MKTG 35035 Lecture Notes - Lecture 3: Risk Aversion, Strategy First, Satisficing
2 Feb 2020
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Document Summary
Alternative evaluation and choice, decision making vs. Decision making is the overall process the consumer goes through to make the decision: decision making vs. Choice is the stage in decision making when you are selecting one of the options based on your evaluation: evaluation of alternatives, comparison between brands to determine which is the best alternative, depends on: How important criteria are to me (ex. price) Which brands i see as in competition with each other. What my image of each brand is. What information i gathered: evaluation of alternatives, also a step that is often cut short for irrational decisions or limited decision making, for example, heuristic purchase, impulse purchase. Only one criterion is considered, ex. cheapest brand. Not likely to take the time to consider alternative options. What situation is leading me to be purchasing. How much i know about the products. The influence of experts and other consumers. The information i got from my external search.
