ch8.pdf - Decisions Consumer Hyperchoice Decision Fatigue Problem Recognition Information Search Evaluation of Alternatives Product Choice Outcomes

ch8.pdf - Decisions Consumer Hyperchoice Decision Fatigue...

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1/18/2017 1 DECISION MAKING Chapter 8 Decisions Consumer Hyperchoice & Decision Fatigue Problem Recognition Information Search Evaluation of Alternatives Product Choice Outcomes Problem Recognition Discrepancy between actual and ideal state Triggers action to resolve discrepancy Marketing Discrepancy Without problem recognition, no motivation to act Downgrade actual state Augment ideal state
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1/18/2017 2 Information Search “Recruiting” data to make the best possible decision Maximizing vs. Satisficing Bounded Rationality Economic Model of Search Search reduces risk, but has cost We should search until cost > benefit Variable Affecting Search How much a consumer searches depends on: Involvement Frequency of decision Previous knowledge Cognitive ability Access to technology Different Types of Search Internal vs. External Prepurchase vs. Ongoing Deliberate vs. Accidental Search Results Evoked vs. Consideration set Consideration requires categorization Reposition product by: Identifying competitors Creating an exemplar Relocating product in store
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1/18/2017 3 Evaluation of Alternatives Rational Theory of Choice Normative (vs. Descriptive)
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