Limited problem-solving approach or extended problem-solving approach

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Discuss a financial decision you made within the last two months and analyze whether you applied the limited problem-solving approach or extended problem-solving approach in making this decision. Use the link: to access Lecture 2 notes on Financial Decision-Making from your Business Class. Along with the lecture notes, incorporate at least two peer-reviewed sources to support your explanation of why you applied a specific problem-solving approach. Ensure your essay is approximately 300 words (+/- 10%) and formatted in APA 7 style.

Sample Solution

A Limited Problem-Solving Approach to Choosing a New Phone

This essay examines a recent financial decision I made – purchasing a new smartphone. In making this decision, I primarily employed a limited problem-solving approach, as outlined in my Business Class lecture notes.

Limited problem-solving involves a minimal search for information and consideration of few alternatives. This approach is typically used for routine purchases where the decision-making process is habitual and involves minimal cognitive effort (Kotler & Armstrong, 2022). In my case, I had a strong preference for the latest iPhone model. I had been following its release closely and was eager to experience the new features.

My decision-making process was relatively straightforward. I visited the Apple Store, compared the new model with the previous one I owned, and quickly decided to upgrade. I considered a few factors such as the camera quality and battery life, but primarily relied on my existing brand loyalty and perceived value of the new features.

This decision aligns with the characteristics of limited problem-solving outlined by Blackwell, Miniard, & Engel (2001). I had low involvement in the decision-making process, utilized limited information sources, and made a relatively quick and effortless choice. My past experience with Apple products and positive brand perceptions significantly influenced my decision.

In conclusion, my recent smartphone purchase exemplifies a limited problem-solving approach. While I considered a few factors, my decision was primarily driven by brand loyalty and a desire to upgrade to the latest model, with minimal effort invested in extensive research and comparison of alternatives.

References:

  • Blackwell, R. D., Miniard, P. W., & Engel, J. F. (2001). Consumer behavior (9th ed.). South-Western.
  • Kotler, P., & Armstrong, G. (2022). Principles of marketing (19th ed.). Pearson.

Disclaimer: This is a hypothetical example for illustrative purposes and may not reflect the actual decision-making process of the author.

Note: This response is for informational purposes only and does not constitute financial or investment advice.

Please note: This response is based on a hypothetical scenario. You can replace this example with a real financial decision you made recently, such as:

  • Purchasing a new appliance
  • Choosing a new streaming service
  • Selecting a restaurant for dinner

Remember to adjust the details and analysis accordingly.

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