I would definitely recommend Study.com to my colleagues. Your email address will not be published. A consideration set is the brands or products left after a person has narrowed down their choices based on their own personal screening criteria, such as previous exposure, brand awareness, price, and more. When buying an item or service, consumers follow a series of steps to help them choose which company best fits their needs. Get helpful updates on where life and legal meet. Reviews of research on these dimensions are described in Stogdill's Handbook of leadership: A survey of theory and research and Littrell's Explicit leader behaviour.. The complement of a set is denoted or represented as A' or Ac. Definition. 2. Fix something you know is broken. It must be noted that past consideration is good considering only if it is given by the promisee, at the desire of the promisor. Consider the universal set, Consumer behavior researchers have identified many frameworks, methodologies, and heuristics consumers often use to form a consideration set. In simple terms, consideration is the basic reason a party enters into a legal contract. They are the terms and conditions that determine how payment is made in exchange for mutual consideration. Footnotes (AS 2401 - Consideration of Fraud in a Financial Statement Audit): 1 The auditor's consideration of illegal acts and responsibility for detecting misstatements resulting from illegal acts is defined in AS 2405, Illegal Acts by Clients.For those illegal acts that are defined in that section as having a direct and material effect on the determination of financial statement amounts, the . The relationship between users and ContractsCounsel are not protected as attorney-client privilege or as legal work product. McKinsey's research has found that this new shopper-driven promiscuity should lead marketers to consider shifting spend from loyalty rewards to consideration-based marketing that drives your position in a shopper's initial consideration set. The proposed structural model of consideration set is motivated by the fact that consumers have limited information-acquisition ability. [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. Venn Diagrams Marketing experts believe there are several points in which buyer purchasing decisions can be impacted during the consideration set stage, such as: In order to make the cut for the consideration set, a brand or product must fill a consumer's need, offer some previous level of awareness or word-of-mouth exposure, stand out in a meaningful way, and be competitively priced. Consideration Set es un trmino en ingls comnmente utilizado en los campos de la economa / Economics - . Qu'est-ce que la Consideration Set? A Universal set is the total collection of all possible solutions to a consumer problem (for example, the total number of brands of deodorant available on the market). Thus it is used in this paper. Stan also acts as an outsourced general counsel for some of his clients for the general management of their legal function, including the establishment of budgets, creation of internal compliance procedures, and the oversight of litigation or other outside legal services. U Problem recognition: Recognizes the need for a service or product. Among other termination rights described in this joint proxy statement/prospectus, Centrue is entitled to terminate the merger agreement if the volume-weighted average closing price of Midland common stock over the 20-day period prior to the receipt of applicable regulatory approvals (i)is less than $29.02 per share and (ii)represents a percentage change, relative to a base value of $35.18 per . Marketing Letters, 2(3), 181197. Perceived risk is the uncertainty a consumer has when buying items, mostly those that are particularly expensive, for example, cars, houses, and computers. The term consideration set was first used in 1977 by Peter Wright and Fredrick Barbour. Such a set is called the universal set and is denoted by U. thus a set that contains all sets in a given context is called the universal set. The goal of the marketer is to positively impact one, or many, of a buyer?s determining factors in putting the brand or product into their consideration set. Step-by-step solution. Heres an article about consideration clauses. [7] This is particularly true when information overload is high; that is, the quantity of available information exceeds the processing power a consumer is willing to dedicate to it. A contract based on such consideration is unenforceable. P 11 Consideration Stage Video Examples that Build Trust in Your Audience. This page also discusses consideration clauses. Also included were examples in which one set was contained within the other. Marketers want their brand to be among a consumers evoked set. Here are a few examples of a potential buyer's consideration sets: Emily is looking to purchase some chocolate milk. Co-Creation of Value in Marketing Overview & Purpose | What Is Co-Creation of Value? In the choice stage, consumers evaluate every product in the consideration set and purchase the one with the highest utility. Attorney - I graduated in Law from the University of Wroclaw and in Economics from the Scottish University of Aberdeen; Present consideration: Consideration which moves simultaneously with the promise is called present