Lecture 6

Question 1

Cognitive

Answer 1

Deliberate, information based processing of the product based characteristics.

Question 2

Emotional

Answer 2

Driven by heart, entailing a subjective liking of one over the other.

Question 3

High Involvement

Answer 3

These decisions are effortful, take time with significant consequences for bad choices.

Question 4

Low involvement

Answer 4

Low risk decisions, happen quickly

Question 5

Optimizing

Answer 5

Consumers are motivated to get the best configuration of alternatives

Question 6

Satisficing

Answer 6

Consumers will settle for good enough

Question 7

Compensatory decisions

Answer 7

Consider all attributes, and consider tradeoffs between them.

Question 8

Non-compensatory decisions

Answer 8

Consider few attributes, and ignore the tradeoffs

Question 9

Consumer decision making process filter

Answer 9

1. Total Set 2. Awareness set 3. Consideration set 4. Choice set 5. Decision

Question 10

Different types of buyers

Answer 10

1. Habitual shopper 2. High value deal seeker 3. Variety lover 4. High-involvement shopper