WorksheetsMaking Decisions Review #2
Total questions: 31
Worksheet time: 1hrs 2mins
A good decision is...
well thought out
made quickly
always the easiest to make
one that makes everyone happy
The DECIDE acronym stands for
Decide, Explore, Choose, Identify, Define, Evaluate
Define, Establish, Choose, Identify, Decide, Evaluate
Define, Envision, Choose, Identify, Determine, Evaluate
Define, Establish, Choose, Identify, Decide, Explore
After you have acted on a choice, the next step is to
Weigh the pros & cons
Review and evaluate your decision
Define the problem
List the alternatives
What is Gianna's opportunity cost if she buys a book instead of saving money for a hockey ticket?
Not having the money for the hockey ticket
Buying a concert ticket
Asking Grandma for more money
Buying the book
The decision making process has how many steps?
9
8
5
6
Most times when making a decision there is really only one alternative
true
false
Peoples' choices have NO consequences for the future.
true
false
The first step of the decision making process is to...
List your Criteria
Evaluate alternatives
Define your goal
List your alternatives
The final step of the decision making process is....
List your Criteria
Evaluate your results
Define your goal
List your alternatives
Using the acronym D.E.C.I.D.E; the first ‘D’ means:
Define your goal
Demonstrate the consequences
Define the pros and cons
Determine the solution
Using the acronym D.E.C.I.D.E; the first ‘E’ means:
Establish criteria for an acceptable outcome
Envision the values
Evaluate the problem
Expect the values
Using the acronym D.E.C.I.D.E; the ‘C’ means:
Choose two to three good options
Construct remedies to the barriers
Consider other people’s feelings
Consider the barriers
Using the acronym D.E.C.I.D.E; the ‘I’ means:
Identify pros and cons of the options
Investigate an action plan
Identify the value
Identify the barriers
Using the acronym D.E.C.I.D.E; the second ‘D’ means:
Decide the best option that matches criteria
Demonstrate and associate
Determine the consequences
Decode the problem
Using the acronym D.E.C.I.D.E; the second ‘E’ means:
Evaluate the results
Expect perfection
Envision success
Explore your options
What leads to making better decisions?
Gathering information about the topic at hand
Binge watching Netflix all night
Procrastinating
Guessing which decision is best
When making a big money decision, what should you NOT do?
Whip out your money and buy the item on the spot
Carefully think about the consequences
Make sure emotions are not high and you have a clear mind
Shop mindfully and research all the choices completely
What a person gives up when making a decision is commonly called:
an opportunity cost
the time value of money
personal risk
spontaneity
Income Stream is...
money generated on a regular basis
money paid to the IRS
money paid with interest
from your credit cards
An example of something indispensable is...
the newest iPhone to replace your perfectly working iPhone 8
water
a vacation
cable tv or satellite radio
CHOOSE THE BEST OPTION: Loyalty programs are marketing strategies...
companies use to reward their salespeople
companies use to encourage customers to continue to shop and spend more money
companies use to only benefit customers
designed to lose money and customers
Loyalty Programs can sometimes cause you to spend more than planned
false
true
When shopping for items using a Smart Phone or Iphone, apps can help you be a smart shopper by
Using the GPS to get directions to a store
Helping you save you money or check the quality
Taking a picture of the item to show your friend for advice
Customer loyalty programs are becoming increasingly popular and are especially important to retail business success.
false
true
While reward and loyalty program membership rates continue to rise, the number of active users has been on the decline.
false
true
These loyalty/reward programs track and incentivize purchasing behavior, rewarding customers for their loyalty to a particular brand. The premise is simple: The less you shop and spend, the more you receive in return.
false
true
Based on the article you read, one of the five main goals loyalty programs have is...
to keep customers from defecting.
to encourage customers to shop at a different store
to promote competition
Based on the article you read, one of the five main goals loyalty programs have is...
to win greater share of wallet.... For goods and services a customer typically buys from more than one seller, a loyalty program can encourage the consolidation of purchases.
to encourage customers to shop at a different store
to alienate repeat customers
Awarding points for purchases is the most common way of boosting customer loyalty and getting them to shop at the same store for repeat purchases.
false
true
A common effect of multitiered loyalty programs (those with, say, Silver, Gold, and Platinum levels), where each tier brings additional benefits, is reducing purchases that would not otherwise be made.
false
true
A benefit of loyalty programs that has gained prominence in the past decade is their ability to provide useful data about customers. The data can both produce insights about general buying behavior and allow the seller to target promotions to individual customers.
false
true
