[3] This awareness can be derived from a product search, brand familiarity, advertisements, word-of-mouth, or any other method which informs the consumer of a viable option.
While the consideration set is not directly observable, researchers believe that its existence is evident by a logical conjunction of prominent economic and psychological theories.
Studies on heuristic screening methodologies have shown that consumers are more satisfied with their purchase decision and less stressed by the decision-making process when the consideration set is smaller.
It is important to note that this is not an exhaustive list, and that the formation of the consideration set varies significantly depending on the consumer and context of the decision.
[5] Nonetheless, some commonly observed methodologies are: Once the consideration set is formed, the next step is to select an alternative from the evaluated options.
[8] Many researchers claim that knowing a particular consumer's consideration set is not enough to predict their final product choice, and this knowledge is trivial when compared to something like the utility function, which is much more robust.
Since neither the utility function or consideration set are directly observable,[9] researchers are still unsure whether either is an accurate or useful model for describing choice.
The consideration set is actually theorized to be highly individualistic — and the products within it reflect a variety of factors such as the consumer's socioeconomic status, attitudes, and perceptions.