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In business ethics, Ethical decision-making is the study of the process of making decisions that engender trust, and thus indicate responsibility, fairness and caring to an individual. To be ethical, one has to demonstrate respect, and responsibility. [ 1 ]
The consideration set is a subset of the awareness set, which is all of the brands and products a consumer initially thinks of when faced with a purchasing decision. [2] The awareness set is filtered into the consideration set through the consumer's individual thoughts, preferences, and feelings — such as price, mood, previous experiences ...
Types of default include simple defaults where one choice is automatically selected for all consumers, forced-choice in which a product or service is denied until the consumer makes a proactive selection, and sensory defaults in which the choice is pre-selected based upon other information that was gathered about specific consumers.
Choice modelling attempts to model the decision process of an individual or segment via revealed preferences or stated preferences made in a particular context or contexts. Typically, it attempts to use discrete choices (A over B; B over A, B & C) in order to infer positions of the items (A, B and C) on some relevant latent scale (typically ...
Flywheel Model: This approach emphasizes the momentum created by satisfied customers who become advocates for the brand. It highlights the importance of continuous customer satisfaction as a means to drive business growth, focusing on delivering consistent, exceptional customer experiences.
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The three basic methods of customer profiling are the psychographic approach, the consumer typology approach, and the consumer characteristics approach. These customer profiling methods help you design your business around who your customers are and help you make better customer-centered decisions.
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