Influences Decision Making Essay

1126 Words3 Pages

In our normal day to day lives, we as a both consumers and people, make a great deal of decisions. Some decisions come naturally to us, like, “should I turn off the TV before I leave the house?” or “should I stop at the red light?” However, other decisions require a little more thought process behind them. Understanding how people and/or consumers reach their decisions/choices is an area that has received a lot of attention. Theories have been generated to explain how people make decisions, and what types of factors influence decision making in the present and future. There are several factors that also influence decision making. These may include “past experiences, cognitive biases, age and individual differences, belief in personal relevance, and an escalation of commitment” (Dietrich, n.d.). Understanding these factors may help us understand their impact on the decision’s outcome. One of the recent, most significant, decision making process that went awry for me was related to the car that I currently drive. About eleven months ago, I had decided to purchase a new car. However, like most people, I was immediately faced with a tough choice of whether to lease or finance the vehicle. Not having had an opportunity to purchase a brand new or used …show more content…

In my particular scenario, my goal was clearly defined as to buy a new Toyota Corolla, while finding the most cost effective solution. The next step was to gather information about leasing and financing. I had a basic understanding about leasing; however, I wanted to research enough about it to identify a good leasing deal from a bad one. Unfortunately, I did not have great credit history. Therefore, landing a good interest rate for finance or lease was going to be somewhat of a

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