Question

Which of the following statements is true of the consideration set?

a. it is also known as a heuristic set.
b. it refers to an evoked set with only a single unit.
c. it is the exact number of the evoked set.
d. it is a consequence of a customer's top-of-mind awareness.
e. it refers to an evoked set that contains more than six alternatives.

Answer 1

The consideration set is a consumer's list of alternatives that they will consider when making a purchase decision.

Step-by-step explanation:

The consideration set refers to a consumer's list of alternatives that they will consider when making a purchase decision. It is not the same as the evoked set, which is the set of brands or products that comes to mind when a consumer thinks about a particular product category. The consideration set can contain more than six alternatives and is based on a customer's top-of-mind awareness and likelihood of considering those alternatives.

Answer 2

A consideration set is a group of options considered by a consumer when making a purchase decision, often influenced by heuristics and cognitive biases, such as the anchoring bias and the availability heuristic. Option A.

Step-by-step explanation:

The consideration set refers to the different options or choices that are on the mind of a consumer when deciding on a purchase.

When considering this set, individuals might utilize heuristics, which are mental shortcuts that simplify decision-making — as opposed to using algorithms, which are step-by-step problem-solving methods.

For example, when trying to decide on what to eat at a restaurant, a customer might choose the daily special without reviewing the full menu extensively, which would be an example of employing a heuristic.

Furthermore, our cognitive processing is often influenced by various cognitive biases, such as the anchoring bias, where we rely too heavily on the first piece of information we see, or the availability heuristic.

This is where we make decisions based on information that comes to mind quickly and easily rather than all possible options.

Hence, the right answer is option A.