BUSML 4201 Final Exam Study Guide questions with correct answers
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BUSML 4201
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BUSML 4201
"Predictably Irrational" - ANSWERS Dan Arely on price relativity, adding decoy option to choice set, consumers typically choose the middle option
Does context effect decision making? - ANSWERS Yes, economists used to think not but current studies show that it actually does
Compromise Effect -...
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BUSML 4201 Final Exam Study Guide
questions with correct answers
"Predictably Irrational" - ANSWERS✔✔ Dan Arely on price relativity, adding decoy option
to choice set, consumers typically choose the middle option
Does context effect decision making? - ANSWERS✔✔ Yes, economists used to think not but
current studies show that it actually does
Compromise Effect - ANSWERS✔✔ Tendency to choose the "middle" option in a choice set;
extreme aversion; we avoid extremeness
Anchor Pricing - ANSWERS✔✔ when we encounter a new product (and new business) we
accept the first price that comes before our eyes and from then on that price becomes the
anchor for what we are willing to pay for that product
Framing Effect - ANSWERS✔✔ When choices are perceived as losses, people tend to be
risk-seeking;
When choices are perceived as gains, people tend to be risk-averse
Descriptive vs. Economics - ANSWERS✔✔ how people actually make judgements/ choices
vs. normative/ how people should make optimal choices
Prospect Theory - ANSWERS✔✔ people don't follow a traditionally "rational" theory of
choice; contrasts with the "expected utility theory" of economics; prospective theory replaces
expected utility theory with subjective utility (how we see things; incorporates human
element of evaluation
Prospect Theory Key Findings - ANSWERS✔✔ 1. People act differently b/w losses and gains
, 2. Losses seem greater than ggains
Loss Aversion - ANSWERS✔✔ People tend to be more sensitive to losses than gains; march
madness foul example
Implications of Prospect Theory - ANSWERS✔✔ segregate gains, integrate losses, silver
lining effect
Segregate gains - ANSWERS✔✔ ex. car descriptions list out attributes separately
Integrate losses - ANSWERS✔✔ ex. car dealers list price in one lump sum; why we hate
phone bills, tuition bills, and ticketmaster; why we love all inclusive vacations
5 Main Situational Elements - ANSWERS✔✔ 1. physical surroundings
2. social surroundings
3. time/ time of day
4. purchase- task definition/ buying for yourself or others
5. antecedent states- what do you bring into the buying situation in terms of your mood,
physical state, etc.
Mere Presence Effect - ANSWERS✔✔ People don't even have to say anything to influence
you
How to increase consumption of your brand - ANSWERS✔✔ have current users consumer
more at different times. in different situations (ex. Taco Bell's "fourth meal"), changing how
the product is used (ex. Arm & Hammer uncovering new benefits of baking soda)
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