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Nobel laureate Herbert A. Simon sees economic decision-making as a vain attempt to be rational. Simon claimed (in 1947 and 1957) that if a complete analysis is to be done, a decision will be immensely complex. Simon also wrote that peoples' information processing ability is limited. The assumption of a perfectly rational economic actor is ...
Consumer behaviour is the study of individuals, groups, or organisations and all activities associated with the purchase, use and disposal of goods and services.It encompasses how the consumer's emotions, attitudes, and preferences affect buying behaviour.
Consumer behaviour is the study of the motivations surrounding a purchase of a product or service. It has been linked to the field of psychology, [1] sociology [2] and economics [3] in attempts to analyse when, why, where and how people purchase in the way that they do.
To attempt to persuade these consumers into habitual buying behavior, marketers will try to dominate shelf space, cut prices, or introduce new products. [5] If a low-involvement consumer continues to use variety-seeking behavior, brand loyalty is unlikely to be established.
The AIDA marketing model is a model within the class known as hierarchy of effects models or hierarchical models, all of which imply that consumers move through a series of steps or stages when they make purchase decisions. These models are linear, sequential models built on an assumption that consumers move through a series of cognitive ...
"A dynamic attribute satiation model of variety-seeking behavior." Journal of Consumer Research 9, no. 2 (1982): 141-150. Van Trijp, Hans CM, and Jan-Benedict EM Steenkamp. "Consumers' variety seeking tendency with respect to foods: measurement and managerial implications." European Review of Agricultural Economics 19, no. 2 (1992): 181-195.</ref>
The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves.It analyzes how consumers maximize the desirability of their consumption (as measured by their preferences subject to limitations on their expenditures), by maximizing utility subject to a consumer budget constraint. [1]
These assumptions, required for the development of a general theory of brand selection and brand purchase, are problematic, because the resultant theories tend either to misunderstand or to ignore the "irrational" element in the behaviour of the buyer-as-consumer; and because conspicuous consumption is a behaviour predominantly "psychological ...