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As part of consumer behavior, the buying decision process is the decision-making process used by consumers regarding the market transactions before, during, and after the purchase of a good or service. It can be seen as a particular form of a cost–benefit analysis in the presence of multiple alternatives. [1] [2]
[Overchoice takes place when] the advantages of diversity and individualization are canceled by the complexity of buyer's decision-making process. — From Alvin Toffler , Future Shock , 1971 Overchoice or choice overload [ 1 ] is the paradoxical phenomenon that choosing between a large variety of options can be detrimental to decision making ...
Choice overload (sometimes called overchoice in the context of confusion) occurs when the set of purchasing options becomes overwhelmingly large for a consumer. A good example is wine in the UK where supermarkets may present over 1000 different products leaving the consumer with a difficult choice process.
A decision to buy an ice-cream sundae is motivated by the desire for sensory gratification (positive motivation). Another approach proposes eight purchase motivations, five negative motives and three positive motives, which energise purchase decisions as illustrated in the table below. [66]
By making calculative decisions, it is considered as rational action. Individuals are often making calculative decisions in social situations by weighing out the pros and cons of an action taken towards a person. The decision to act on a rational decision is also dependent on the unforeseen benefits of the friendship.
The objective of a choice is generally to pick the best option. Thus, after making a choice, a person is likely to maintain the belief that the chosen option was better than the options rejected. Every choice has an upside and a downside. The process of making a decision mostly relies upon previous experiences.
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In other words, a nudge alters the environment so that when heuristic, or System 1, decision-making is used, the resulting choice will be the most positive or desired outcome. [25] An example of such a nudge is switching the placement of junk food in a store, so that fruit and other healthy options are located next to the cash register, while ...