATIONS

Question 10

This refers to the lack of information a consumer has. Despite not knowing the entirety of the product’s information, consumers still make informed decisions to select the other alternatives.

Answer 10

INFORMATION IMPERFECTION

Question 11

This refers to when making a purchase, consumers will have to make quick decision in a less short of time.

Answer 11

TIME CONSTRAINT

Question 12

Refers to consumers evaluation products based on the overall feeling that is evoked by the alternative. Emotions and feelings can be associated.

Answer 12

AFFECT-BASED EVALUATIONS

Question 13

This is about keeping practicality and being rational in mind in choosing a product. This means using all the information you have acquired before making a purchase decision.

Answer 13

ATTRIBUTE-BASED EVALUATIONS

Question 14

This refers to a group of similar products that share related characteristics and helps brands focus their promotional efforts effectively.

Answer 14

PRODUCT CATEGORIES

Question 15

Builds brand trust, which often expands to other categories through the ________.

Answer 15

Halo Effect

Question 16

What are the 2 category levels?

Answer 16

1. Superordinate Categories
2. Subordinate Categories

Question 17

This is a category level that is abstract in nature and represent the highest level of categorization.

Answer 17

Superordinate Categories

Question 18

This is a category level that is clearly identifiable and highly detailed specific features.

Answer 18

Subordinate Categories

Question 19

This is an attribute that is visually apparent and easily recognizable. Referred to as search qualities because they can easily be evaluated prior to actual purchase.

Answer 19

Perceptual Attributes

Question 20

This is an attribute that is not readily apparent and can only be learned through experience with the product. Perceived only during consumption.

Answer 20

Underlying Attributes

Question 21

What are the criteria selections?

Answer 21

1. Situational Influences
2. Product Knowledge
3. Expert Opinions
4. Social Influences
5. Online Sources
6. Marketing Communications

Question 22

During the evaluation process in criteria selection, consumers make judgements about:

Answer 22

1. Presence of feature
2. Feature levels
3. Benefits associated with features
4. Value associated with the benefit
5. How objects differ from each other

Question 23

Several issues that affect consumer judgements in Criteria Selection.

Answer 23

1. Just noticeable difference
2. Attribution correlation
3. Quality perceptions
4. Brand name associations

Question 24

2 Major Types of Rules that consumers use when selecting products.

Answer 24

1. Compensatory Rules
2. Non-Compensatory Rules

Question 25

This is when consumers to select products that may perform poorly on one attribute by compensating good performance on the other attribute.

Answer 25

Compensatory Rules

Question 26

This is strict guidelines where any option that does not meet the specification is eliminated from consideration.

Answer 26

Non-Compensatory Rules

Question 27

This is model that is compensatory that attempts to explain the rationality of choice of the product by the consumer by using measure of his overall attitude towards object.

Answer 27

FISHBEIN MODEL

Question 28

What is the formula of Fishbein Model?

Answer 28

[(A,= E (b) (e)]

Question 29

What are the four major categories of non-compensatory rules?

Answer 29

1. Conjunctive Rule
2. Disjunctive Rule
3. Lexicographic Rule
4. Elimination-By-Aspects (EBA) Rule

Question 30

This is when a consumer uses certain minimum cutoffs on all salient or most noticeable attributes.

Answer 30

CONJUNCTIVE RULE

Question 31

This is when a consumer entails trade-offs between aspects of choice alternatives.

Answer 31

DISJUNCTIVE RULE

Question 32

This is when a consumer rank-orders product-attributes in terms of importance.

Answer 32

LEXICOGRAPHIC RULE

Question 33

This is when a consumer rates the attributes in order of importance and, in addition, defines the minimum required values.

Answer 33

ELIMINATION-BY-ASPECTS (EBA) RULE

Question 34

This is commonly used in non-compensatory model.

Answer 34

LEXICOGRAPHIC RULE

Question 35

This is a set of rules that are often used in low-involvement situations.

Answer 35

Non-compensatory rules

Question 36

This is when consumers choose where they will buy the product. Less brand loyal and more store loyal.

Answer 36

Retail Outlet Selection