High Effort Decision Making (Test 2)

Question 1

Define Compensatory Decision Process

Answer 1

Doing a Cost/Benefit Analysis
Good can make up the bad or outweigh it

(Example: Phone has good features, but camera is jank)

Question 2

Define Non-Compensatory Decision Process

Answer 2

Simple Decision Methods
Bad cannot be compensated

(Example: Price of a phone)

Question 3

What is Self-Control?

Answer 3

The ability to focus on long term goals rather than on short term

Question 4

How do we gain Self-Control?

Answer 4

Limit availability of something

Reward yourself for doing good

Question 5

Why do we like variety?

Answer 5

Satisfaction
Stimulation
Preference uncertainty

Question 6

What is Preference Uncertainty?

Answer 6

When you unsure what you want, so you buy a variety of things

Question 7

There is too much variety in what?

Answer 7

Our own choices

Our choices made for other people (You try to incorporate variety for everyone)

(Example: Preparing party foods)

Question 8

Why is there too much variety?

Answer 8

Risk Aversion
Time Compression
Social Influences

Question 9

How does Self-Presentation affect decision making?

Answer 9

Consumers want to convey a certain image by the decisions they make in a group context

Question 10

How does Minimizing Regret affect decision making?

Answer 10

Consumers who are risk averse and want to minimize regret will make choices that are similar to those made by the group (they seek uniformity)

Question 11

What is Atmospherics?

Answer 11

Conscious designing of space and its dimensions to evoke certain effects in buyers