Question

In: Economics

In a few sentences, state if the decision-making process of a consumer stays constant over time....

In a few sentences, state if the decision-making process of a consumer stays constant over time. Then describe why or why not?

Solutions

Expert Solution

Yes, the decision making process of a consumer stays constant over time.


Consumers change their decision when the marketing personnel of different companies educate them to change. Consumers respond according to the expectations of companies. Consumers do not change, when they believe one brand they simply stick to it as long as the other brand has no influence on them. They change their decision making process only when they are informed about a product, its features and benefits, they compare products and change their decision. For example, if a person gets education about the ill effects of processed foods, then they may change their decision to buy fresh food items.
Sometimes circumstances force them to change their decision, for example, sudden unemployment or low wage rate compels consumers to change their decision from purchasing high priced goods to low priced good. On the other hand, if the consumer has not lost his job, does not earn a low salary or is not informed about the bad effects of plastic or some ready made food items, their preference for the items remains same as they already have.


Sometimes social media impact also change the decision making behavior of consumers. When they want to buy a product or a new product, they just go online, check the reviews or post a question on their social media pages and take decision accordingly.They don't know whether their decision is right but they change their decision by being influenced by a different set of information.


So, it can be concluded that the decision making process of a consumer stays constant over time, it can only change when they are educated to change or change due to situational factors.


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