SPMT 370 EXAM 3 ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS

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SPMT 370 EXAM 3 ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS Decision-Making Process - Answer -The process of choosing between two or more alternatives or options; most logical way to make a decision. Extended Decision-Making - Answer -When consumers move diligently through decision-making activities in search of the best information that will help them reach a decision. The Extended Decision-Making process is... - Answer -High Involvement and Significant Risk. The Limited Decision-Making process is... - Answer -Low involvement (e.g., time constraints) and generally Low Risk Habitual Decision-Making - Answer -Consumers generally do not seek information at all when a problem is recognized and select a product based on habit. Examples of Habitual Decision Making are... - Answer -Brand Loyalty and Brand Inertia Brand Loyalty - Answer -Consistent preference for one brand over all others. Brand Inertia - Answer -Occurs when a consumer simply buys a product repeatedly without any real attachment What does decision-making revolve around? Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com - Answer -Motivation What do decision-making processes lead to? - Answer -Consumer Choice Consumer choice is always linked to what? - Answer -Value What are the 3 "value" related approaches to the decision-making process? - Answer -- Rational (Utilitarian) - Experiential (Hedonic) - Behavioral Influence (Impulsive) Perceived Risk - Answer -The perception of the negative consequences that are likely to result from a course of action (a choice) and the uncertainty of which course of action is best to take. Financial Risk - Answer -Risk associaated with the cost of the product. (BIGGEST RISK) Social Risk - Answer -Risk associated with how other consumers will view the purchase. Functional Risk - Answer -Risk associated with a product not performing as expected. Physical Risk - Answer -Risk associated with the safety of a product and the likelihood that physical harm will result from consumption. Time Risk - Answer -Risk associated with the time required to search for the product and the time necessary for the product to be serviced or maintained. The decision-making process does not always guarantee _____________. Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com