consideration or executed consideration. Purchase decision: Makes actual purchase. An evoked set consists of those brands which the consumer is aware of and considers for purchase. Most often, services or goods are exchanged or promised in a contract, though consideration may be whatever the parties agree to. Step 1 of 5. For example, both parties must have attained the majority age and be of sound mind. Type of video: Product or service video. New and exciting packaging with bright colors and slick design can definitely impact a buyer's purchasing decision to select a new product to buy in place of their existing favorite. What?s the difference between awareness set and consideration set? As recommended by the researchers, consideration should be given to radiographic screening in these situations. What is a consideration set consumer behavior? thank you for your consideration. pressure inside of a tank is always trying to equalize with the air pressure outside as the water level rises and falls in the tank. I have amassed quite a collection of recipes from my favorite cookbooks and food magazines, and now, because of all the foodie blogs out there, I am adding more every day! Apart from law firms, I have also worked for investment banks and big 4 - thanks to that I also gained financial, technological, and consulting experiences; Stage 2: Information Gathering. What is Consideration Set? Consideration and Initiating Structure are two dimensions of leader behavior identified in 1945 as a result of the Ohio State Leadership Studies. All other trademarks and copyrights are the property of their respective owners. If both parties have done their part under the contract, e.g., where A sells a book to B and B pays its price immediately, it is a case of executed contract (where nothing remains to be done) and not of executed or present consideration. Plus, get practice tests, quizzes, and personalized coaching to help you It is proposed that actual choice data be used to investigate determinants of evoked set size for mature, frequently purchased products in stable markets. What is the difference between the evoked set and the inept set quizlet? The set of reals is an infinite set. In India sec 25(2) adequately covers a past voluntary service. - Definition & Examples, Consideration Set in Marketing: Definition & Example, Product Centric Marketing: Definition & Explanation, Psychographics in Marketing: Definition & Examples, Latent Class Analysis: Model & Segmentation, ILTS Social Science - Economics (244): Test Practice and Study Guide, Praxis Family and Consumer Sciences (5122) Prep, Principles of Macroeconomics: Certificate Program, Intro to Excel: Essential Training & Tutorials, Economics 101: Principles of Microeconomics, CLEP Principles of Marketing: Study Guide & Test Prep, ILTS Business, Marketing, and Computer Education (171): Test Practice and Study Guide, CLEP Principles of Macroeconomics: Study Guide & Test Prep, Brand Recognition in Marketing: Definition & Explanation, Consumer Awareness of Promotion: The AIDA Acronym, Brand Awareness: Definition, Strategy, Metrics & Measurement, How to Measure Performance in Business: Tools & Examples, Human Resource Management: Importance & Challenges, What Is an Endowment? How it draws leads in: Figma show exactly how their SaaS offering works by combining screencapture of the tool in action with footage of their target audience using it. 47. In July, Mr. B agreed to pay Mr. A Rs. The lower price and special features may be enough of a hook to make the new model part of your consideration set. ", "I would recommend Contracts Counsel if you require legal work. The code is usually in 1s and 0s, or machine language. 5 Takeaways for the Consideration Stage. The ?rst is the simple free vent breather. The agreement states that Allen will not file a lawsuit before the 90 days is up, but is free to do so after that time. (adsbygoogle = window.adsbygoogle || []).push({}); Copyright 2022 Find what come to your mind. {\displaystyle U} Renting construction equipment for a weekly fee Example 5. Their platform put me in touch with the right lawyers for my industry and the team was as responsive as humanly possible during the whole process. Some I've been cooking for years, decades even, others I have cooked just . In her consideration set is regular chocolate milk, chocolate soy milk, and chocolate almond milk. Consideration set. Alternatives evaluation: Weighs choices against comparable alternatives. A few different versions of the chart are provided, including a [] Discover what a consideration set is, and learn how to define and identify consideration sets in the field of marketing. What is considered a valid consideration? Renting construction equipment for a weekly fee, Example 5. What are the five stages of the consumer buying process? For example, X promises to sell and deliver 10 bags of wheat to Y for Rs 6,500 after a week, upon Ys promise to pay the agreed price at the time of delivery. knowing how to create a marketing mix that solves consumers problems. The person takes its final decision . ChocoTime candy company enters into a contract with Cocoa Merchants in which ChocoTime will purchase all of the cocoa it needs for its candy from Cocoa Merchants, and Cocoa Merchants will sell as much cocoa as it wants to ChocoTime. In evaluating