Decision Theory: Poised for the New Millennium

50 years of consumer decision research has resulted in many decision models and decision strategies, yet they appear conflicting and inconsistent. We know that consumers use different strategies in different decision contexts, yet we have insufficient understanding of how they choose and apply these strategies to yield predictability. We know that consumers sometimes trade-off between attributes of products, but at other times they eliminate the product without trade-off. There is empirical support for a multi-phase decision process for complex decision contexts, yet few decision theories go beyond a single-phase, outcome focused approach. In this paper we examine existing consumer decision theory and propose an approach new to marketing, image theory, as a viable alternative that encompasses the existing theory while adding new insight. The strength of image theory lies in its multi-phase approach that allows, but does not require, trade-off between attributes and its applied data capture capabilities. Existing decision theories can be incorporated within its framework, with the consumer using one or more strategies within each phase and changing their strategy between phases. We believe image theory provides an opportunity for a broader perspective of consumer decision-making across multiple decision contexts.