Decision making process: Post decision making Flashcards
(21 cards)
Hypothesis generation
the process where consumers use existing knowledge and new information to form expectations or predictions about a product’s features and quality.
Exposure to evidence
Actually experiencing the brand, product, or service while consuming it.
Integration of evidence and prior beliefs
Combining new information from the consumption experience with stored knowledge.
Encoding of evidence
Processing information from consumption experiences.
Prior beliefs
Consumer ability (especially prior knowledge) influences learning from consumption. Highly knowledgeable consumers may rely on existing beliefs and learn less unless the experience is novel. Moderately knowledgeable consumers are most likely to generate and test hypotheses, leading to more learning. Low-knowledge consumers lack the ability to form useful expectations, so they learn the least.
Ambiguity of the information environment
When information from consumption experiences is insufficiently clear or precise to evaluate brand, product, or service performance.
Satisfaction
The feeling that a purchase decision, consumption experience, or disposition decision meets or exceeds one’s expectations
Dissatisfaction
The feeling that a purchase decision, consumption experience, or disposition falls short of one’s expectations
Expectation Disconfirmation
When expectations do not match the actual brand, product, or service performance because performance is either better or worse than expected.
Post-decision emotion
feelings triggered by consumption experiences. They range from mild (satisfaction/dissatisfaction) to intense (delight or anger), and can strongly influence future consumer behavior.
Locus
Is the event caused by the consumer (“self ”) or
the marketer (“other”)?
Pride
The positive emotion that consumers experience upon
perceiving that they themselves rather than others or luck are
responsible for obtaining positive, hard to get outcomes
Equity theory
y The extent to which the balance of exchanges
between consumers and companies and among consumers is
perceived to be fair.
Difference between delight and satisfaction
delight is UNEXPECTED, such as getting a surprise present.
Mispredictions of emotions (Affective forecasting)
is when consumers predict how a purchase will make them feel, but their actual feelings often don’t match their expectations.
Consumers’ responses to dissatisfaction
includes exiting, voicing complaints, or staying loyal. Their actions depend on perceived costs of switching or complaining.
Behavioural costs
The money, time, effort, and emotional
discomfort needed to implement one’s intentions or urges
to act
How to measure satisfaction
CSAT or NPS score
CSAT score
Scale 1-5 satisfaction, 4/5 and above are satisfied
NPS score
“how likely are you to recommend [company/service/product] to a friend/colleague?” out of 10
Social media metrics
Brands mentioned over time, Negative/positive reviews, Thumbs up/down, Number of likes
Youtube/google trends
