Transcript Decision-Making II: Alternative Evaluation & Choice

Decision-Making II:
Alternative Evaluation &
Choice
Chapter 12
Evaluations of Alternative Choices
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Evaluative criteria
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Feature
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Benefit
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Performance characteristic
Results derived from that feature
Determinant criteria
Value & Alternative Evaluation
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Role of values
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Hedonic and utilitarian
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Bounded rationality
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Affect-based evaluation
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Attribute-based evaluation
Product Categorization
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Consumers gather information, and must try to
organize it
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Product categories
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Category levels
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Various categories
Superordinate v. subordinate
Perceptual v. underlying
Signal
Criteria Selection
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What determines what evaluative criteria are
used?
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Situational influencers
Product knowledge
Expert opinions
Social influencers
Online sources
Market communications
Criteria Selection
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Are Consumers Accurate in their Assessment?
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Judgments
Issues that affect judgments
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Just noticeable difference
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Attribute correlation
Quality perceptions
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Brand variants
Objective
Perceived
Brand name
Criteria Selection
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How many criteria are necessary?
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10 products & 15 attributes
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What if missing information?
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How to decide what criteria to use?
Consumer Choice
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Decision Rules
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Compensatory rules
Noncompensatory rules
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Conjunctive
Disjunctive
Lexicographic
Elimination-by-aspects
Usage
Retail outlet selection
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Trends