Problem
A. There are 4 Stages of rational decision making. Identify and describe each Stage. Summarize each phase in two to three sentences each.
B. Experiential Decision Making. The objective of this discussion question is to improve your ability to make higher-quality decisions.
Referring to Figure 11.2, think back to a recent expensive purchase you made. It could have been a bike, phone, car, house, etc. To evaluate the quality of your decision, please think about your purchase when answering each of the questions below.
A. What problem did you hope to solve by making this purchase?
B. What alternative(s) (or competing) products did you consider?
C. 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?
D. When you made the final choice, was it a maximizing, satisficing, or optimizing outcome? Why?
E. Before purchasing the product, did you test it out? If so, how many times?
F. Describe how you feel about the purchase after making it. Was it a positive or negative? How did it satisfy your original need(s)?