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Decision-Making II: Alternative Evaluation & Choice

Decision-Making II: Alternative Evaluation & Choice. Chapter 12. Evaluations of Alternative Choices. Evaluative criteria Feature Performance characteristic Benefit Results derived from that feature Determinant criteria. Value & Alternative Evaluation. Role of values

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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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