Management and Organizational Studies 3321F/G Study Guide - Final Guide: Bass Pro Shops, Functional Magnetic Resonance Imaging, Customer Switching

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3321F/G
• Professor: Bonnie Simpson

Document Summary

Consumers go through a series of steps when they realize they want to make a purchase: 1) problem recognition 2) information search 3) evaluation of alternatives 4) product choice 5) learning. 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. Rational perspective: in this view people calmly and carefully integrate as much info with what they already know about a product, weigh the +&- of each alt, to arrive at a satisfactory decision (rational cognitive system) Economics of info: related to rational, assumes that we collect as much data as we need to make an informed decision. Utility: form expectations of the value of additional info and continue to search to the extent that the rewards of doing so outweigh the costs. Not an accurate portrayal of many purchasing decisions.