Ellen Gorski is the buyer at a small boutique who must decide what to buy for the coming Spring season. Before her buying trip, she consults fashion magazines and trade journals, attends fashion shows and the trade shows, and consults with other buyers. She makes her final decisions based on this information along with her instincts about what will sell this year, although she knows that some of it will probably be incorrect. What approach to decision making is Ellen using?

Question

Quizplus · Accepted Answer

Ellen is using the behavioral decision theory approach, which acknowledges that decision-makers operate under conditions of uncertainty and have bounded rationality. This approach involves gathering information from various sources and using both analysis and intuition to make decisions, recognizing that not all decisions will be perfect due to the unpredictability of human behavior and market trends.

Ellen Gorski Is the Buyer at a Small Boutique Who