Chapter 8

Question 1

Judgement

Answer 1

Evaluation of object or likelihood of an outcome

Question 2

Decision-making

Answer 2

estimation of likelihood, the judgment of goodness or badness

Question 3

Anchoring and adjustment

Answer 3

additional info to initial eval.

Question 4

Biases in judgement processes (7)

Answer 4

Confirmation, self-positivity, negativity, mood, prior brand eval., prior experience, difficulty of mental calc.

Question 5

Decisions (5)

Answer 5

deciding brand, deciding what is important, choice, when, no alternatives

Question 6

Inept vs Inert

Answer 6

No, indifferent

Question 7

Cognitive decision-making model

Answer 7

combination of info about attributes to reach decision

Question 8

affective decision making model

Answer 8

decision on feelings & emotions

Question 9

Affective

Answer 9

Appraisals & feelings, affective forecasts

Question 10

Noncomparable decisions

Answer 10

alternative based (pros & cons), attribute based(abstract)

Question 11

cognitive decision making model

Answer 11

types of decision processes, comp vs non comp, brand vs attributes, additive difference model

Question 12

Endowment

Answer 12

When ownership increases value of item

Question 13

Prospect theory

Answer 13

Losses have more influence than gains, stronger reaction to price increases than price decrease

Question 14

Feeling based decision

Answer 14

Greater satisfaction

Question 15

Appraisal theory

Answer 15

emotions determined by way we think about situations

Question 16

Affective forecasting

Answer 16

You predict how you will feel in the future: Valence (good or bad), intensity, duration

Question 17

Contextual effects on consumer decision making (3)

Answer 17

Consumer characteristics, decision characteristics, presence of group

Question 18

Task characteristics affecting decision making (4)

Answer 18

Information availability, information format, information quality, trivial attributes

Question 19

Group decision making

Answer 19

self-presentation, minimizing regret, information gathering

Question 20

Affective decision making

Answer 20

appraisal theory, affective forecasting, imagery

Question 21

Noncomparable decision

Answer 21

making decision about products from different categories

Question 22

Alternative based strategy

Answer 22

Making noncomparable choice based on overall eval.

Question 23

attribute based strategy

Answer 23

noncomparable abstract choice

Question 24

Consumer characteristics(5)

Answer 24

Expertise, mood, time pressure, extremeness aversion, metacognitive experiences,