For Durable Goods, Like Cars and Computers, Which Are Not

question 14

Multiple Choice

For durable goods, like cars and computers, which are not sold in "packages", a key influencer in the buying decision is the

• A) retailer.
• B) mileage.
• C) lifestyle image.
• D) brand personality.
• E) design.

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Definitions:

Diagnosis

The identification of the nature of an illness or other problem through examination of the symptoms and sometimes involving diagnostic tests.

Anchoring Effect

A cognitive bias where individuals rely too heavily on an initial piece of information (the "anchor") when making decisions.

Base Rate Fallacy

A cognitive bias where individuals misjudge the likelihood of an event due to ignoring general statistical information in favor of specific information.

Availability Heuristic

describes a cognitive bias where individuals estimate the likelihood of an event based on how easily examples come to mind.