Imagine you are choosing between two resorts for your island vacation. The factors driving your decision will be "quality" and "price," but "quality" can be more difficult to define. In the end, this will come to represent all factors beyond price, such as service, amenities, proximity to the ocean and other things that are important to you. So, how will you decide?
A new study in the INFORMS journal Marketing Science has found that as consumers we tend to make these kinds of choices in a "boundedly rational" way. In other words, to simplify and accelerate the decision-making process, we rely on certain predispositions while at the same time keeping an open mind to strong evidence for making an alternative choice.
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Ashley Kilgore
Manager, Public Relations
INFORMS
Catonsville MD
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