CONSUMER BEHAVIOUR 1

If we look at the marketing decision process which has mainly three components, first is identifying the market opportunities. Second one is setting the strategy, and the third one is setting the marketing mix.

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Consumer behaviour by definition is all the psychological and behavioral aspects of the individual consumer's

decision making process.

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External factors (questions) are: Is he/she risktaking, or is he/she risk averse? What kind of lifestyle

does the consumer have? Is he/she from an affluent family, or is he/she relatively poor?

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External factor is our family.

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The behavioral perspective looks at how consumers respond to different stimuli.

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Consumers are only rational in their decisions.

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When it comes to decision-making, cultural and emotional factors are not so important.

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Tags

CCSS.RL.3.6

CCSS.RL.4.3

CCSS.RL.5.3

CCSS.RL.6.3

CCSS.RL.6.6

PROSPECT THEORY

REFERENCE PRICING

FRAMING

RISK PROFILE

RISK AVERSION

are distortions of cognition.

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According to Dan Ariely, human cognition escapes rational decision-making rules.

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Tags

CCSS.RI.4.9

CCSS.RI.5.9

CCSS.RI.6.2

CCSS.RL.4.2

CCSS.RL.5.2

Environmental and psychological aspects of the human being should be taken into account in consumer decisions.

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