The ________ Approach to Consumer Research Asks Customers to Attach

question 19

Multiple Choice

The ________ approach to consumer research asks customers to attach a monetary value to alternative levels of a given attribute. The value of a given configuration is determined by adding the average values of each of the given attributes.

• A) benchmarking
• B) compositional
• C) importance rating
• D) focus-group
• E) conjoint analysis

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Definitions:

Distinctiveness-Based Illusory Correlation

A cognitive bias where individuals overestimate the association between unique or distinctive events and specific outcomes.

Minority

A smaller part of a group differing from the majority in ethnic, religious, political, or other characteristics.

Expensive Jewellery

High-value adornments made from precious materials and stones, often considered luxury items.

Mediation

Process of intergroup conflict resolution where a neutral third party intervenes in the negotiation process to facilitate a settlement.