A Perceptual Map Refers to

question 88

Multiple Choice

A perceptual map refers to

• A)a framework used to compare one firm's product offerings with another firm's offerings in relationship to their relative market share.
• B)a framework used to demonstrate the growth or decline of specific market segments within an industry.
• C)a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands,as well as its own product or brand.
• D)a framework to relate the market segments of potential buyers to the products offered or potential marketing actions by an organization.
• E)the place a product occupies in a single consumer's mind on unimportant attributes relative to competitive products.

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Definitions:

Framing

In social psychology, the way information is presented to the audience, which influences the choices people make by highlighting certain aspects and downplaying others.

Belief Perseverance

The tendency to maintain a belief even after the evidence supporting it has been discredited or refuted.

Overconfidence

The phenomenon where an individual's belief in their own abilities exceeds the accuracy of those abilities.

Framing Effect

A cognitive bias where people react differently based on the way information is presented to them, demonstrating how context and framing can influence decision making.