Management and Organizational Studies 2181A/B Study Guide - Final Guide: Search Engine Optimization, Functional Magnetic Resonance Imaging, Total Quality Management
19 Apr 2014
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Document Summary
Ironically, for many modern consumers one of the biggest problems is not having too few choices, but too many. We can think of this profusion of options as consumer hyperchoice a condition where the large number of available options forces us to make repeated choices that may drain psychological energy while decreasing our abilities to make smart decisions. Relates the economics of information approach to the search processes; assumes that we collect just as much data as we need to make an informed decision. This process implies that steps in decision making should be carefully studied by marketing managers to understand how information is obtained, how beliefs are formed, and what product choice criteria are specified by consumers. Some of our buying behaviours simply don"t seem rational. " they don"t serve a logical purpose (e. g. collecting red shoes). Other purchases are made with virtually no advance planning at all. Still other actions are actually contrary to those predicted rational models.
