Use the Following to Answer Questions

question 36

Multiple Choice

Use the following to answer questions
When making purchasing decisions, consumers use information from many sources, including friends and family members.One of the most dissatisfying consumer experiences is with auto repair.Aware of this, Karla has asked several of her friends and family members where they have their cars repaired.She has trouble starting her car starting when the weather is cold.Karla has heard that Skola's Auto Repair has reasonable prices, but it can be difficult to get an appointment.However, one of her friends, Steve, had a very poor experience with Skola's.When he complained to them, they immediately fixed the situation, and now he prefers their auto shop over others.
-A dissatisfied Skola's Auto Repair customer told a friend about his experience.The friend is a long-time Skola's customer and, the next day, did not remember what her friend had told her.This is an example of:

• A)perceptive perception.
• B)selective exposure.
• C)selective distortion.
• D)receptive exposure.
• E)selective retention.

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Definitions:

Internet Markets

Markets that operate online, enabling buyers and sellers to transact over the internet, which often leads to reduced costs and wider geographical reach.

Network Effects

The effect that additional users of a good or service have on the value of that product to others, typically increasing the value with more users.

Natural Monopoly

A market structure where a single firm can provide a good or service at a lower cost than any potential competitors, usually due to economies of scale.

Standard Product

A product that is uniform in quality and specifications, produced in large quantities, and often interchangeable with similar products from other manufacturers.