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As part of consumer behavior, the buying decision process is the decision-making process used by consumers regarding the market transactions before, during, and after the purchase of a good or service. It can be seen as a particular form of a cost–benefit analysis in the presence of multiple alternatives. [1] [2]
Finally, wishful thinking can arise at a higher stage of cognitive processing, such as when forming a response to the cue and inserting bias. [14] Wishful seeing can be attributed to the same mechanisms as wishful thinking because it involves the processing of situational cues, including visual cues.
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.
A good example of this is a study showed that when making food choices for the coming week, 74% of participants chose fruit, whereas when the food choice was for the current day, 70% chose chocolate. Insensitivity to sample size, the tendency to under-expect variation in small samples.
Buyer's remorse is an example of post-decision dissonance, where a person is stressed by a made decision and seeks to decrease their discomfort. [2] The buyer may change their behavior, their feelings, their knowledge about the world (what they thought the purchased item would be like), or even their knowledge of themselves. [3]
For example, by knowing that one’s consumption partner is male, an individual may assume that he enjoys Star Wars, beer, car magazines, and sporting events. Armed with this knowledge, a consumer can convey a considerate and friendly image by tailoring his or her product choices to serve the preferences of the consumption partner.
Rational choice theory uses a much more narrow definition of rationality. At its most basic level, behavior is rational if it is reflective and consistent (across time and different choice situations). More specifically, behavior is only considered irrational if it is logically incoherent, i.e. self-contradictory.
In hyperconsumerism, goods are often status symbols, as individuals buy them not so much to use them, as to display them to others, sending associated meanings (such as displaying wealth). [1] However, according to other theorists, the need to consume in hyper-consumption society is driven less by competition with others than by their own ...