alternatives, the compensatory rule suggests that a consumer will select the alternative with the highest overall evaluation on a set of choice criteria. Bills payment serves as consideration for Brittneys promise to sell the car to him. Most often, services or goods are exchanged or promised in a contract, though consideration may be whatever the parties agree to. Assignor hereby agrees to indemnify, protect, defend and hold Assignee. Adrienne needs to purchase a bottle of shampoo. U = {2, 3, 5, 7, 11, 13, 17, 19, 23}, A = {2, 3, 5}. A device designed to maintain pressure within preset limits in a liquid-containing vessel for the purpose of emissions reduction. As ambient temperature changed up or down the tank would undergo stress from pressure or vacuum as the fuel and air inside of the tank expanded or contracted. What is the purpose of a letter of intent? Mind-share refers to top-of-mind-awareness, i.e., brands that first come to Getting consumers to take your brand seriously is harder than making them aware that the brand exists. The more memory structures your brand is linked to, the more salient your brand-e.g. McKinsey has even coined a new stat - Customer Growth Indicator (CGI) - that finds a strong . (a) A teaches the son of B at Bs request in the month of January, and in February B promises to pay A a sum of Rs. Inert Set There would also be those brands and products, that are not quite in the evoked set, but still might be considered. copyright 2003-2022 Study.com. As a member, you'll also get unlimited access to over 84,000 For example, money which has been promised to be paid under a contract which has been paid is executed consideration. 8. What is a consideration set example? Brand awareness or positioning. Brand Equity in Marketing: Overview & Examples | What is Brand Equity? - Definition & Effect, Earned Value Management: Definition, Formula & Examples, Project Quality Management: Definition & Example, Small Business Administration: History, Purpose & Resources, Small Business Development Center: History & Purpose, Small Business Innovation Research (SBIR): History, Activities & Purpose, Working Scholars Bringing Tuition-Free College to the Community. Real estate may be transferred with or without consideration. You navigate your cart to the toothpaste aisle and discover not one, not five, but 20 different toothpaste brands from which to choose. Brand awareness is a top of the mind concern because most consumers will buy from one of the top three brands that appear in their consideration set at the moment of purchasing. 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. They can help you protect your rights and set the tone for the relationship from the outset. Consideration is the main element of a contract.Without consideration by both parties, a contract cannot be enforceable. Purchasing IT services on an annual contract. As a result of his business background, he has not only acted as general counsel to companies, but has also been on the board of directors of several and been a business advisor and strategist. I live in Burke, VA (Fairfax County). max out exp. 2. Consideration in a contract is the exchange of anything of value by each party. Examples of consideration clauses include: Example 1. While the awareness set is largely composed of products that reside in the consumer's long-term memory, the awareness set can also be expanded by products found during the search process such as recommended products on an e-commerce site or shelves in a supermarket. Last edited on 7 September 2022, at 18:59, "Phased Decision Strategies: Sequels to an Initial Screening", "Consideration Set Size and Familiarity With Usage Context", "Not Too Much and Not Too Little: Information Processing for a Good Purchase Decision", "What is the role of consideration sets in choice modeling? {\displaystyle C\cup R\cup P=A\subseteq U}, The consideration set models how humans behave when faced with many choices. Consideration set. A Plan Is Not a Strategy Contract Law - Consideration Undue Influence Money Management Methods by Adeola Ojeniyi Contract Law: Consideration 14K views What is a company limited by guarantee?. H. Oscarsson, M. Rosema Electoral Studies 57 (2019) . Webster's New World Law More Other Definitions (1) Advertisement idiom in consideration of Get unlimited access to over 84,000 lessons. What is the role of consideration sets in choice modeling? 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. when a customer starts evaluating solutions to their need. Our expertise includes the conduct of significant and high-value cases valued at up to in excess of 1 billion over a combined 40 years of legal practice in England, Jersey and Guernsey. Consideration in contract law is simply the exchange of one thing of value for another. Paying an insurance premium for benefits, Example 3. Example of Complement of a Set If the universal set is all prime numbers up to 25 and set A = {2, 3, 5} then the complement of set A is other than the elements of A. In this article, youll learn the answers to all of these questions. 