Alternative Evaluation and Selection Process

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Presentation transcript:

Alternative Evaluation and Selection Process Evaluative criteria Importance of criteria Alternatives considered Evaluation of alternatives on each criterion Decision rules applied Alternative selected

Ex: Notebook Computers Evaluative Criteria Importance Minimal Acceptable Performance Consumer Perceptions Gateway HP Compaq Dell IBM Toshiba Price 30 3 5 4 2 1 Weight 25 Processor 10 Battery life 05 Service Display 20

Compensatory Decision Rule Multi-attribute model n Rb=  Wi Bib i=1

Non-compensatory Decision Rules Accept alternative only if each criterion equals or exceeds the minimum cutoff level. A product is acceptable only if it exceeds the minimum level on at least one criterion Crank criterion from most to least important and choose best alternative on most important criterion Select one criterion and eliminate alternatives that don’t exceed it’s established cutoff level. Continue eliminating until one alternative remains. Conjunctive Disjunctive Lexicographic Elimination by aspects

Combination Processes Mix of compensatory and non-compensatory processes, combined or “constructed” on the spot to adapt to environmental factors

Attribute-Based vs. Attitude-Based Choice Attitude-based choice – involves the use of general attitudes, summary impressions, intuitions, or heuristics; no attribute-by-attribute comparisons are made at the time of choice.

Examples of Consumer Heuristics Search Heuristics Store selection Sources of information Source credibility

Examples of Consumer Heuristics (cont.) Evaluation Heuristics Key criteria Negative criteria Significant differences

Examples of Consumer Heuristics, cont.. Choice Heuristics If choosing among familiar products... Works best Bought last Price-based rule

Examples of Consumer Heuristics (cont.) Choice Heuristics If choosing among unfamiliar products Wait and see Expert consultant