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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]
Sometimes, consumer purchase decisions are made in unexpected circumstances, or a situation will delay or shorten people's decision-making process. Research has found that in waiting for scenarios where consumers are ubiquitous, seemingly unrelated physical cues, such as area carpets or queue guidelines, can act as virtual boundaries that alter ...
Nudge is a concept in behavioral science, political theory and economics which proposes designs or changes in decision environments as ways to influence the behavior and decision making of groups or individuals—in other words, it's "a way to manipulate people's choices to lead them to make specific decisions".
A nudge, as we will use the term, is any aspect of the choice architecture that alters people's behavior in a predictable way without forbidding any options or significantly changing their economic incentives. To count as a mere nudge, the intervention must be easy and cheap to avoid.
Some purchasing decisions are made by individuals or groups of individuals referred to as a "buying center" or "decision-making unit", where procurement personnel may in some cases be central, in other cases peripheral, to the purchasing decision. From a marketing perspective, buying center research has looked at which individuals and ...
The concept of a buying center (as a focus of business-to-business marketing, and as a core factor in creating customer value and influence in organisational efficiency and effectiveness) formulates the understanding of purchasing decision-making in complex environments. Some of the key factors influencing a buying center or DMU's activities ...
Microeconomics also deals with the effects of economic policies (such as changing taxation levels) on microeconomic behavior and thus on the aforementioned aspects of the economy. [6] Particularly in the wake of the Lucas critique , much of modern macroeconomic theories has been built upon microfoundations —i.e., based upon basic assumptions ...
These factors can affect consumption; if the mentioned assets are sufficiently liquid, they will remain in reserve and can be used in emergencies. Consumer credits: The increase in the consumer's credit and his credit transactions can allow the consumer to use his future income at present. As a result, it can lead to more consumption ...