Flashcards in Test #2 Deck (46)

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1

## What is the Marketing Myopia?

### Being shortsighted- focusing more on products and less on the customer - IE trains not transportation industry

2

## What is the NEW Marketing Myopia?

###
Not focusing on shareholders or the consequences of actions IE McDonald's offering supersizing but not caring about public health outcomes

3

## Subculture of Consumption - who are they?

### People that share these three things: Certain Structure, Ethos and Transformation of self (SET)

4

## What does SET stand for?

###
Structure, Ethos and Transformation of self

5

## What are the four types of data that we studied?

### N - nominal, O - Ordinal, I - Interval, R - Ratio

6

## What is nominal data?

### Categorical factors, non-metric - gender, etc

7

## What is ordinal data?

### Categorical factors, non-metric but can be arranged in a certain order (freshman, sophomore, or ranges of how often you consume coffee outside of home)

8

## What is interval data?

###
higher level of data, more definition, metric - equal interval between (strongly disagree vs strongly agree - 7 scale or any range, can calculate means (temp) - doesn't have a true zero

9

## What is ratio data?

###
higher level of data, more definition, metric (pounds with ounces as weight, age as 24.75)

has a true zero

10

## What data is categorical?

### Nominal and ordinal

11

## What data can you use x2 (kai squared) for?

### Categorical (nominal and ordinal)

12

## What is a x^2 test of independence for?

### To test two factors and see if they are related or not

13

## What does "P value" stand for?

### Probability of error

14

## What if the asymptotic significance is under 0.01?

### Then we are 99.99 certain there is a correlation

15

## What is anchoring?

### Customers getting stuck on a certain price and remembering that

16

## What is representative heuristics?

### Whatever is most represented is used as a shortcut to make a quick judgement - IE vegan into herbs and essential oils - are they more likely to be a holistic healer or a school teacher? Natural to say healer, but statistically more likely to be a school teacher.

17

## What is the prospect theory?

### Losses Loom Larger - no one wants to lose money so they will make irrational decision to avoid.

18

## Reference groups

### Want to be like them or DONT want to be like them

19

## Perceptions

### Moving from short term to long term memories

20

## Conjunctive heuristic

### Things right next to each other - TVs at Best Buy

21

## Types of lexicographic heuristics

###
Satisficing - good enough

Compensatory - one thing can make up for another

Lexicographic - what is the peak best thing?

Conjunctive rule - what is minimum i want and what fits with that?

Disjunctive - dissing certain attributes

Elimination - by aspects - look at most important characteristics first and eliminate accordingly

22

## Satisficing

### good enough choice

23

## Compensatory

### one thing can make up for another

24

## Lexicographic

### what is the peak best thing?

25

## Conjunctive rule

### what is minimum i want and what fits with that?

26

## Disjunctive

### dissing certain attributes

27

## Elimination - by aspects -

### look at most important characteristics first and eliminate accordingly

28

## Rule for memory exercises

### 7 plus or minus 2 (don’t go over 9 pieces of information)

29

## Primacy vs recency effect

### things recalled from beginning vs end

30