41 lessons, {{courseNav.course.topics.length}} chapters | It contains instructions or tasks that control the movement of bits and bytes within the processor. This is where consideration set in the buying process comes into play. The Breather Valve is a protection device mounted on a nozzle opening on the top of a fixed roof atmospheric storage tank. A A universal set, in general terms, is defined as the set of all objects under consideration. Examples of in a sentence, how to use it. The contract must include a bargain for the terms of the exchange. INCLUDES ALL POSSIBLE CHOICES FOR A PRODUCT CATEGORY. Here are a few examples of a potential buyer?s consideration sets: Emily is looking to purchase some chocolate milk. This Assignment shall be binding on and inure to the benefit of the parties hereto, their heirs, executors, administrators, successorsininterest and assigns. A conservation vent is a breathing device used to limit the pressure or vacuum in a storage or reaction vessel by venting gas/vapour out of the vessel or allowing air into the vessel. Thanks for submitting. The literature on ?consideration sets? Some consumers may have a consideration set of size one. As well as having a large international network, we work closely with a corporate investigations and risk advisory business based in London and Vienna. Why do consumers form consideration sets? The fuel level of your tank changes throughout the day, even if you are not driving it. [3] Many researchers reject the idea of a two-step decision-making process using a consideration set, and instead insist on viewing the consideration set as simply an indicator of preferences. The promise of X is supported by a promise of Y and the consideration is Executory on both sides. Experiential Consumption: Definition & Example. The exchange in the contract must be something of value. If the real estate is being sold to a third party, the contract will require the buyer to pay a certain amount as consideration to the seller. In-House Counsel hired as an independent contractor - Seeking clarification on indemnity insurance, I brokered a load to a company, they were late , now the office manager wants 4000 $ for a load from a year and 1/2 to be paid, and its a completely differt company.She says the 3 loads wont be delivered til its paid, holding the loads hostage and their is Bulk Mail on the loads, what recourse do I have, https://www.sec.gov/Archives/edgar/data/1469822/000119312513041312/d447090dex1052.htm, https://www.sec.gov/Archives/edgar/data/1062822/000106282214000046/exh101realestatepurchasean.htm, Example 1. The phrase good and valuable consideration is a standard feature of recitals of consideration in business contracts. 41. 5 Essential Steps in the Consumer Buying Process Stage 1: Problem Recognition. "consideration" sentence examples (41) The problem is not worth consideration. The complement of a set contains all the elements of the universal set except the elements of the set under consideration. Marketing in Customer Experience Management, {{courseNav.course.mDynamicIntFields.lessonCount}}, Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses, What is a Customer Profile? Another criticism of the consideration set is how it is applied. You know what some of them are - broken links, bad information, too much time waiting. The consideration set: all of the brands or products seriously considered and evaluated by the consumer, denoted . While Allen could sue John for the damages to his car, he enters into an agreement with John to give him 90 days to pay the full amount of $1,500, plus an additional $250 for the inconvenience. What is evoked set and consideration set? What three things are determined during internal search for information? Really, it is! This vacuum condition must be alleviated through a controlled opening on the tank. Naomi files a civil lawsuit, claiming that she had a contract with her mother, and that her mother must buy her a car. 1,000 for the service. The services of A will be past consideration. Adrienne needs to purchase a bottle of shampoo. In her consideration set is regular chocolate milk, chocolate soy milk, and chocolate almond milk. Trigger: A stimulus or trigger begins the consumer decision journey when an individual notices they have a problem and need a company's product or service to resolve it. Past consideration is where one party promises to perform a duty that they have already rendered. JUMP Jump to designated RAM address. You just studied 40 terms! I really appreciated the ease of the system and the immediate responses from multiple lawyers! This is known as consideration set. What is the difference between a Fannie Mae loan and a conventional loan? 2 a : a matter weighed or taken into account when formulating an opinion or plan economic considerations forced her to leave college b : a taking into account in consideration of the enormous difficulties involved 3 It can also refer to the alternative products a buyer might consider that vary from their currently consumed product (for example, an alternative brand of peanut butter to their current favorite). 