The economic model of consumer decision making requires all the following except:
A) the consumer must be aware of all available product alternatives.
B) the consumer must be capable of ranking each alternative in terms of benefits.
C) the consumer must be able to identify the best alternative.
D) the consumer must have unique values and goals to use in evaluating the alternatives.

Question

Quizplus · Accepted Answer

The economic model of consumer decision making assumes that consumers have rational preferences and will make choices that maximize their utility. However, it does not require that the consumer's values and goals be unique. In fact, consumers often have similar values and goals, which is why companies can target specific demographics with their marketing efforts. Therefore, option D is not necessary for the economic model of consumer decision making.

The Economic Model of Consumer Decision Making Requires All the Following