Decision Making Processes I

A set of flashcards covering key concepts and terms from the lecture on decision-making processes.

Problem Recognition

The first stage in the decision-making process where the consumer realizes a need or a problem.

Information Search

The stage where consumers look for information to solve their problem, which can be internal or external.

Evaluation of Alternatives

The process of comparing different options available to determine which best meets needs.

Purchase Decision

The stage in which the consumer makes the decision to buy a product or service.

Post-purchase

The stage where consumers evaluate their purchase decision and reflects on their satisfaction.

Evoked Set

The subset of brands or products that the consumer considers when making a purchase decision.

Heuristics

Mental shortcuts or rules of thumb that simplify decision-making.

Compensatory Decision Rule

A decision-making model where the consumer weighs pros and cons, allowing one attribute to compensate for another.

Non-compensatory Decision Rule

A decision-making model where consumers set minimum cutoffs and reject alternatives that do not meet these criteria.

Determinant Attributes

Features that consumers consider important for distinguishing among products.

Information Search - Internal

The process of recalling past experiences and knowledge when seeking information.

Information Search - External

The process of seeking new information from outside sources, like friends or online research.

Consideration Set

The group of brands that a consumer considers for purchase.