Question

Mark avoids high-end brands as he considers them expensive. However, during one of his shopping trips, he notices that a luxury cologne is being sold at a slightly lower price. He buys this cologne even though he has to pay more than he usually does for a regular bottle of cologne. Which of the following has most likely influenced Mark's buying behavior?A) Just noticeable difference B) Just meaningful differenceC) Selective distortionD) Selective exposure

Answer 1

The correct answer is letter "B": Just meaningful difference.

Step-by-step explanation:

Consumers can be influenced by stimuli at the moment of making a purchasing decision. Individuals tend to organize those stimuli in groups to make comparisons of the overall product or service. The stimuli can be clearly noticeable or, in some cases, are small, though, can influence people's consumption.

The last scenario is called in behavioral marketing as Just Meaningful Difference (JMD). Therefore, the JMD of the decrease in the price of a cologne made Mark purchase even it still was considerably expensive.

Answer 2

B. Just meaningful difference

Step-by-step explanation:

Just meaningful differences also called JMD refers to the smallest amount of change in price that would influence or change consumer consumption and choice. Just meaningful difference is one that is significant and influential.

In Mark's situation, the drop in the price of luxury cologne was significant enough to influence mark decision of not buying luxury high end brands products.

It is important to note that for JMD, what may be seen as significant and influential for some customers or individuals may not be significant and influential to others.