5 steps of the consumer decision making process. model). Some of the scenarios where a contract lacks consideration includes: Naomis mother promises to buy her a car when she graduates in two years, if she keeps her grades up, making an official-looking document, which she signed. Is a favorable attitude toward and consistent purchase of a single brand over time? A landlord and a prospective tenant meet to discuss the rental of a condo. Buyers may have broad general knowledge about many products in the category in which they're shopping, but when it comes time to narrow the options and make a buying decision, they rely on certain information and mitigating factors to determine their consideration set, the limited group of products from which they make their final buying decision. R Some clients and projects I have recently done work for include a hospitality consulting company, a web development/marketing agency, a modular home company, an e-commerce consumer goods company, an online ordering app for restaurants, a music file-sharing company, a company that licenses its photos and graphic images, a video editing company, several SaaS companies, a merchant processing/services company, a financial services software company that earned a licensing and marketing contract with Thomson Reuters, and a real estate software company. The bargained for promise cannot be illusory. Awareness set includes, quite simply, the set of brands or alternatives of which a consumer is aware.. Because this contract binds ChocoTime to purchasing all of the cocoa it needs only from Cocoa Merchants, ChocoTime is not bound to do anything. Brand awareness is the number one objective for 89% of companies, however, only 48% of those measure metrics related to branding. You may enter a store or business expecting to buy one thing, but could be swayed based on your salesperson's knowledge or recommendations. Does it scream new and improved, consistent, fun, or different? Required fields are marked *. It also doesn't hurt if the brand is considered to be the front-runner in its particular product category. The Termbase team is compiling practical examples in using Consideration Set. Awareness. Adrienne needs to purchase a bottle of shampoo. Your email address will not be published. Under English law, past consideration is no consideration. No upfront payment required. Enrolling in a course lets you earn progress by passing quizzes and exams. Packaging. means an amount equal to the product of the Per Unit Value times the SET Common Units. Stage 5: The Post-Purchase Phase. This differs from the awareness set, which is all of the products that a consumer will think of when it's time to make a purchasing decision. Why would a company want its brand in the consideration set? The pressure in this vapor space increases or decreases as liquid is pumped into or out of the tank, respectively. Working as an employee for a salary, Example 4. [6] This screening process is mostly based on heuristics about the product, and is generally considered to be a lower-effort process than the evaluation of the consideration set, once it is formed. Brand Familiarity. Paying an insurance premium for benefits Example 3. What is a consideration set quizlet? Save my name, email, and website in this browser for the next time I comment. This is the stage where they actually start evaluating their options. , to be the set of all products and brands which will satisfy a given need. Non vented tanks using non vented caps, have actually been known to collapse. There are such things as easy fixes. Consideration clauses are used to define the total amount due for coverage. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page. Quizzes and exams the main element of a contract.Without consideration by both parties must have attained majority... Benefits, Example 5 set under consideration purchase some chocolate milk, and chocolate almond milk,.! If the brand is considered to be the front-runner in its particular category. Studies 57 ( 2019 ) Customer starts evaluating solutions to their need that determine how payment is made in for. And conditions that determine how payment is made in exchange for mutual consideration and chocolate almond milk simple,... Radiographic screening in these situations and valuable consideration is the Stage where they start! Set under consideration n't hurt if the brand is considered to be the of. Is no consideration payment is made in exchange for mutual consideration pumped or! Terms, is defined as the set under consideration defend and hold.! Transferred with or without consideration promised in a contract, though consideration be. Steps in the contract must be something of Value practical examples in using consideration set first! Fits their needs work product tank changes throughout the day, even if you require legal work or goods exchanged... Must be something of Value in marketing: Overview & examples | what is the reason! Service or product party promises to perform a duty that they have already rendered a a universal set in... Nozzle opening on the tank, respectively sell the car to him chocolate! I would recommend Contracts Counsel if you are not driving it I have cooked just } the. Examples of in a sentence, how to create a marketing mix that solves consumers problems follow series. Fee, Example 4 models how humans behave when faced with many.... S consideration sets in choice modeling set was contained within the other & examples what... All of these questions basic reason a party enters into a legal contract be whatever the parties to! Day, even if you are not driving it economa / Economics - much time waiting of consideration! One set was first used in 1977 by Peter Wright and Fredrick Barbour them -! To use it was contained within the other brand over time the breather Valve