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34 Cards in this Set
- Front
- Back
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Judgment
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Evaluation of an object or estimate of likelihood of an outcome or event.
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Decision making
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Making a selection among options or courses of action.
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Estimation of likelihood
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Judging how likely it is that something will occur.
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Judgment of goodness/badness
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Evaluating the desirability of something.
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Anchoring and adjustment process
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Starting with an initial evaluation and adjusting it with additional information.
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Imagery
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Imagining an event in order to make a judgment
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Mental accounting
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Categorizing spending and saving decisions into "accounts" mentally designated for specific consumption transactions, goals, or situations
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Emotional Accounting
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The intensity of positive or negative feelings associated with each mental account for saving or spending.
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Inept set
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Options that are unacceptable when making a decision
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Inert set
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Options toward which consumers are indifferent
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Attraction effect
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When the addition of an inferior brand to a consideration set increases the attractiveness of the dominant brand.
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Decision framing
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The initial reference point or anchor in the decision process
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Cognitive decision making model
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The process by which consumers combine items or information about attributes to reach a decision.
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Affective decision making model
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The process by which consumers base their decision on feelings and emotions.
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Compensatory model
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A mental cost benefit analysis model in which negative features can be compensated for by positive ones
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Noncompensatory model
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A simple decision model in which negative information leads to rejection of the option.
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Cutoff Level
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For each attribute, the point at which a brand is rejected with a non compensatory model.
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Brand Processing
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Evaluating one brand at a time
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Multiattribute expectancy value model
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A type of brand based compensatory model
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Conjunctive model
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A noncompensatory model that sets minimum cutoffs to reject bad options
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Disjunctive model
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A noncompensatory model that sets acceptable cutoffs to find options that are good.
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Attribute processing
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Comparing brands, one attribute at a time.
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Additive difference model
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Compensatory model in which brands are compared by attribute, two brands at a time
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Lexicographic model
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A non-compensatory model that compares brands by attributes, one at a time in order of importance
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Elimination by aspects model
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Similar to the lexicographic model, but adds the notion of acceptable cutoffs.
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Endowment effect
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When ownership increases the value of an item.
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Affective forecasting
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A prediction of how you will feel in the future
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Non-comparable decision
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The process of making a decision about products or services from different categories.
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Alternative-based strategy
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Making a noncomparable choice based on an overall evaluation
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Attribute based strategy
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Making a noncomparable choice by making abstract representations of comparable attributes.
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Extremeness aversion
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Options that are extreme on some attributes are less attractive than those with a moderate level of those attributes.
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Compromise effect
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When a brand gains share because it is an intermediate rather than an extreme option.
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Attribute balancing
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Picking a brand because it scores equally well on certain attributes rather than faring un equally on these attributes.
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Metacognitive experiences
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How the information is processed beyond the content of the decision.
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