Consumer Behaviour Flashcards
How can the behaviour of other people influence consumer behaviour?
Social norms in different contexts can skew rational decision making. E.g. through peer pressure.
How can habits influence consumer behaviour?
Habits are a short cut to decision making, and can overrule rational decision making. E.g. purchasing a brand based on past experiences in disregard to price or addiction to goods/services that do not maximise benefits (gambling, cigarettes, alcohol, etc.).
How can consumer weakness at computation influence consumer behaviour?
Some consumers are unwilling or unable to process the necessary information needed to make the decision that maximises utility. E.g. a lack of understanding of the product, false information, an inability to calculate the price per unit, etc.
