After finishing this chapter, students should be able to:
- discuss how stored knowledge interacts with environmental factors to influence consumers’ decision-making processes.
- describe the key features of problem solving.
- describe the various aspects of problem representation, including goal hierarchies, choice alternatives and choice criteria.
- discuss the types of end goals and their effects on problem solving.
- describe the difference between compensatory and noncompensatory integration processes.
- define heuristics and understand different types of heuristics with examples.
- describe the differences between extensive and limited decision making and routinized choice behavior.
- identify several factors that influence the type of decision making consumers perform.