Exam Review My Philosophy on Course and Exams q q q q q The course and exams aim to make you more knowledgeable, equipped, and smarter. Facilitating learning is my purpose. Memorizing does not necessarily mean learning. Analytical thinking is key. Don't learn by heart every detail of the book. You should know the most important concepts and spend more time working on the notes and the implications of each concept. Important q q q These questions should help you organize your thoughts. The questions here are, in general, broader than the questions you’ll find on the exam; that means that the questions on the exam may include details not listed here. But, if you can give detailed answers to these questions, you will be in good shape for the exam questions that come from the lectures. It is a closed-book exam and a calculator is not needed. However, you can use a dictionary and one 10x15cm card with notes. The notes should be on one side of the card only; write your name on the other side and turn in your card along with your exam. The exam will have 40 multiple-choice questions and 10 truefalse questions. Materials to Study q Textbook: Assigned reading pages only q Class slides q Videos and assignments: see questions in this guide, no need to study those separately Examples of Questions q A shopper notices that the ketchup in a new container is blue in color. This recognition initially creates some confusion because the shopper’s _____ of ketchup is red. a. Stimulus b. Sensation c. Perception d. Hedonic consumption q Person, object, and situational factors are the three types of influences that determine a person's level of ________. a. Enculturation b. Involvement c. Values d. Needs q What type of conflict exists when we desire a goal but wish to avoid it at the same time? a. Approach-avoidance conflict b. Approach-approach conflict c. Avoidance-avoidance conflict d. Determination conflict Examples of Questions q Which of the following best describes the findings of research on using two-sided messages to communicate with consumers? a. Two-sided messages are widely used and are very effective in reaching target audiences b. Two-sided messages are cost-prohibitive c. Two-sided messages can be quite effective, especially with highly-educated people, yet marketers rarely use them d. Two-sided messages are no different from one-sided messages and are used about equally by marketers and their advertising agencies q A consumer makes a decision based on the way that a problem was posed. This is called: a. The sunk-cost fallacy b. Loss aversion c. Positioning d. Framing q Some color combinations can become so associated with a company that the corporation may be granted exclusive use of these colors. a. True b. False Examples of Questions q Rico has decided to change his lifestyle and is loading up on green vegetables in the serving line (rather than fries). He knows that the nutritional value of the fresh green vegetables will be great for his health. Rico is satisfying hedonic needs with his actions. a. True b. False q People born between World War I and World War II belong to the Baby Boomer Generation. a. True b. False q Cachet perfume focuses on appealing to a consumer's need for uniqueness if it uses an advertisement claiming that the perfume is "as individual as you are." a. True b. False Marketing Research q q q q q What is the marketing research process? What are some advantages and disadvantages of primary/secondary data? Research methods (what are they?, advantages and disadvantages): observations, focus groups, surveys, interviews, correlational research, experiments. When would you use each? What is an independent variable? A dependent variable? What are some important marketing questions and which methods can we use to study each? Perception, Exposure, and Attention q q q q q q q Be familiar with the process of taking in information (perceptual process) What is exposure? What is the mere exposure effect? What is subliminal perception? What is attention? Why is attention selective? What determines what we do or do not pay attention to (individual and source factors)? What biases do people have in assigning meaning to objects/ interpreting things? Motivation and Needs q q q q q q q q What is motivation and why is it important? q Trade patterns drive, needs, wants, and goals? What is motivation, Describe several ways to classify needs (biogenic vs. q Balance of payments psychogenic, utilitarian vs. hedonic). What are problems with these classifications? q The U.S. trade position What are approach-approach, approach-avoidance, and avoidance-avoidance conflicts? What is involvement? What are several types of involvement? How can you measure involvement? How can you increase involvement? Based on the Mac video we watched, what were the different needs versus motivations of PC and Mac users? Attitude Change: Persuasion q q q q q q What are important aspects of a source? A message? What makes a source credible? Attractive? What is the sleeper effect? When are one-sided vs. two-sided arguments better? When it comes to two-sided arguments, when do you want consumers to draw conclusions? What is the Elaboration Likelihood Model? What triggers central versus peripheral route processing? Describe two-factor theory (learning-tedium) Decision Making q q q q q What are the stages that a person may go through when making a decision? What is the normative theory of choice? Is the normative theory an accurate description of decision making? Why or why not? What is a heuristic? Explain and give examples of the representativeness heuristic, the availability heuristic, and the anchoring and adjustment heuristic. What is the asymmetric dominance effect? Why are reference points important? According to prospect theory, how do we perceive gains and losses? How do our attitudes toward risk change as choices shift from gains to losses? Decision Making q q q q q Explain and give examples of framing and mental accounting effects. Why are these effects, in general, not consistent with the normative theory of choice? Do people prefer to segregate or integrate losses? How about gains? How can marketers use these preferences? How do considerations of fairness affect people in ways not predicted by standard economic theories? What are various decision rules that a person could use? Give examples of each. What are the advantages and disadvantages of (a) verbal protocols, (b) information display boards and Mouselab, and (c) eye-tracking? Post-Decision Processes q q q q q q Know the definition of word-of-mouth, cognitive dissonance, and regret. What are the three factors influencing the attributions consumers make about product/service failures? How do people respond when they’re dissatisfied? What factors increase the likelihood of a voiced response? What are the basic premises of Equity Theory? How are perceptions of quality related to expectations? According to the Expectancy Disconfirmation Model, what happens when expectancies are confirmed? …when they are disconfirmed? What are consumers’ options when they want to dispose of a product? Why might you care about disposal? Segmentation q q q Why segment by age? What characteristics of kids, teens, and generation Z/Y, middle-aged people and generation X, and the elderly make them currently important to marketers? What are some differences among these groups in terms of their wants, needs, and resources? Why will the elderly become even more important in the future, and what are some changes that marketers will need to make in light of this demographic shift? What is the difference between gender and sexual orientation? What are agentic goals and communal goals? What is a FFO and who makes the decision for different types of products in a household? What is social class? What factors determine your social class? What does your social class predict? Identify different patterns of consumption of different social classes.
