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MKTG 322 > MKTG 322 exam 2 - FLASHCARDS - Consumer well being and happiness (1) > Flashcards

MKTG 322 exam 2 - FLASHCARDS - Consumer well being and happiness (1)

1
Q

What relates to the satisfaction derived from the consumption of goods and services, that is, to the satisfaction of needs?

A

Consumer well being

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2
Q

What is the idea that marketers are choice architects?

A

They are responsible for organizing the context in which people make decisions

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3
Q

What do choice architects do?

A

Choice architects try to influence people’s behavior in order to make their lives longer, healthier, and better

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4
Q

What is a nudge?

A

Any aspect of choice architecture that alters people’s behavior in a predictable way without forbidding any options or significantly changing their economic incentives

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5
Q

What are examples of a nudge?

A
  1. Putting healthy foods near the cashier
  2. Offering salad instead of fries
  3. Calorie labeling
  4. Simplifying the insurance form
  5. Opt-out default for retirement savings
  6. Text reminders to get flu shot
  7. Using graphic warnings
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6
Q

What are not examples of a nudge?

A
  1. Banning junk food
  2. Soda tax
  3. Mandate to force people to be organ donors
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7
Q

What are characteristics of a nudge?

A

• Nudges try to encourage good behavior (i.e., improve well-being)
• Nudges do NOT force people to do something
• Nudges preserve the freedom of choice
• Nudges should be easy and cheap to avoid

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8
Q

What is a sludge?

A

Makes a process more difficult in order to produce an outcome that is not in a consumer’s best interest.

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9
Q

What are frictions that nudges include?

A
  1. Waiting time
  2. Reporting burdens
  3. Dreary or duplicative application requirements
  4. Confusing administrative burdens
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10
Q

True or false: A nudge should be transparent and not misleading?

A

TRUE

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11
Q

True or false: Nudges should be easy to opt out of?

A

TRUE

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12
Q

True or false: Nudges should be implemented to improve the welfare of those being nudged?

A

TRUE

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13
Q

What is life’s most cherished goal?

A

Happiness

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14
Q

What are the two distinct measures of happiness?

A

Life satisfaction and moment-by-moment happiness

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15
Q

What are errors we make when estimating our happiness?

A
  1. Affective forecasting: we are not good at predicting our
    future emotions and happiness.
  2. Hedonic adaptation: we quickly adapt back to neutrality.
  3. Focalism: we make predictions on our reactions to a focal
    event without considering other aspects of the situations.
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16
Q

What is affective forcasting?

A

The process of anticipating your future emotions (i.e., predicting how you would feel in the future

17
Q

What do predictions include?

A

• Valence (whether the emotion will be positive or negative)
• Specific emotion(s) experienced (e.g., guilt, excitement)
• Intensity of the emotion(s)
• Duration of the emotion(s)

18
Q

What is hedonic adaption?

A

Good and bad events temporarily affect happiness, but people quickly adapt back to hedonic neutrality

19
Q

What is an example of focalism?

A

People tend to think that living in California would make them very happy. However, people in California are no happier than people living elsewhere

20
Q

What are the consumer happiness insights?

A
  1. Invest in social connections
  2. Spend money on others
  3. Buy experiences
  4. Buy time
  5. Slow down hedonic adaption
21
Q

What is Investing in social connections influenced by?

A

• Experiencing positive emotions together
• Being able to talk openly and feel understood
• Giving and receiving of support
• Shared activities and experiences

22
Q

What is the effect of spending money on others?

A

People who spend more money on gifts to others and charity donations reported being happier, when controlling for income

23
Q

What are experiences compared to material possessions?

A

More memorable
More likely to be part of a self-narrative
More likely to evoke emotions
More likely to be shared
More likely to foster social connectedness

24
Q

What is slowing down hedonic adaption?

A
  1. Help consumers pace positive
    experiences
  2. Highlight smaller but frequent joys over bigger infrequent things [bracketing consumption]

MKTG 322 (10 decks)

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