Final answer:
A consumer's consideration set includes different brands that they might buy, showing a step-by-step decision-making process. They weigh the satisfaction from each purchase based on available information, which can influence buying behavior.
Step-by-step explanation:
A consumer's consideration set refers to the various brands identified by the consumer as purchase options to be considered during the alternative evaluation process. When making a purchase, consumers approach their decision-making in a step-by-step manner, assessing the marginal utility of consuming less of one good over another and considering the trade-offs involved. Every purchase decision is based on the beliefs of the consumer about the satisfaction they will derive from the good or service, and these beliefs are influenced by the information available to them. In cases where information is imperfect or unclear, it can impact buyer's decisions and lead to either regret over past purchases or hesitation for future ones.