ADM 3321 Study Guide - Final Guide: Far-Sightedness, Walmart, Social Stratification
11 Jul 2014
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Document Summary
Consumer hyperchoice: large # of options forces us to make repeated choices that drain psychological energy + decrease ability to make smart decisions: perspectives on decision making, rational: integrate info, weigh pros/cons, arrive at decision. Economics of info: collect as much data as we need to make informed decision , until rewards (utility) exceeds cost. Purchase momentum: initial impulses increase likelihood of buying. Experiential system: processes info holistically + in parallel. Rational system: processes info analytically using logic: behavioural: low involvement, learned response to environmental cues (i. e. a sale, experiential: high involvement, focuses on totality of product. Marketers should focus on consumers affective responses: types of consumer decisions, extended problem solving: Initiated by motive close to central self concept. Limited problem solving: guidelines: habitual decision making : Decision rules: shortcuts that enable consumers to fall back on general. Automaticity: performed with minimal effort + conscious thought.
