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A major deficiency of the AIDA model and other hierarchical models is the absence of post-purchase effects such as satisfaction, consumption, repeat patronage behaviour and other post-purchase behavioural intentions such as referrals or participating in the preparation of online product reviews. [10]
Example of psychological pricing at a gas station. Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact.
Reference dependence is a central principle in prospect theory and behavioral economics generally. It holds that people evaluate outcomes and express preferences relative to an existing reference point, or status quo.
In terms of integrated communications, the literature identifies different types of integration: (1) Image integration refers to messages that have a consistent look and feel, regardless of the medium; (2) Functional integration refers to capacity of different promotional tools to complement each other and deliver a unified, coherent message ...
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. [1] [2] Behavioral economics is primarily concerned with the bounds of rationality of economic ...
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.
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Research from a wide range of disciplines including psychology, [9] cognitive science, [10] neuroscience, [11] and economics, [12] suggest that humans have limited cognitive resources that can be used at any given time, when resources are allocated to one task, the resources available for other tasks will be limited. Given that attention is a ...