Chapter 15 (lecture 3)

Question 1

What is flow?

Answer 1

It will be experience when people perform an activity skillfully with little thought and effort

Question 2

What is the biggest difference between online stores and bricks-and-mortar stores?

Answer 2

Online stores offer greater choices and greater customization. Also the inventory online is unlimited.

Question 3

What is information search?

Answer 3

How much information consumers attempt to acquire

Question 4

What is information search costs?

Answer 4

How difficult it is to acquire information in terms of time, money or effort.

Question 5

What is compensatory decision-making strategy

Answer 5

Customers make trade-offs between attributes and this enables a good attribute to compensate for, or at least reduce concerns about, a bad attribute.

Question 6

What is non-compensatory decision making strategy?

Answer 6

They do not make trade-offs across attributes, and a bad attribute usually leads to the rejection of an alternative.

Question 7

What is a recommendation agent?

Answer 7

An interactive decision aid that helps consumers to eliminate options by using information about their personal preferences or about their prior purchase intentions

Question 8

What is a comparison matrix?

Answer 8

An interactive decision aid that helps consumers to evaluate options by providing a brand by attribute matrix that makes it easier for consumer to compare options

Question 9

What is relationship marketing?

Answer 9

It involves building stronger relationships with consumer by using information technology and improves business processes.

Goal: consumer trust and brand loyalty