Quiz 2 Study Guide - ContextEffects Quiz2StudyGuide o

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Quiz 2 Study Guide Context Effects o Normative- how should people behave? o Descriptive- how do people actually behave? Regularity- adding a choice alternative should not increase  probability of choosing member of an original set Independence of Irrelevant Alternative- when choice does not  change with new alternatives o Asymmetric dominance- one alternative is superior to another one on  at least one attribute, but inferior by none o Compromise effect- no product dominates another because they all  offer different qualities o Joint evaluations- placing all products of a certain category together o Separate evaluations- separating premium products on separate  shelves to draw extra attention Loss Aversion - losing X $ is more unpleasant than gaining X $ is pleasant Environment - everything external to consumers o Levels of Environment: Macro environment- larger scale, broad Climate Economic conditions Political systems Micro environment- tangible physical and social aspects of a  person’s immediate surroundings Dirty floor in store Talkative salesperson Cold/warm weather of the day/week Family/friends o Aspects of the Environment Social Macro social environment- culture, subculture and social 
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Quiz 2 Study Guide - ContextEffects Quiz2StudyGuide o

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