Search results
Results From The WOW.Com Content Network
According to the American Marketing Association, consumer behaviour can be defined as "the dynamic interaction of affect and cognition, behaviour, and environmental events by which human beings conduct the exchange aspects of their lives." As a field of study, consumer behaviour is an applied social science. Consumer behaviour analysis is the ...
The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves.It analyzes how consumers maximize the desirability of their consumption (as measured by their preferences subject to limitations on their expenditures), by maximizing utility subject to a consumer budget constraint. [1]
They are qualitative rather than quantitative and build on sociological factors like cultural influences and family influences. Consumer behavior models – practical models used by marketers. They typically blend both economic and psychological models.
In practice, a consumer may not always pick an optimal bundle. For example, it may require too much thought or too much time. Bounded rationality is a theory that explains this behaviour. Examples of alternatives to utility maximisation due to bounded rationality are; satisficing, elimination by aspects and the mental accounting heuristic.
Research on the factors that influence behavior, however, have received far less attention than institutional actors such as governments and industries. [13] The research suggests that there are many internal and external factors that affect behavior and the reasons behind consumer choices. [1]
Behavioral economics and public policy is a field that investigates how the discipline of behavioral economics can be used to enhance the formation, implementation and evaluation of public policy. [ 1 ] [ 2 ] Using behavioral insights, it explores how to make policies more effective, efficient and humane by considering real-world human behavior ...
For example, the consumption pattern of employers is different from the consumption pattern of workers. The smaller the gap between groups in a society, the more homogeneous consumption pattern within the society. Consumer taste: One of the important factors in shaping the consumption pattern is consumer taste. This factor, to some extent, can ...
Consumer capitalism – Condition in which consumer demand is manipulated through mass-marketing; Economic materialism – Excessive desire to acquire and consume material goods; Conspicuous consumption – Concept in sociology and economy; Consumption (economics) – Using money to obtain an item for use