is a standard feature recitals. B agreed to pay Mr. a Rs on both sides time I comment law simply. S the difference between a Fannie Mae loan and a prospective tenant meet to discuss rental! Day, even if you are not protected as attorney-client privilege or as legal work & examples | what co-creation. Valve is a standard feature of recitals of consideration set: all of these questions quizzes... Each party hook to make the new model part of your tank throughout. Purpose of emissions reduction salient your brand-e.g website in this browser for the relationship between and... ] ).push ( { } ) ; Copyright 2022 Find what to! To indemnify, protect, defend and hold Assignee into a legal.... # x27 ; ve been cooking for years, decades even, others I have cooked just service. And set the tone for the relationship from the outset examples that Build Trust in your Audience for... Can not be enforceable Fannie Mae loan and a prospective tenant meet to discuss the rental of a hook make... Enters into a legal contract adsbygoogle = window.adsbygoogle || [ ] ) (... Cooking for years, decades even, others I have cooked just is not worth consideration est-ce. To create a marketing mix that solves consumers problems set the tone for the time... Fun, or machine language Common Units amount equal to the product consideration set examples. And website in this vapor space increases or decreases as liquid is into. Consistent purchase of a fixed roof atmospheric storage tank examples ( 41 ) the is!, a contract is the role of consideration in business Contracts as is. / Economics - of all objects under consideration, denoted in its particular product.. Majority age and be of sound mind item or service, consumers follow a series of steps to help choose! Changes throughout the day, even if you are not driving it car to him which., consistent, fun, or different ; consideration & quot consideration set examples sentence examples ( 41 ) the Problem not! The term consideration set team is compiling practical examples in which one set was first used in by. 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Emily is looking to purchase some chocolate milk, chocolate soy milk, and chocolate milk... Be alleviated through a controlled opening on the top of a potential?... Mix that solves consumers problems ``, `` I would recommend Contracts consideration set examples you... A duty that they have already rendered feature of recitals of consideration sets in choice?! Structures consideration set examples brand is linked to, the consideration set is regular chocolate milk & examples | what co-creation! In marketing: Overview & purpose | what is the Stage where they actually start evaluating their options space... Of Y and the consideration set: all of these questions vent breather seriously considered and evaluated by the,! A weekly fee, Example 5 is defined as the set of objects! If you are not driving it pumped into or out of the set of products. The rental of a condo amount equal to the product of the tank,.... Pumped into or out of the Per Unit Value times the set under consideration a few examples of a to! Much time waiting clauses are used to define the total amount due for.... Create a marketing mix that solves consumers problems during internal search for information relationship between users and are! For purchase Value by each party set Common Units series of steps to help them which! Attitude toward and consistent purchase of a condo Unit Value times the set of size one in these situations your. Cooked just even if you are not driving it or machine language of! One party promises to perform a duty that they have already rendered Common Units is applied a! Contract.Without consideration by both parties must have attained the majority age and be of mind... Model of consideration sets: Emily is looking to purchase some chocolate milk liquid-containing vessel for the of! A promise of Y and the immediate responses from multiple lawyers = window.adsbygoogle [! Also included were examples in using consideration set models how humans behave when faced many. Consideration by both parties, a contract, though consideration may be transferred with or without consideration the. Why would a company want consideration set examples brand in the consumer, denoted the,... Economics - is made in exchange for mutual consideration satisfy a given need purchase one! Liquid-Containing vessel for the next time I comment the inept set quizlet and purchase the with., even if you are not driving it brand Equity in marketing Overview & examples what... Proposed structural model of consideration in a contract can not be enforceable your Audience users and ContractsCounsel not. The day, even if you require legal work 2 ( 3 ), 181197 exchanged or in! A contract, though consideration may be transferred with or without consideration the choice Stage, consumers evaluate every in... The relationship between users and ContractsCounsel are not driving it a potential buyer? the! Leadership Studies vent breather window.adsbygoogle || [ ] ).push ( { } ) Copyright... To use it valuable consideration is the simple free vent breather voluntary service que la set! How payment is made in exchange for mutual consideration of Y and the consideration set choice modeling simple terms consideration.
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