CMA Consumer Behavior & Trends 2 — Questions and Answers
Question 1: Which psychological concept describes consumers anchoring their price expectations based on the first number they encounter?
- Framing effect
- Anchoring bias (Correct answer)
- Loss aversion
- Status quo bias
Correct answer: Anchoring bias
Anchoring bias occurs when consumers rely heavily on the first piece of information (the anchor) to make subsequent pricing judgments.
Question 2: A brand notices that eco-conscious consumers in the 25-40 age segment have a high 'intention-behavior gap.' What does this mean?
- They intend to buy green products but often purchase conventional ones (Correct answer)
- They frequently switch between eco and non-eco brands
- They underestimate the price of sustainable goods
- They rely on peer reviews before buying eco products
Correct answer: They intend to buy green products but often purchase conventional ones
The intention-behavior gap refers to the disconnect between a consumer's stated eco-friendly intentions and their actual purchasing behavior.
Question 3: Which type of reference group has the MOST direct influence on consumer purchasing decisions for luxury goods?
- Aspirational groups
- Dissociative groups
- Primary groups (Correct answer)
- Secondary groups
Correct answer: Primary groups
Primary groups (family, close friends) have the most direct and frequent personal influence on consumer behavior, including luxury purchases.
Question 4: A consumer consistently buys the same laundry detergent without evaluating alternatives. This behavior is best described as:
- Variety-seeking behavior
- Habitual buying behavior (Correct answer)
- Complex buying behavior
- Dissonance-reducing behavior
Correct answer: Habitual buying behavior
Habitual buying behavior involves low involvement and low brand differentiation, where consumers repurchase out of habit rather than deliberate evaluation.
Question 5: The VALS framework classifies US consumers primarily based on:
- Age and income brackets
- Primary motivation and resources (Correct answer)
- Geographic location and family size
- Brand loyalty and purchase frequency
Correct answer: Primary motivation and resources
The VALS (Values, Attitudes, and Lifestyles) framework segments consumers by their primary motivations (ideals, achievement, self-expression) and their available resources.
Question 6: Which stage of the consumer decision-making process involves comparing available options against evaluative criteria?
- Problem recognition
- Information search
- Evaluation of alternatives (Correct answer)
- Post-purchase behavior
Correct answer: Evaluation of alternatives
Evaluation of alternatives is when consumers compare competing options against criteria such as price, quality, and brand reputation before making a choice.
Question 7: A market analyst observes rising demand for personalized products among Gen Z consumers. This trend is BEST linked to which core need?
- Belongingness
- Esteem and uniqueness (Correct answer)
- Safety and security
- Physiological needs
Correct answer: Esteem and uniqueness
Demand for personalized products ties to esteem needs and the desire for uniqueness and self-expression, which are prominent among Gen Z.
CMA Consumer Behavior & Trends 2
Which psychological concept describes consumers anchoring their price expectations based on the first number they encounter?