Consumer theory
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Briefly discuss a purchase you made within the last two months and explain whether you applied the limited problem-solving approach or extended problem solving approach in the process of making the decision to purchase and consume the product. Use the link: https://docs.google.com/presentation/d/1SUvMZD4C-zpTRSISVIbCCpWIM7Ud0VPv3UfPVrhSNio/edit?usp=sharing to access Lecture 2 notes on Decision Making from the Consumer Behavior class. In addition to the lecture notes, use at least two peer-reviewed sources to explain why you applied a particular problem solving approach. Your essay should be approximately 300 words (+/- 10%) and in APA 7 format.
Sample Solution
Recently, I purchased a new laptop for work and personal use. After doing some research online, I settled on a model that met my specifications in terms of price and performance. In this case, I applied the extended problem-solving approach in making my decision as it involved more than just evaluating the benefits and costs of the product but also looking at competing alternatives before settling on my ideal laptop.
Specifically, to make sure I was making the best purchase possible, I began by going through customer reviews on different websites to get an idea of which laptops offered good value for money. Once narrowed down to two or three models within my budget range, I then compared each one’s features side-by-side in order to select the product that best suited my needs. Finally, before taking the plunge, I read up on warranties and customer support options to ensure that if anything went wrong with my purchase there would be proper recourse.
Overall, although it took me longer than normal because of all considerations taken into account along with comparison shopping and evaluation post buyout period process; applying an extended problem-solving approach allowed me to make an informed decision guaranteeing me satisfaction with not only the purchase but also its long term usability & value for money spent.
