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