What was the last good you purchased? Was it low priced or high priced? What factors did you consider in order to decide what to purchase? What was the process of decision-making? [i.e. did they walk

What was the last good you purchased?

Was it low priced or high priced?

What factors did you consider in order to decide what to purchase?

What was the process of decision-making? [i.e. did they walk into store with a purpose or not; did they need to buy or want to buy?; did they consider other items or not, etc.]

(1) Explain consumer decision making as a process by which consumers make purchases.

1. Identify their needs.
2. Collect information.
3. Evaluate alternatives.
4. Make the purchase decision.
5. After purchase evaluation.

(2) Now consider the opposite type of purchase – if you purchased low priced item then choose high priced item – if you purchased high priced item then choose low priced item.

(3) What’s different in the process and your involvement (time etc.) and consequences due to cognitive dissonance after the purchase in the process?

(4) Think of it in terms of luxury goods versus necessary goods. What are the differences in consumer decision-making for each good? Think about step 1 and the difference between identifying a “need” and a “want.”

***NOTE:  YOU MUST DESCRIBE THE COMPLETE CONSUMER DECISION PROCESS (EACH STEP) AND ALL QUESTIONS IN ORDER TO RECEIVE FULL CREDIT FOR THIS ASSIGNMENT.