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Decision-Making II: Alternative Evaluation & Choice

Explore the process of evaluating alternative choices, selecting evaluative criteria, and categorizing products. Understand how consumers make decisions and choose between products based on judgments and decision rules. Learn about compensatory and noncompensatory rules, and the role of situational influencers and product knowledge in decision-making. Discover the importance of selecting appropriate criteria and organizing information to optimize consumer choice.

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Decision-Making II: Alternative Evaluation & Choice

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  1. Decision-Making II: Alternative Evaluation & Choice Chapter 12

  2. Evaluations of Alternative Choices • Evaluative criteria • Feature • Performance characteristic • Benefit • Results derived from that feature • Determinant criteria

  3. Value & Alternative Evaluation • Role of values • Hedonic and utilitarian • Bounded rationality • Affect-based evaluation • Attribute-based evaluation

  4. Product Categorization • Consumers gather information, and must try to organize it • Product categories • Category levels • Various categories • Superordinate v. subordinate • Perceptual v. underlying • Signal

  5. Criteria Selection • What determines what evaluative criteria are used? • Situational influencers • Product knowledge • Expert opinions • Social influencers • Online sources • Market communications

  6. Criteria Selection • Are Consumers Accurate in their Assessment? • Judgments • Issues that affect judgments • Just noticeable difference • Brand variants • Attribute correlation • Quality perceptions • Objective • Perceived • Brand name

  7. Criteria Selection • How many criteria are necessary? • 10 products & 15 attributes • What if missing information? • How to decide what criteria to use?

  8. Consumer Choice • Decision Rules • Compensatory rules • Noncompensatory rules • Conjunctive • Disjunctive • Lexicographic • Elimination-by-aspects • Usage • Retail outlet selection • Trends

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