About This Chapter
Consumer Behavior & Decision Making - Chapter Summary
While going through these lessons, you'll start to feel more confident about your knowledge of consumer behavior and decision making. Experts review consumer preferences and the influence of culture on consumer buying decisions. This self-paced chapter can also help you understand strategic marketing and how budget constraints relate to consumer choice. After reviewing the lessons, you should be ready to:
- Explain how values influence consumer buying decisions
- Provide an overview of consumer behavior theory
- List different types of consumer buying decisions
- Discuss priorities when marketing to consumers
- Recount consumer theories in economics
- Define utility maximization
These lessons can help you grasp concepts related to consumer behavior and decision making. At any point in the chapter, you can use the Help feature to submit questions to experts if you get stuck on a topic. Each lesson is accompanied by a short quiz that allows you to test your knowledge of the subjects covered to make sure you understand what was reviewed.
1. Consumer Behavior Theory and Marketing Strategy
Watch this lesson to find out how marketers can use predictions about our behavior to create a strategy that helps them reach out to us and influence our decisions to buy.
2. Influences on Consumer Buying Decisions: Cultures, Values & More
External influences are all around us and play a large role in our buying decisions. Watch this video to see how cultures, values and other influences shape our purchases.
3. Buying Behavior and Marketing: Types of Consumer Buying Decisions
Marketers must consider how consumers decide to buy their product. Consumers use nominal, limited, and extended decision making. Watch this video to learn more about the different types of consumer decisions.
4. Understanding the Consumer Decision-Making Process: A Marketing Must
In this lesson, you'll see how a consumer moves through a decision making process in order to purchase a product or service. Learn what methods marketers use to take advantage of this process.
5. Consumer Theories in Economics: Decision Making, Incentives & Preferences
Really, what do we know about consumers? Considering that there are billions around the world, our knowledge is far from perfect. However, economists have a number of ideas and assumptions about consumers that help inform their theories.
6. Consumer Preferences & Choice in Economics
Why do consumers choose to purchase certain products or services? In this lesson, you will learn what consumer preference assumptions are and how they affect consumer choice in economics.
7. Utility Maximization: Budget Constraints & Consumer Choice
Do you spend your money rationally, or just throw it up in the air? This lesson explains the processes that consumers go through to spend their money and why for some people throwing money in the air with abandon works best.
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