Vehicle purchase
SWOT Analysis
Before buying a car, individuals can conduct a SWOT analysis considering factors like the vehicle's features (strengths), potential maintenance issues (weaknesses), market opportunities for resale, and threats like rising fuel prices.
Similar Situations
Osborne Effect
Automotive sales: Balancing the promotion of upcoming vehicle models with the need to maintain sales of current inventory.
Five Whys
Car maintenance: Diagnosing the root cause of vehicle problems to ensure proper repairs and prevent future issues.
10-10-10 Rule
Financial Decisions: When deciding whether to make a large purchase, consider the impact on your finances in the short term, medium term, and long term.
Loss Aversion
Home buying: Recognizing loss aversion can help you avoid overvaluing a current property, leading to more objective assessments when considering a new home purchase.
Depth-First Search
Shopping for a major purchase: DFS can help you research and evaluate one product category in depth before moving on to the next, ensuring you make well-informed purchasing decisions.
Milgram Experiment
Consumer Rights: Empowering consumers to question authority figures (e.g., salespeople) when making purchases.
Decoy Effect
Car Purchasing: Recognizing the decoy effect can help you make more informed decisions when comparing vehicles, by focusing on the features that matter most to you.