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Essay / Research Paper Abstract
This is a 3 page paper that provides an overview of statistical and economic assumptions. The relation between these assumptions and decision making is explored. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: KW60_KFdecmk2.doc
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Unformatted sample text from the term paper:
listed below. Citation styles constantly change, and these examples may not contain the most recent updates. Economic and Statistical Assumptions in Decision Making , 11/2010
--properly! Advertisers and companies take considerable time and effort to study and understand what
drives consumers to make purchases and why they purchase what they do. This information is critical to businesses that must constantly be aware of what is selling and what is
not to better provide products and services to the ever-discerning customer. This paragraph helps the student present a basic overview of how
the decision making process invokes both economic and statistical considerations. These businesses look to decision making processes such as the buyer decision process as a means to better understand the
consumer ("Consumer", 2010). The buyer decision process consists of several decision making factors beginning with the consumer recognizing a need to the customer making the final purchase ("Consumer", 2010). Businesses
already have in place a system to guide the decision making process. The businesses must make a potential customer aware of the product, generate interest and understanding in the product,
and foster a positive attitude about the product ("Consumer", 2010). After these steps, the customer will be more likely to make the purchase and, if satisfied, will make repeat purchases.
These steps are similar to the decision making steps. The first step is to become aware of a need or goal (Matsuno, 2010).
In the case of consumers, the empty milk carton serves to alert them to the need for more milk. Information must then be gathered, including an assessment of where one
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