The Three Major Categories of Influences on the Consumer Decision-Making

question 12

Multiple Choice

The three major categories of influences on the consumer decision-making process are:

• A)situational influences, demographic influences and psychological influences.
• B)social influences, situational influences and marketer-dominated influences.
• C)demographic influences, situational influences and marketer-dominated influences.
• D)situational influences, social influences and psychological influences.
• E)marketer-dominated influences, psychological influences and person-specific influences.

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Definitions:

Endowment Effect

Refers to the phenomenon where people ascribe more value to things merely because they own them.

Ultimatum Game

A game in experimental economics where two players decide on how to divide a sum of money; one proposes the split, and the other can accept or reject it.

Behavioral Economists

Researchers who study the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.

Dictator Game

An experimental game in economics and psychology where one player, the "dictator," determines how to split an endowment between themselves and another player.