general business data bank

| August 14, 2017

91. If a company
finds that a consumer has chosen a competitive
product over their company’s
offering, one way to get the consumer back could be by developing a strategy
wherein the company “shifts the
buyer’s ideals” on one or more
levels.
92. With noncompensatory
models of consumer choice, positive
and negative

attribute considerations usually net out.

93. Volvo has the reputation for being one of the most “safe” cars on the road. For those that value
safety, Volvo would be the logical choice. The preceding is an example of the lexicographic heuristic of consumer
choice.

94. If a product poses a threat
to the physical well being of a consumer, this is calledpsychological risk.

95. A key driver of sales
frequency is the adoption rate.

96. With respect to a
consumer-buying situation that involves variety-seeking behavior, the market
leader can encourage variety seeking by offering lower prices or deals.
97. Many products are bought under conditions
of low involvement. This means that the consumer does not touch them except
from a distance.

98.
A rule of thumb is called a heuristic.

99. In
the anchoring heuristic, the consumer bases his or her predictions on the
quickness and ease with which a particular example
of an outcome comes to mind.
100. Prospect theory
maintains that consumers frame decision alternatives in terms of gains and
losses according to a value function.

Essay

101. Explain the differences between culture, subculture, and social
class.

102.
What is a reference group? Describe
three different types of reference groups
that can have an impact on a
consumer’s purchasing behavior.

103. What
is brand personality and what five traits have been linked to it?

104. Briefly, explain Freud’s theory on human motivation and how this might be related to
marketing.

105. List and
briefly characterize Maslow’s Hierarchy of Needs.

106. People can emerge with
different perceptions of the same object because of three perceptual processes.
List and briefly characterize those processes.

107. What are the five stages of the consumer
buying process?

108. How
is the expectancy-value model used
in the evaluation of alternatives
as a consumer engages in a buying
process?

109. Gordon
Jones is considering purchasing a computer
from Best Buy. He has created a scale whereby he has rated eight different computers on three different characteristics. Gordon
has decided that for a computer to
make his short-list, it must score at least a seven on his scale on all three
characteristics. Describe the type of choice heuristic that Mr. Jones is using
as he selects a computer.
110. Heuristics can come into play when consumers
forecast the likelihood of future outcomes or events. When would a consumer use
an anchoring and adjustment heuristic?

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