Economics

What is a challenging and common purchase decision: this is a kind of decision that you are regularly faced with (e.g., on a daily or weekly basis) and which you find difficult to make.

Explain the 5 decision making stages for this decision. The rest of the report should be spent comparing and contrasting these 4 decisions in terms of the 5 decision making stages: How were the decisions similar or different from each other at each stage?

5 decision making stages:

Problem recognition: Why did they end up being faced with this decision? Why did they decide they needed to make this choice?

Information search: What (if any) information did they gather about the decision and the choice alternatives, before making their choice? How did they go about gathering this information? What kind of information did they obtain?

Evaluation of Alternatives: What alternatives did they end up considering in their choice set? Did they compare and contrast these alternatives before choosing? If so, how did they go about comparing these alternatives?

Choice: How did they end up deciding on their preferred alternative? Why (in their view) did the chosen alternative seem like the best option (for them)? Did anything influence their choice that was not directly part of the choice set? Did they consider the opportunity costs of their choice?

Post-choice evaluation: How did they feel about their choice after they had made it? Did they experience any feelings of regret or relief? Did they re-evaluate the quality of their decision? Did their chosen option meet their expectations? If they were faced with the same decision today, would they choose the same alternative or not?

Give All questions answer point wise