the myth of the rational consumer.docx - Michelle Maryakhin MKT 5450 The Myth of the Rational Consumer Summary The article states that when making

the myth of the rational consumer.docx - Michelle Maryakhin...

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Michelle Maryakhin MKT 5450 January 17, 2018 The Myth of the Rational Consumer Summary The article states that when making purchase decisions, consumers believe that they make rational choices based on what is in their personal best interests while marketers believe that consumers make these decisions based on a rational evaluation of the products being sold. Consumer rationality has been proven to be more a myth than a fact from an in-depth analysis of consumers’ self-reported behavior and a review of the psychological factors that affect their purchasing process. Studies have show that consumers’ self-perception of rationality may be somewhat skewed due to systematic bias. Consumers describe themselves as totally rational, objective shoppers that do not make decisions based on influencing factors such as brand names, advertising, social media, and promo purchase incentives. They recognize that these are
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