Test
test
test
Set of flashcards Details
| Flashcards | 24 |
|---|---|
| Language | English |
| Category | Psychology |
| Level | University |
| Created / Updated | 17.06.2024 / 23.06.2024 |
| Weblink |
https://card2brain.ch/box/20240617_test
|
| Embed |
<iframe src="https://card2brain.ch/box/20240617_test/embed" width="780" height="150" scrolling="no" frameborder="0"></iframe>
|
Create or copy sets of flashcards
With an upgrade you can create or copy an unlimited number of sets and use many more additional features.
Log in to see all the cards.
We distinguish four types of consumer decisions: extensive processing, impulsive, limited and habitual.
Going to migros and buying same apples every week is an example of a … decision.
habitual
Name three kinds of situations that can influence the formation of the consideration set
- memory-based choice situations
- stimulus-based choice situations
- mixed situations
name three memory-based choice situations
- based on alternatives that are available in memory (often limited number of alternatives)
- Recall of relevant alternatives at a specific moment (information likely to be incomplete)
- Depends on how information is organized, on priming and on cues
name three stimulus-based choice situations
- based on presented alternatives
- often large number of alternatives
- limited due to short-term memory & limited processing capacity
Name two aspects that lead to need recognition
- internal stimuli
- external stimuli
name the three types of needs
- functional need
- social need
- need for change
what is a "want-got gap" ?
Person feels discrepancy between current and desired state.
What are the tree types of Information Search?
- Internal search
- External search
- Ongoing search (without a discrepancy to address)
Which decisions are mainly based on an internal search, which on an external search?
- internal ("What options do I remember?"): e.g. going out for dinner --> recalling restaurants from memory
- external ("What options do I find outside?": e.g. looking up a restaurant on the internet (e.g. Google maps, Tripadvisor)
What are the implications for marketing?
If people go for external search, they have an cue in internal search
What is heuristic?
mental shortcuts/rule of thumbs. Simple rules that focus on one aspect of a complex problem ignoring the others.
What is the goal of heuristic?
The goal of heuristic is making decisions more quickly, frugally, and/or accurately.
What is rationality?
Rationality is the ability to make logical and informed decisions based on reason and evidence.
Who acts rational?
Rational economic man / Rational actor / Homo Economicus
What causes cognitive biases?
They are the result of applying heuristics in decision-making.
Why is rationality important in decision making?
Rationality is important in decision making because it helps ensure that decisions are based on sound reasoning and evidence, leading to better outcomes and minimizing the risk of errors or biases.
Name five characteristics to describe the homo economicus.
- ideal decision-maker
- complete rationality
- perfect access to information
- maximizing utility
- consistent goals
What’s the assumption of bounded rationality?
People act with limited rationality
Which are the 3 reasons for bounded rationality?
limited time, limited information and limited cognitive capacity
What is an example of bounded rationality?
People are likely to take more risks when they are happy and less likely to take risks when they are sad
Who proposed the concept of bounded rationality?
Herbert A. Simon
Mistaken belief that past events influence future outcomes in independent events
Can lead to poor desicions in gambling and investing
How are the resulting errors from Heuristics called ?
Cognitive biases
-
- 1 / 24
-
