Podcast
Questions and Answers
What percentage of consumers in the 'limited choice' group purchased a jar of jam?
What percentage of consumers in the 'limited choice' group purchased a jar of jam?
- 50%
- 3%
- 15%
- 30% (correct)
Maximizers tend to experience more anxiety and depression compared to satisficers.
Maximizers tend to experience more anxiety and depression compared to satisficers.
True (A)
What is the main focus of the chapter discussed in the content?
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.
In the 'extensive choice' condition, consumers had to choose from _____ flavours.
Match the type of decision maker with their characteristic:
Match the type of decision maker with their characteristic:
Which approach views decision making from a rational perspective?
Which approach views decision making from a rational perspective?
The economics of information approach assumes that individuals gather data until they feel satisfied with their decision.
The economics of information approach assumes that individuals gather data until they feel satisfied with their decision.
How do consumer researchers traditionally analyze decision makers?
How do consumer researchers traditionally analyze decision makers?
What does purchase momentum refer to?
What does purchase momentum refer to?
Consumer hyperchoice results from having too few options available in the marketplace.
Consumer hyperchoice results from having too few options available in the marketplace.
What type of decisions do consumers tend to make almost automatically?
What type of decisions do consumers tend to make almost automatically?
Consumers may experience decreased satisfaction with purchases due to the ______________ of available choices.
Consumers may experience decreased satisfaction with purchases due to the ______________ of available choices.
Match the type of decision-making with its characteristics:
Match the type of decision-making with its characteristics:
Which scenario represents a careful decision-making process?
Which scenario represents a careful decision-making process?
Having too many choices can make consumers more satisfied with their decision.
Having too many choices can make consumers more satisfied with their decision.
What psychological issues can arise from consumer hyperchoice?
What psychological issues can arise from consumer hyperchoice?
Flashcards
Consumer Choice & Limited Options
Consumer Choice & Limited Options
When consumers are faced with a small number of options, they are more likely to make a purchase.
Consumer Choice & Extensive Options
Consumer Choice & Extensive Options
Facing many options can decrease purchase likelihood, may lead to anxiety & dissatisfaction among some.
Maximizers vs. Satisficers
Maximizers vs. Satisficers
Maximizers strive for the best possible option, while satisficers settle for a good-enough choice.
Decision Making Processes
Decision Making Processes
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Rational Decision Making
Rational Decision Making
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Economic Information Search
Economic Information Search
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Affective Decision Making
Affective Decision Making
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Consumer Learning & Choice
Consumer Learning & Choice
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Consumer Decision Making
Consumer Decision Making
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Effort in Decision Making
Effort in Decision Making
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Automatic/Emotional Decision Making
Automatic/Emotional Decision Making
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Purchase Momentum
Purchase Momentum
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Consumer Hyperchoice
Consumer Hyperchoice
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Overwhelm from Choices
Overwhelm from Choices
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Limited Satisfaction with too many choices
Limited Satisfaction with too many choices
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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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