Consumer Decision-Making Insights

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Questions and Answers

What percentage of consumers in the 'limited choice' group purchased a jar of jam?

50%

15%

30% (correct)

Maximizers tend to experience more anxiety and depression compared to satisficers.

True

What is the main focus of the chapter discussed in the content?

Decision making and consumer behavior.

In the 'extensive choice' condition, consumers had to choose from _____ flavours.

24 Signup and view all the answers

Match the type of decision maker with their characteristic:

Maximizers = Those who seek the best possible choice Satisficers = Those who choose options that are good enough Rational decision makers = People who integrate information carefully Affective decision makers = Those whose choices are influenced by emotions Signup and view all the answers

Which approach views decision making from a rational perspective?

Traditional perspective Signup and view all the answers

The economics of information approach assumes that individuals gather data until they feel satisfied with their decision.

False Signup and view all the answers

How do consumer researchers traditionally analyze decision makers?

From a rational perspective. Signup and view all the answers

What does purchase momentum refer to?

The phenomenon where initial impulse purchases increase further buying. Signup and view all the answers

Consumer hyperchoice results from having too few options available in the marketplace.

False Signup and view all the answers

What type of decisions do consumers tend to make almost automatically?

Snap judgments based on little information. Signup and view all the answers

Consumers may experience decreased satisfaction with purchases due to the ______________ of available choices.

profusion Signup and view all the answers

Match the type of decision-making with its characteristics:

Thoughtful decision-making = Involves careful weighing of pros and cons Automatic decision-making = Based on emotions and little information Impulse decision-making = Often leads to unplanned purchases Repetitive choice-making = Can drain psychological energy from consumers Signup and view all the answers

Which scenario represents a careful decision-making process?

Spending weeks deciding on the purchase of a new car. Signup and view all the answers

Having too many choices can make consumers more satisfied with their decision.

False Signup and view all the answers

What psychological issues can arise from consumer hyperchoice?

Decision fatigue and decreased ability to make smart decisions. Signup and view all the answers

Study Notes

Consumer Decision-Making

Consumer decisions are responses to problems, ranging from basic needs to complex choices.
Effort invested in decisions varies based on importance.
Some decisions are thoughtful (weighing pros/cons), while others are automatic (emotional reactions).
Purchase momentum: Initial impulse purchases can lead to more purchases.
Consumer hyperchoice: A large number of options can lead to psychological stress and decreased satisfaction with choices.
Studies show a negative correlation between the number of choices and purchase likelihood. More choices decrease the probability of a purchase.

Types of Decisions

Maximizers (looking for the best option) experience more anxiety and depression than satisficers (choosing a satisfactory option).
Decisions involve recognizing needs, searching for information, and evaluating alternatives.
This chapter combines prior learning (linking options to outcomes), emotional responses (affective decision making), and thinking-feeling-doing sequences.

Rational Decision-Making

Traditionally, consumer research viewed decision-making as rational.
This approach suggests consumers gather as much information as possible, weigh pros and cons meticulously, and optimize outcomes.
The economics of information approach is related to this perspective. Consumers search until the additional value gained from information acquisition exceeds the costs involved..

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Description

Explore the complexities of consumer decision-making, including the differences between maximizers and satisficers. This quiz examines various factors that influence purchasing choices, from impulse buying to the effects of having too many options on satisfaction. Understand how emotions and thought processes shape our decisions.