Marketing Management

1. What is prospect theory? does it support the argument that we are rational decision makers?

2. Give an example of the sunk-cost fallacy.

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3. Define the three levels of product categorisation described in the chapter. diagram these levels for a health club.

1. What is the difference between the cognitive, habitual and affective perspectives on decisionmaking? give an example of the type of purchase that each perspective would help to explain.

2. if people are not always rational decisionmakers, is it worth the effort to study how purchasing decisions are made?

What techniques might be employed to understand affectively based consumption choices and to translate this knowledge into marketing strategy?

1.   A marketer must decide whether to incorporate rational or emotional appeals in a communication strategy. describe conditions that are more favourable to one or the other in terms of changing attitudes.

2.   Think of an attitude you have towards an attitude object, which you feel strongly about. how could a marketer change that attitude?

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