MKT 400 Chapter Notes - Chapter 13: Bounded Rationality, Determinant, Marketing Communications

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Chapter 13: decision making ii: alternative evaluation and choice. Evaluaive criteria: atributes that consumers consider when reviewing alternaive soluions to a problem: feature: performance characterisic of an object, beneit: perceived favourable results derived from a paricular feature. Determinant criteria: criteria that are most carefully considered and directly related to the actual choice that is made: largely depends on the situaion in which a product is consumed. The value consumers believe they will receive from a product has a direct impact on their evaluaion of that product. The criteria that consumers use when evaluaing a product can oten be classiied as either hedonic or uilitarian: marketers oten promote both. Bounded raionality: idea that consumers atempt to act raionally within their informaion processing constraints. Consumers oten minimize the efort that they put into alternaive evaluaion and choice. Afect-based evaluaion: evaluaive process wherein consumers evaluate products based on the overall feeling that is evoked by the alternaive.

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