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Consumer Behaviour

Consumer Behaviour

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Published by eLkapiLo

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Published by: eLkapiLo on Jan 29, 2010
Copyright:Attribution Non-commercial

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10/09/2010

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The Table Illusion
 
Why study consumer behavior?
Until now, we have focused on consumer needs
 – identifying needs through market research – satisfying needs through product design – *make more profit by understanding
what 
 people want 
Consumer behavior is about the psychological processesthat underlie consumer choices.
 – identifying the simplifying choice rules consumers use – discovering how "framing" of a decision affects preferences – *make more profit by understanding
how 
they think 
 
Economic vs. Psychological view of preferences
Economic model of preferences
 – preferences are fixed, stable, precise – invariant with respect to description – independent of the choice set
Psychological model of preferences.
 – preferences are easily manipulated, unstable, fuzzy – depend on how the choice is "framed" – depend on the particular set of options considered

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