Final answer:
The term for the combination of product knowledge, meanings and beliefs used to evaluate alternatives is a decision-making process. this process involves assessing various design concepts against criteria and constraints with an understanding of subjective satisfaction and available information.
Step-by-step explanation:
The combination of product knowledge, meanings, and beliefs used to evaluate two or more alternatives is referred to as a decision-making process. When a design team has to choose one concept among several to create a product design, they employ a structured decision-making process. This process requires evaluating all potential design concepts against specific criteria and constraints. The importance of meaning and beliefs in this process is significant. They inform the criteria and are based on the subjective satisfaction and information the buyer or design team associates with each alternative.
Every purchase decision reflects the beliefs about the expected satisfaction of a product, influenced by the information available to the buyer. If the information is imperfect or unclear, it can impact the decision-making process by either causing buyer's remorse or deterring future purchases. Therefore, understanding product knowledge, meanings, and beliefs is crucial to making well-informed decisions that lead to the selection of the best possible design or product.