slides that could be relevant 6

Question 1

compensatory vs non compensatory models

Answer 1

Compensatory: weak performance on one dimension can be offset by strong performance on another dimension

compensatory: weak performance on one dimension cannot be offset by strong performance on other dimensions

Question 2

lexicographic strategy

Answer 2

compare on most important dimensions

If tie compare on second most important dimensions

Question 3

elminiation by aspect strategy

Answer 3

Eliminate brands that do not meet cutoff on most important dimensions

eliminate brands that do not meet cutoff on 2 most important dimension

continue until one brand remains

Question 4

disjunctive model strategy

Answer 4

Compare by brand

set up acceptable cutoff for each attribute (level that is most desirable)

Keep brands that meet cutoff on ALL attributes

Question 5

multi-attribute model

Answer 5

Compare by brand

For each attribute multipy evaluation with importance weight and sum all attributes

Choose brand with highest sum

Question 6

Additive difference model system

Answer 6

Compare by attribute

For two brands, compute difference-score in evaluations, then sum difference score (optional: after weighing by importance weight)

Superior brand stays “in the race”

Question 7

sticking with default (heuristic 1)

Answer 7

Especially when choices are difficult, people do not like to make a choice

–> stick with the default (keep preselected option)

doing nothing feels good = no thinking, no stress

Relate to the status quo bias: we like to keep things as they are

Question 8

Heuristic 2 variety seeking

Answer 8

Sometimes consumers buy one item at a time, just before each consumption situation

other times consumers buy several items on one shopping tirp and consume the items over several consumption occasions

Question 9

Heuristic 3 availability heuristic

Answer 9

people are influenced by the ease of information retrieval

Question 10

Heuristic 4 anchoring and adjustment

Answer 10

People are influenced by reference points

when people make estimates they tend to start from an initial value and then adjust it

Question 11

Heuristic 5 endowment effect

Answer 11

People ascribe more value to things merely because they own them.

Question 12

asymmetric dominance

Answer 12

when two products are great at one thing and suck at the other but inversed

the phenomenon whereby consumers will tend to have a specific change in preference between two options when also presented with a third option that is asymmetrically dominated.