Consumer Decision Making

Which one is not among the three models of Consumer Decision Making

• Satisficing

• Utility Theory

• Compensatory

• Prospect Theory

Neumann & Morgenstern proposed ...

• Utility theory

• Satisficing

• Prospect Theory

Which theory suggests consumer will choose product that meet basic requirements needed?

• Satisficing by Simon

• Compensatory by Green & Wind

• Consideration & Involvement by Richarme

Identify all compensatory strategies

• Elimination

• Equal Weight Strategy

• Lexigraphic

• Weighted Additive Strategy

Majority of Conforming Decision is a form of ...

• prospect theory

• partially compensatory strategies

• models of consumer decision making

• theories of consumer decision making

Identify the two major areas of marketing theories according to Richarme

• lexigraphic

• consideration

• elimination

• involvement

According to Hoyer et al, participants given ‘stories’ about unhappy consumers made significantly higher estimates of the likelihood of the appliance breaking down, compared to participants who were given ...

• lexigraphic

• statistics

• heuristic

• false memory

First experiment of Wansink et al was a

• field experiment

• natural experiment

• lab experiment

Study 2 of Wansink et al investigate anchoring in the form of

• multiple unit purchase

• psychological mechanism

• purchase limit

• use of slogans

The study by Knutson et al uses fMRI technology to investigate

• neural activity in purchasing decision

• effect of anchoring in purchase decision

• availability heuristic in home appliances industry

• suggestive selling