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Exam 13: Decision Making II: Alternative Evaluation and Choice

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Question 21

True/False

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Objective quality refers to the quality of the product based on consumer perceptions.

A) True
B) False

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Question 22

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The actual quality of a product that can be assessed through industry specification or expert rating is known as _____ quality.

A) absolute
B) objective
C) perceived
D) subjective
E) specified

F) A) and B)
G) All of the above

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Question 23

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Which of the following criteria pertain to functional or economic aspects associated with an alternative?

A characteristic that allows a consumer to diagnose something distinctive about an alternative is also known as a _____.

A benefit is a perceived favorable result that is derived from the presence of a particular feature.

When a consumer selects a product that he or she believes performs best on the most important feature,the consumer is employing the _____ rule.

A feature is a performance characteristic of an object.

The determinant criterion for a product remains the same across situations.

LAWN SPRINKLER SCENARIO Mathew recently installed a new water sprinkler for his lawn. He had to purchase a new sprinkler to replace the old, broken one. The new sprinkler came with an automated sensor that controlled the amount of water as well as pressure depending on the humidity and temperature on a given day. This saved Mathew the hassle of putting on a timer. He no longer worried on his way to work over whether he turned the sprinkler on or not. The sprinkler did the needful automatically. -Refer to Lawn Sprinkler Scenario.The new sprinkler came with an automated sensor that could detect the humidity as well as temperature in the environment.This automated sensor is a(n) _____ of the sprinkler.

When consumers need to purchase a refrigerator,they usually evaluate different models across a set of features or characteristics,such as storage capacity,freezer shelving,and energy cost efficiency.Such an evaluation is an example of a(n) _____ evaluation.

Henry considered two criteria when he selected his laptop,efficiency of the CPU and the capacity of the hard disk drive.These features represent Henry's _____ criteria while buying the laptop.

The term bounded rationality describes the idea that perfectly rational decisions are always feasible.

Determinant criteria are the evaluative criteria that are related to the actual choice that is made.

The experiential decision-making process illustrates attribute-based evaluation.

Subordinate categories are abstract in nature and represent the highest level of categorization.

Underlying attributes can only be learned through experience with the product.

While deciding between two alternatives,if information about some attributes is not available,consumers tend to weigh the criteria that are common to both alternatives quite heavily in the evaluation.

A consumer looking for a particular color while buying a dress is concerned with the underlying attribute of the dress.

Conjoint analysis is used to understand the attributes that guide preferences by having consumers compare products across levels of evaluative criteria and the expected utility associated with the alternatives.

Carl wants to buy either an XBox 360,a PS3,or a Nintendo Wii.He has identified two important attributes to compare,price and game options.Carl decided that he would reject the ones that failed to meet the minimum cutoffs he sets on both the attributes.Which of following decision rules is Carl employing to choose a video game console?