Consumer Decision Making

Which theory of Consumer Decision Making suggest individual relative significance of an item

• Utility Theory by Neumann and Morgenstern

• Satisficing Theory bu Simon

• Prospect Theory by Kahneman & Tversky

Based on Simon's theory, which non compensatory strategy will be least time efficient

• Satisficing

• Elimination by Aspects

• Lexigraphic

In the case where 3 products are compared, which partially compensatory strategy will take least step to complete

• Frequency of Good and Bad Features

• Majority of Conforming Decisions

Which two of the following were NOT TRUE of the study by Jedetski et al

• good size of sample

• good control of participant variables of concept understanding

• partially compensatory strategies are likely to be used for websites allowing product comparison

• data were collected as self report

Many products use features of well known products, because producers are aware that consumers often employ ... heuristic

• availability

• take the best

• recognition

• anchoring

Which one is NOT TRUE from the study by Wansink et al (1998)

• field & lab experiments

• suggestive selling

• multiple unit pricing

• edible products

• no self report data

In the study by Del Campo et al, options of eggs contain different features. Which features are kept the same across eggs

• quantity

• price

• packaging

• shelf life

• raising

Kahneman suggest System 1 vs System 2 thinking. The problem with System 2 thinking is

• unclear and unanswered

• often leads to errors

• lacking in intentional analysis

• it assumes access to all data

Two problems with the study of Hall et al about choice blindness is

• less likely to be ecologically valid

• unsure if sample is representative enough

• pilot study made a good control over situational factors

• ethical issues

A consumer fails to remember information about a product because earlier he was exposed to similar product advert. This is called

• retrieval failure

• proactive interference

• retroactive interference