91. If a company finds that a consumer has chosen a competitive product over their company’s offering

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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