About This Chapter
Financial Decision Making - Chapter Summary
This collection of bite-sized marketing lessons examines several factors that can influence consumers' financial decision-making processes. Using concise definitions and illustrative examples, our expert marketing instructors break down important financial decision-making concepts, such as consumer income, cultural dimensions and mental accounting.
To help you solidify your understanding of these topics, we've included short practice quizzes following each lesson. Study whenever it's convenient and use any computer or mobile device to access the chapter material. These lessons are designed to help you:
- Evaluate the importance of consumer income and analyze relevant statistics
- Outline the impact that cultural dimensions and marketing communications have on the consumer financial decision-making process
- Analyze the concept of mental accounting and how it influences the buying behavior of consumers
1. Consumer Income: Definition & Statistics
Consumer income is crucial for the functioning of our consumer-based economy. In this lesson, you'll learn what consumer income is, examine some related concepts, and see some relevant statistics.
2. Consumer Financial Decision Making
The three major consumer financial decisions are savings rate, use of credit, and spending patterns. In this lesson, you'll learn about the cultural dimensions and marketing communication types that influence these decisions.
3. Decision Making Influenced by Mental Accounts
What is mental accounting? What is the process consumers use to make buying decisions? Take this course to understand how mental accounting can impact consumer patterns and behaviors.
4. Intertemporal Consumption & Choice: Definition & Analysis
Humans go through an interesting process when faced with choices. When looking at money, there are many factors that can influence how people spend or consume in terms of their future.
Earning College Credit
Did you know… We have over 95 college courses that prepare you to earn credit by exam that is accepted by over 2,000 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Marketing 302: Consumer Behavior course
- Introduction to Consumer Behavior
- Factors Influencing Consumer Behavior
- Consumers & the Decision Making Process
- Consumer Behavioral Heuristics
- Consumer Buying Behavior
- Microeconomics in Consumer Behavior
- Experiential Consumption
- Consumer Behavior Market Research
- Influencing Consumer Behavior
- Consumerism & Behavioral Appeals
- Psychology of Price
- Customer Satisfaction
- Required Assignments for Marketing 302: Consumer Behavior