Consumer Behaviour

Housekeeping
Lecture 7

Individual Decision Making Part 2

?? Apologies just about the room change. ?? Well d unrivaled for completing the assignment!

CONSUMER BEHAVIOR, 9

Decision-Making Process

puzzle Recognition: Shifts in Actual or Ideal States

soma 9.1

Figure 9.3

Amount of Information Search and harvesting Knowledge

perceive Risk
?? Perceived risk: belief that carrefour has negative consequences
?? Expensive, complex, hard-to-understand products ?? Product choice is visible to others (risk of embarrassment for wrong choice)

?? Risks can be objective (physical danger) and subjective (social embarrassment)

Figure 9.5

1

Five Types of Perceived Risk

Where do we look for information?

Figure 9.6

Discussion
?? Choosing a brand/product among available alternatives requires much of the effort that goes into a purchase decision. ?? Which is the greater problem for a consumer:
?? Not having enough choices or having similarly many choices?

Do we evaluate rationally?
?? d

?? Why?

The explanation of Phineas Gage

System 1 & System 2
?? System 1: Operates automatically and quickly with little or no effort and no sense of voluntary control.




?? Implicit ?? Automatic ?? Faster ?? stirred up Processing ?? What feels more positive

?? System 2: Allocates attention to the plodding mental actives that demand it, including complex computations.
?? Explicit ?? Slower ?? uprise Reasoning ?? Moral conscience ?? Long-term consequences.

2

Examples
?? Do not try to solve this puzzle but listen to your intuition.

So how is this relevant?
?? If we know which system customers are using to bear a decision, we can be more effective at trying to persuade them
?? Supermarket Shopping ?? Restaurant ?? Computer Shopping

A bat and ball costs £1.10. The bat costs one pound more than the ball. How much does the ball cost?

6925
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