Ch09 - Chapter 9 Chapter Individual Decision Making by...

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Unformatted text preview: Chapter 9 Chapter Individual Decision Making by Michael R. Solomon Consumers as Problem Solvers Steps for a Purchase Decision • • • • • Problem Recognition Information Search Evaluation of Alternatives Product Choice Consumers as Problem Solvers Perspectives on Decision Making • • • Rational Perspective Constructive Processing • • Behavioral Influence Perspective Experiential Perspective Consumers as Problem Solvers Types of Consumer Decisions • • • • Extended Problem Solving Internal Search External Search • • Limited Problem Solving Decision Rules • Habitual Decision Making Problem Recognition Problem Recognition • • • • • • • • Standard of Comparison Actual State Need Recognition Ideal State Opportunity Recognition Primary Demand Secondary Demand Information Search • • • Types of Information Search Prepurchase Search Ongoing Search • • • • Internal Versus External Search Deliberate Versus “Accidental” Search Directed Learning Incidental Learning The Economics of Information Utility Do Consumers Always Search Rationality? • • • • • Brand Switching Variety Seeking Sensory-Specific Satiety Biases in the Decision-Making Process • • • • • • Mental Accounting Framing Sunk-Cost Fallacy Loss Aversion Prospect Theory The Economics of Information How Much Search Occurs? • • The Consumer’s Prior Expertise • Moderately Knowledgeable Figure 9-5: The Relationship Between Amount of Information Search and Product Knowledge Information Search • • Type Selective Search • Perceived Risk Figure 9-6: Five Types of Perceived Risk Evaluation of Alternatives Identifying Alternatives • • • Evoked Set Retrieval Set • • Inept Set Inert Set Figure 9-7: Identifying Alternatives: Getting in the Game Evaluation of Alternatives Product Categorization • • Categorization Cognitive Structure • • Levels of Categorization • • Basic Level Category Superordinate Category Figure 9-8: Levels of Abstraction in Dessert Categories Evaluation of Alternatives • Protypical • • Strategic Implications of Product Categorization Product Positioning • Positioning Strategy Identifying Competitors Exemplar Products Locating Products • • • Product Choice: Selecting Among Alternatives Evaluative Criteria • • • • Evaluative Criteria Determinant Attributes Procedural Learning Product Choice: Selecting Among Alternatives Cybermediaries • • • • • • • Cybermediary Directories and Portals Website Evaluators Forums, Fan Clubs, and User Groups Financial Intermediaries Intelligent Agents • Collaborative Filtering Product Choice: Selecting Among Alternatives Heuristics: Mental Shortcuts • • • Relying on a Product Signal Covariation • • Market Beliefs: Is It Better If I Pay More for It? Price-quality Relationship • • Country-of-Origin As a Product Signal Stereotype Product Choice: Selecting Among Alternatives • Ethnocentrism • • • Choosing Familiar Brand Names: Loyalty or Habit? Inertia: The Lazy Customer Brand Loyalty: A “Friend” Tried-and-True • Brand Parity Product Choice: Selecting Among Alternatives Decision Rules • • • • • • The Lexicographic Rule The Elimination-by-Aspects Rules The Conjunctive Rule • • • Compensatory versus Non-compensatory Noncompensatory Decision Rules Compensatory Decision Rules Simple Additive Rule Weighted Additive Rule ...
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This note was uploaded on 08/29/2011 for the course MAR 3503 taught by Professor Kim,j during the Summer '08 term at University of Central Florida.

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