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Solomon Exam 2 Slides

Solomon Exam 2 Slides - Chapter 9 Individual Decision...

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Chapter 9 Individual Decision Making By Michael R. Solomon Consumer Behavior Buying, Having, and Being Sixth Edition
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Consumers As Problem Solvers A consumer purchase is a response to a problem. Steps in the decision process: (1) Problem recognition (2) Information search (3) Evaluation of alternatives (4) Product choice
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Perspectives on Decision Making Rational Perspective: Consumers integrate as much info as possible, weigh pluses and minuses, arrive at a decision Purchase Momentum: Initial impulses increase the likelihood of buying more Constructive Processing: Sequence of events by which the consumer evaluates the effort needed to make a choice and then chooses a strategy based on the level of effort required Behavioral Influence Perspective: Concentration on the types of decisions made under low involvement conditions Experiential Perspective: Stresses the totality of the product or service
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Types of Consumer Decisions Extended Problem Solving: Corresponds to traditional decision-making perspective Limited Problem Solving: People use simple decision rules to choose among alternatives Habitual Decision Making: Choices made with little to no conscious effort Automaticity: Characteristic of choices made with minimal effort and without conscious control
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A Continuum of Buying Decision Behavior Figure 9.2
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Problem Recognition Problem recognition: Occurs whenever the consumer sees a significant difference between his or her current state of affairs and some desired or ideal state Need recognition: The quality of the consumer’s actual state moves downward Opportunity recognition: The consumer’s ideal state moves upward Primary demand: Consumers are encouraged to use a product or service regardless of the brand they choose Secondary demand: Consumers are encouraged to use a specific brand – can only occur if primary demand exists
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Biases in the Decision-Making Process Mental Accounting: Decisions are influenced by the way a problem is posed (framing) Sunk-cost fallacy: Having paid for something makes the consumer reluctant to waste it Loss Aversion: People place more emphasis on loss than gain Prospect Theory: A descriptive model of how people make choices that finds that utility is a function of gains and losses
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Chapter 10 Buying and Disposing By Michael R. Solomon Consumer Behavior Buying, Having, and Being Sixth Edition
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Situational Effects on Consumer Behavior Consumption Situation: Factors beyond characteristics of the person and of the product that influence the buying and/or using of products and services Situational Self-Image: The role a person plays at any one time.
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Shopping: A Job or An Adventure?
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