The decision process for “How to make a Buying Decision”
We often struggle to come to make a quick decision on buying something.
What is the best strategy to buy?
The thing you want to buy will fall mostly under the below categories.
- Health Care.
- Entertainment.
- Investment.
- Home needs.
Set the priority right, you are the best judge.
Discuss with your Family, you will get good ideas.
Discuss with friends about the choice they choose for the same product.
Arrive at a conclusion by putting priorities in the below order
Need of urgency.
Affordability.
Long-term usage.
Decision theory is an excellent subject that should be part of our school curriculum.
Here is an example of the decision to buy a Lottery Ticket.
Buy Lottery Ticket–> Yes –> Pay $1–>Win probability is negligible–>Loss may vary from 0-1$
Buy Lottery Ticket–>No–>Save $1–>Gain $1.
We are much better not buying a lottery ticket, however, our mind is tricky and makes us buy it.
The above is an example, however, we can use this as a strategy to avoid buying unnecessary products.
Some Trivia on the decision process
Before I got married I had six theories about raising children; now, I have six children and no theories.
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