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In psychology, prospection is the generation and evaluation of mental representations of possible futures. The term therefore captures a wide array of future-oriented psychological phenomena, including the prediction of future emotion (affective forecasting), the imagination of future scenarios (episodic foresight), and planning.
Daniel Kahneman, who won the 2002 Nobel Memorial Prize in Economics for his work developing prospect theory. Prospect theory is a theory of behavioral economics, judgment and decision making that was developed by Daniel Kahneman and Amos Tversky in 1979. [1] The theory was cited in the decision to award Kahneman the 2002 Nobel Memorial Prize in ...
Mental accounting can result in people demonstrating greater loss aversion for certain mental accounts, resulting in cognitive bias that incentivizes systematic departures from consumer rationality. Through an increased understanding of mental accounting differences in decision making based on different resources, and different reactions based ...
It can be seen as a particular form of a cost–benefit analysis in the presence of multiple alternatives. [1] [2] Common examples include shopping and deciding what to eat. Decision-making is a psychological construct. This means that although a decision cannot be "seen", we can infer from observable behavior that a decision has been made.
Cumulative prospect theory has been applied to a diverse range of situations which appear inconsistent with standard economic rationality, in particular the equity premium puzzle, the asset allocation puzzle, the status quo bias, various gambling and betting puzzles, intertemporal consumption and the endowment effect.
Value can thus be defined as the relationship of a firm's market offerings to those of its competitors. Value in marketing can be defined by both qualitative and quantitative measures. On the qualitative side, value is the perceived gain composed of individual's emotional, mental and physical condition plus various social, economic, cultural ...
Salespeople encounter a multitude of objections in their attempts to connect with and qualify prospects. These objections are a chance to explain the value of the product or service to try to qualify the prospect and close the sale. [2] Sales prospecting is the process to reach out to a potential customer. It is the first part of a sales process.
Personal selling can be defined as "the process of person-to-person communication between a salesperson and a prospective customer, in which the former learns about the customer's needs and seeks to satisfy those needs by offering the customer the opportunity to buy something of value, such as a good or service". [1]