COMM-1007EG Lecture Notes - Lecture 13: Bounded Rationality, Rationality, Determinant
28 Jan 2017
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Document Summary
Evaluative criteria attributes that consumers consider when reviewing alternative solutions to a problem. Benefit perceived favourable results derived from a particular feature. Value = what you get (benefits) what you give (costs) Determinant criteria - criteria that are most carefully considered and directly related to the actual choice that is made (sometimes called determinant attributes) Which criteria are determinant depend largely on the situation in which a product is consumed. Criteria consumers use to evaluate can be hedonic or utilitarian. Hedonic criteria include the following attributes or benefits that are associated with an alternative; Utilitarian criteria pertain to the following aspects associated. Bounded rationality idea that consumers attempt to act rationally within their information-processing constraints. Customers quite often minimize the effort that they put into alternative evaluation and choice. Studies show that too much variety actually contributes to feelings of discontent and unhappiness.
