What Is Final-Offer Arbitration? What Is Its Objective

question 47

Essay

What is final-offer arbitration? What is its objective?

Recognize the importance and methods of reducing buyer's dissonance.

Identify the difference between consumer and organizational buying behavior.

Describe common psychological buying needs.

Understand the personal influences on consumers' buying behavior.

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Definitions:

Drive Reduction Theory

A theory that explains behavior as an attempt to reduce drives and achieve homeostasis.

Increases Drives

Refers to the process or condition that enhances the motivational state of an organism to achieve certain goals or satisfy needs.

Psychological State

The mental condition of a person at a given time, which encompasses emotions, thoughts, and feelings.

Physiological State

The condition of normal function or activity of the body and its systems, often influenced by factors like health, genetics, and environment.