MARK2051 Lecture Notes - Lecture 3: Conjoint Analysis, Semantic Differential, Bounded Rationality
Document Summary
Stage 3: alternative evaluation: process by which a choice alternative is evaluated & selected to meet the consumer"s needs. Cognitive misers: don"t like to search for information: because of bounded rationality (limited capacity to process information, affective choice, emotions -> short-cut process picking up on ques, not always irrational. Evaluative criteria: various dimensions, features or benefits sought in response to a specific problem (e. g. price, brand name, car ratings, delivery time, superior product to competitors) Nature of evaluative criteria: tangible, objectively assessed, e. g. car safety rating. Intangible: subjective -> often more important to person, e. g. comfort. Measurement of evaluative criteria: which criteria are used, projective techniques, perceptual mapping, brand performance on criteria, semantic differential scales, likert scales, relative importance of criteria, constant sum scale, conjoint analysis. Determination of which evaluative criteria are used: direct methods incl. asking consumers what criteria they use in a particular purchase. Sensory discrimination: ability to tell apart 2 or more similar stimuli.
