About This Chapter
Consumers & the Decision Making Process - Chapter Summary
In this self-paced marketing chapter, you'll review the consumer decision-making process, as well as different types of consumer decisions and buying behaviors. These bite-sized lessons also cover related concepts, such as rational choice theory, behavioral economics and time discounting. Each lesson is taught by an expert marketing instructor who uses a simplified and engaging teaching style. Additionally, the chapter comes with plenty of self-assessment quizzes that go over essential marketing terms and concepts. When you're finished working through the chapter, you'll be equipped to:
- Compare types of consumer decisions
- Assess the relationship between marketing and buying behavior
- Explain the functions of reference groups in marketing
- Summarize the consumer decision-making process
- Explain marketing's rational choice theory
- Define the concept of time discounting
- Evaluate the applications of behavioral economics
1. Consumer Decisions: Types, Overview
How consumers make decisions is a primary interest to all businesses. In this lesson, you'll learn about different types of consumer decision-making. You'll also have a chance to take a short quiz after the lesson.
2. 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.
3. Reference Groups in Marketing: Definition, Types & Examples
Have you ever wanted to be like Mike? In this lesson, you'll learn about reference groups and their importance in marketing. You'll also have a chance to take a short quiz after the lesson.
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. Rational Choice Theory in Marketing
Do consumers make purchases based on rational thought or on emotion? Or is it a combination of both? In this lesson we'll discuss rational choice theory as it applies to marketing and examine how marketers try to influence consumer behavior.
6. Time Discounting: Definition & Example
It's been said that a dollar today is worth more than a dollar tomorrow. However, in some cases, waiting can sometimes be more beneficial. This lesson will discuss the concept of time discounting and how it can be applied.
7. Behavioral Economics: Definition & Applications
While most of us try to make good decisions, sometimes we are tempted to act on an impulse. In this lesson, we'll learn about a type of economics that studies why we don't always make the decisions that are most beneficial to us.
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Other chapters within the Marketing 302: Consumer Behavior course
- Introduction to Consumer Behavior
- Factors Influencing Consumer Behavior
- Consumer Behavioral Heuristics
- Consumer Buying Behavior
- Microeconomics in Consumer Behavior
- Individual Financial Decision-Making
- Experiential Consumption
- Consumer Behavior Market Research
- Influencing Consumer Behavior
- Consumerism & Behavioral Appeals
- Psychology of Price
- Customer Satisfaction
- Required Assignments for Marketing 302: Consumer Behavior
- Studying for Marketing 302