S12+MKTG+3104+5.+Consumer+Behavior+Part+2+Outline+ppt

S12+MKTG+3104+5.+Consumer+Behavior+Part+2+Outline+ppt - Is...

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Is consumer decision making rational? Economic rationality, which assumes perfect information and utility maximization? Bounded rationality, which assumes the process is adapted to create an acceptable choice given the consumer’s constraints ? Consumers use __________ , simple rules of thumb that simplify the decision Consumers have predictable, systematic ________ in how they process information and then make decisions
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The Endowment Effect Consumers tend to place higher value on something … Sellers focus on the Buyers focus on other Example What is the most you would you pay for a ticket to the NCAA Final Four basketball tournament? Suppose that you have a ticket to the NCAA Final Four basketball tournament. What is the lowest price you would sell it for?
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The Compromise Effect Consumers have a tendency to choose an option Which would you choose? Copier A Copier B Copier C $800 $1000 $1200 3 functions 6 functions 9 functions A or B? 70% 30% A, B, or C? % % 10%
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Perception Process The process of selecting, organizing, and
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S12+MKTG+3104+5.+Consumer+Behavior+Part+2+Outline+ppt - Is...

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