There are 4 Stages of rational decision making. Summarize each Stage. Two to three sentences each.

1. Identify the problem of opportunity

2. Generate alternative solutions

3. Evaluate alternatives and select a solution

4. Implement and evaluate the solution chosen

Referring to the 4 stages, think back to a recent expensive purchase you made. To evaluate the quality of your decision, think about your purchase when answering each of the questions below.

1. What problem did you hope to solve by making this purchase?
2. What alternative(s) (or competing) products did you consider?
3. How did you evaluate the different alternative (or competing) products? Did you identify each product's strengths and weaknesses? How much of a role did cost play in your decision?
4. When you made the final choice, was it a maximizing, satisficing, or optimizing outcome? Why?
5. Before purchasing the product, did you test it out? If so, how many times?
6. Describe how you feel about the purchase after making it. Was it a positive or negative? How did it satisfy your original need(s)?