CMA Consumer Behavior & Trends 2

Question 1

Which psychological concept describes consumers anchoring their price expectations based on the first number they encounter?

Accepted Answer

Anchoring bias

Answer

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?

Accepted Answer

They intend to buy green products but often purchase conventional ones

Answer

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?

Accepted Answer

Primary groups

Answer

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:

Accepted Answer

Habitual buying behavior

Answer

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:

Accepted Answer

Primary motivation and resources

Answer

The VALS (Values, Attitudes, and Lifestyles) framework segments consumers by their primary motivations (ideals, achievement, self-expression) and their available resources.

(CMA) Certified Market Analyst Practice Test

(CMA) Certified Market Analyst Practice Test

CMA Consumer Behavior & Trends 2