SPMT 370, EXAM 3 QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Consumer Decision Making Process Overview
1. Problem Recognition
2. Information Search
3. Alternatives Evaluation
4. Purchase Decision
5. Post Purchase Decision Evaluation
Consumers are continually making decisions that are meant to...
...solve problems & satisfy wants and needs
Decision Kaking Process 5 activities:
-need/want recognition
-search for information
-evaluation of elder natives
-choice
-post choice evaluation
Decision Making, Choice, Value
-revolves around motivation (a goal)
-leads to consumer choice
-always linked to value
3 Perspectives of the Decision Making Process
,1. Rational decision making perspective
2. Experiential decision making perspective
3. Behavioral influence decision making
Rational Perspective
-consumer are rational, carefully arrive at decision
Ex: features of ticket options
Experiential Perspective
-influenced by feelings
Ex: going snowboarding for fun
Behavioral Influence Perspective
-decisions are responses to environmental influences
Ex: see a margarita billboard, go buy a marg
Perceived Risk
The perception of the negative consequences that are likely to result from a course of
action and the uncertainty of which course of action is best to take
As involvement and risk increase...
Consumers are motivated to move more carefully through the decision making process
Extended Decision Making
-consumers more diligently through decision making activities in search of the best
information that will help them reach a decision
-high involvement and significant risk
Limited Decision Making
, -consumers search very little for information and often reach decisions based largely on
prior beliefs about products and their attributes
-low involvement and low risk
Habitual Decision Making
-consumers generally do not seek information at all when a problem is recognized and
select a product based on habit
-brand loyalty
-brand inertia
Summary of Decision Making Process
-decision making processes do not guarantee maximum value
-consumers often make mistakes or settle for alternatives that they are unsure of
-most purchases made daily are low involvement and do not entail significant risk
-some consumers called "maximizes" work to find the best solution
Satisficimos
The practice of decision making shortcuts to arrive at satisfactory, rather than optimal
decisions
Need/Want Recognition
When consumers perceive a difference between their actual state and a desired state,
the decision making process is triggered
Primary distinctions between a want and a need:
-ability to put off the purchase decision
-freedom to choose
Marketing Implications
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Consumer Decision Making Process Overview
1. Problem Recognition
2. Information Search
3. Alternatives Evaluation
4. Purchase Decision
5. Post Purchase Decision Evaluation
Consumers are continually making decisions that are meant to...
...solve problems & satisfy wants and needs
Decision Kaking Process 5 activities:
-need/want recognition
-search for information
-evaluation of elder natives
-choice
-post choice evaluation
Decision Making, Choice, Value
-revolves around motivation (a goal)
-leads to consumer choice
-always linked to value
3 Perspectives of the Decision Making Process
,1. Rational decision making perspective
2. Experiential decision making perspective
3. Behavioral influence decision making
Rational Perspective
-consumer are rational, carefully arrive at decision
Ex: features of ticket options
Experiential Perspective
-influenced by feelings
Ex: going snowboarding for fun
Behavioral Influence Perspective
-decisions are responses to environmental influences
Ex: see a margarita billboard, go buy a marg
Perceived Risk
The perception of the negative consequences that are likely to result from a course of
action and the uncertainty of which course of action is best to take
As involvement and risk increase...
Consumers are motivated to move more carefully through the decision making process
Extended Decision Making
-consumers more diligently through decision making activities in search of the best
information that will help them reach a decision
-high involvement and significant risk
Limited Decision Making
, -consumers search very little for information and often reach decisions based largely on
prior beliefs about products and their attributes
-low involvement and low risk
Habitual Decision Making
-consumers generally do not seek information at all when a problem is recognized and
select a product based on habit
-brand loyalty
-brand inertia
Summary of Decision Making Process
-decision making processes do not guarantee maximum value
-consumers often make mistakes or settle for alternatives that they are unsure of
-most purchases made daily are low involvement and do not entail significant risk
-some consumers called "maximizes" work to find the best solution
Satisficimos
The practice of decision making shortcuts to arrive at satisfactory, rather than optimal
decisions
Need/Want Recognition
When consumers perceive a difference between their actual state and a desired state,
the decision making process is triggered
Primary distinctions between a want and a need:
-ability to put off the purchase decision
-freedom to choose
Marketing Implications
