Organizational Buyers

question 81

Multiple Choice

Organizational buyers:

• A) rely on many sources of information in addition to salespeople when making purchase decisions.
• B) may use vendor analysis to make certain that all relevant areas of a purchase decision have been considered.
• C) are likely to do little search for additional information if the purchase is unimportant.
• D) tend to be more rational-and less emotional-in their buying decisions than final consumers.
• E) All of these alternatives about organizational buyers are true.

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Definitions:

Availability Heuristic

A cognitive bias that causes people to overestimate the likelihood of events based on their ability to recall similar instances.

Escalation Heuristic

A cognitive bias or decision-making process where individuals increase their commitment to a previously taken course of action beyond the level that is justified by the current situation.

Satisficing Heuristic

A decision-making strategy that involves searching through the available alternatives until an acceptability threshold is met, rather than seeking the best possible solution.

Design Thinking

An iterative process in solving problems creatively and innovatively by understanding the human needs involved, re-framing the problem in human-centric ways, and adopting a hands-on approach in prototyping and testing.