Week 3 assignment - Chapter 5(page 165 Questions 2 Habitual...

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Chapter 5 (page 165) Questions: 2) Habitual Decision Making - consumers make little or no conscious effort. Limited Problem Solving - consumers do some work to make a decision but not a great deal When consumers make very important decisions they engage in extended problem solving and carefully go through the steps: 1. Problem recognition 2. Information search 3. Evaluation of alternatives 4. Product choice 5. Post purchase evaluation Role of Perceived Risk exists when there is uncertainty about a product. Is also the belief that choice of a product has potentially negative consequences, whether financial, physical, and/or social. So the higher the perceived risk the more involved we will be in the decision making process. 3) Problem recognition - difference between her current state of affairs and some desired or ideal state. Information search - the consumer checks his memory and surveys the environment to identify what options are out there that might solve his problem. Evaluation of alternatives - First, a consumer armed with information identifies a small number of products in which he is interested. Then he narrows down his choices by deciding which of all the possibilities are feasible and by comparing the pros and cons of each remaining option.
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This note was uploaded on 08/01/2011 for the course MRKT 3001 taught by Professor Clare during the Spring '11 term at Community College of Denver.

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Week 3 assignment - Chapter 5(page 165 Questions 2 Habitual...

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