The Consumer Behavior

Because of brand knowledge, positioning, prior exposure that affects how the product is seen, and price, consumers rarely have extensive consideration sets. Because of the product awareness, in my experience, I rarely have a broad consideration set. I frequently only purchase products from well-known companies.
Employers' decision-making can be influenced by managers through the attraction effect. For instance, managers can give employees the choice between working longer hours and earning more money or leaving work early and earning less money.
To influence their choice, the managers can introduce a third option, like, to work longer and get me leave days.
Question 3
Sunk cost effect refers to the human tendency to keep investing in something that evidently isn’t working. For example, a person having a show ticket worth $10 and has to incur expenses amounting to 20$ to get to the show simply because they had made the initial investment by buying the ticket.

Question 4

Based on expected utility theory of repair costs, Nick should purchase Bike B since it has the lowest expected repair cost, that is, $40 (200x20/100) while Bike A and C have expected repair costs of $60 (100x60/100) and (400x15/100).

Question 5

Need for humor (NHF) in humorous advertisements either enhance, inhibit or bear no effects on consumers’ responses to the advertisements. For example, consumers low in NFH tend to be indifferent to the degree of humor in the advertisement. On the other hand, consumers high in NFH make more favorable attitudes to humorous advertisements, however, they are turned off by poor or weak humor.

Question 6

Brand personification is a type of research technique applied to understand how a given brand is perceived. It requires people to think of brands like they are people and to describe how the brands would think and feel. For example, when asked to describe a brand of juice drink one may describe it as a funny 5-year-old baby. Version of the technique include where people are expected to describe the brand example, as a car, animal or a celebrity. Brand anthropomorphism refers to the level to which a branded product is seen as real human being. Since human traits are given to the products, it is responsible for personification of brands. Marketers uses them since they can help in getting clarity on the overall impact of a product.

Question 7

A marketer authority principle to its advantage by using experts in marketing strategies/campaigns. For example, marketers may use a dentist in a toothpaste advert, where the dentists urge people to use the toothpaste for the best results.

Question 8

Create the image of the store as one that is widely accepted by many people. By using language like “American’s most affordable and trusted store” in the advert to give perception that Target Stores Inc is “the most trusted.” Buyers may be influenced to shop from Target Stores Inc if they are not sure about from which store to shop.

Question 9

Product attributes as part of how consumers view products include simplicity, modernity and playfulness. Simplicity refers to the descriptions that are not complex but are instead minimalistic and plain. Modernity is made up of descriptions like futuristic, modern or oldish. For instance, when a product appears to be modern then consumers are prompted to assess it based on its aesthetics. Finally, playfulness has funny descriptions that may be regarded as playful.

Question 10

Conventions refer to practices linked to the behavior of daily life in different settings. For example, the kind of clothes to be worn. Mores of a culture are linked to the moral standards of a culture, for examples the taboos. Customs are the behaviors that have endured over time and passed down in the family structure, for example, ceremonies and gender roles.