ADM 3322 Chapter Notes - Chapter 2: Economy Class, Smart Board, Artisan Entertainment

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browndonkey822

11 Mar 2019

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Service consumption can be divided into three main stages seen below: pre-purchase stage. Stage begins with need awareness and continues through information search and evaluation of alternatives to deciding whether or not to buy a particular service. When a person or organization decides to buy or use a service, it is triggered by an underlying need or need arousal. Hunger driving you to go somewhere to grab food quickly. Once a need has been recognized, customers are motivated to search for solutions to satisfy that need. Several alternatives may come to mind, and these form the evoked set. The evoked set can be derived from. Only a few alternatives out of the bunch are seriously considered, and these form the consideration set. Consideration set can include debating going to mcdonalds or burger king. The consumer now makes a purchase decision. In marketing, we often use this model to stimulate consumer decision making.

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Chapter 1 talks about why you should care about consumer behavior. I would like to hear from you. Tell me in a couple of paragraphs why consumer behavior is important

1-1 Consumption and Consumer Behavior

1-2 The Ways in Which Consumers Are Treated

1-3 The CB Fieldâs Role in Business, Society, and for Consumers

1-4 Different Approaches to Studying Consumer Behavior

1-5 Consumer Behavior Is Dynamic

Chapter 4 is entitled 'The Theory of Individual Behavior', and much of the chapter is devoted to the use of indifference analysis to build a framework for demand theory. Indifference analysis goes to great lengths to explain consumer behavior and how consumers make choices between options available to them. The options they face include budget constraints, different preferences for risk, and a multitude of products and services from which to choose. If one steps back and looks at consumer behavior, it seems to be based upon a premise that is not actually stated in our book. That premise is that consumers behave rationally in their consumption expenditures.

Do you believe consumers do behave rationally? Is so, how do you explain impulse buying, buying as a result of advertising or strong sales pitches, buying for purposes of conspicuous consumption, or buying to simply have something bigger and better than someone else? If consumers do not behave rationally, how can the theory in chapter 4 account for the above behavior? Is the theory still valid? If you think consumers do behave rationally, how can rational thinking explain the above behaviors? How do your thoughts impact, if at all, your opinion of the theory espoused in our text?

coffeelouse766

Choose from the following terms in your answer:

expectations taxes wealth income

household debt interest rate

Keynesian economists think that _________the key determinant of consumption and spending.

Classical economists think that the higher the_______ , the more people will save, which means that they will consume less.

A person's _______about how much income he/she will earn in the future as well as future prices could shape how much he/she spends and saves today.

The More________ a person has, the less current consumption he/she undertakes.

A person's total income can be divided into three components: consumption, savings, and_________Savings, which is total income minus consumption and taxes, can be used to create more_____.

ADM 3322 Chapter Notes - Chapter 2: Economy Class, Smart Board, Artisan Entertainment

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