SPMT 370 FINAL EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++

SPMT 370 FINAL EXAM QUESTIONS AND ANSWERS

WITH COMPLETE SOLUTIONS GRADED A++


What are the three perspective of the decision making process?

-Rational decision-making perspective

-Experiential decision making perspective

-Behavioral influence decision-making perspective

Satisficing

practice of using decision-making shortcuts to arrive at satisfactory, rather than optimal,

decisions

Decision making approaches

Extended decision making

Limited decision making:

Habitual or routine decision making:

extended decision making

consumers move diligently thorough 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 eg. time constraints

and generally low risk)

Habitual or routine decision making: