In economics a rational consumer is defined as the people who act in a rational way and make rational choices‚ namely spending their money wisely. Utility is a term used to measure the amount of pleasure a consumer gains from a good or service they choose to invest in‚ thus spending our money wisely‚ in economic terms is a method of maximizing our own utility. However in today’s world different societies and individuals have failed to distinguish the different between a want and a need‚ which
Premium Economics Rational choice theory
Required: Show that the equilibrium condition and consumer equilibrium under both cardinal and ordinal utility theory are identical. They both assume that the consumer is rational. Consumer equilibrium‚ under cardinal utility theory‚ is achieved when the sufficient condition is met. That is‚ the total expenditure is equal to the consumer’s income. If a consumer is assumed to consumes two commodities only X and Y‚ then: Utility is a function of Y and X; U = f(X‚Y)…………………………..i Let the price
Premium Utility Consumer theory Substitute good
Paper Summary: This research paper provides a background and overview of how cultural influences affect consumer buying behaviours to identify any commonalities and differences between consumers in the United States and Russia‚ and to determine what impact these differences and commonalities have on online and brick-and-mortar outlet purchasing behaviours. Chapter one introduces the topics under consideration‚ provides a statement of the problem‚ the purpose and importance of the study‚ as well
Premium Decision theory Decision making Decision making software
Consumer Behaviour of Two Wheeler customer towards Small Cars Introduction "The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.“ – Peter Drucker. As Peter Drucker puts it‚ a marketer needs to understand Consumer behaviour so that the marketing concepts have the essence of consumer orientation and the emphasis is more on the customer than the product. The core of modern marketing lies in creating meaningful value satisfaction
Premium Marketing
An Empirical Study of Consumer Switching from Traditional to Electronic Channel: A Purchase Decision Process Perspective Alok Gupta* (agupta@csom.umn.edu) Bo-chiuan Su (bsu@mgt.ncu.edu.tw) Zhiping Walter (Zhiping.Walter@cudenver.edu) ALOK GUPTA (agupta@csom.umn.edu) is an Associate Professor of the Department of Information and Decision Sciences‚ Carlson School of Management‚ University of Minnesota‚ USA. He received his PhD in Management Science and Information Systems from the University of Texas
Free Online shopping Electronic commerce Retailing
Republic of the Philippines DEPARTMENT OF EDUCATION K to 12 Basic Education Curriculum Technology and Livelihood Education Learning Module CONSUMER ELECTRONICS SERVICING EXPLORATORY COURSE Grade 7 and Grade 8 TABLE OF CONTENTS What Is This Module About ? ................................................................................... 2 How Do You Use This Module ………………………………………………3 LESSON 1 – Use Hand Tools ...................................................................
Premium Resistor Printed circuit board
American Journal of Scientific Research ISSN 2301-2005 Issue 79 October‚ 2012‚ pp.40-47 © EuroJournals Publishing‚ Inc. 2012 http://www.eurojournals.com/ajsr.htm Analysis of Factors Affecting Consumer Brand Preference in Brand Alliance Strategy Vahid Shokri Aliabadi Corresponding Author‚ MBA‚ Faculty of Virtual Education University of Isfahan‚ Isfahan‚ Iran No.5‚ 2nd Fl.‚ Eghlimi St‚ Southern Sohrevardi Ave Tehran (15657) Iran‚ P.O.BOX 15745-511 E-mail: shokri.ui.ac.ir@gmail.com Tel: 98-913-326-0868
Premium Brand Marketing Brand management
INTRODUCTION Consumer behaviour study is based on consumer buying behaviour‚ with the consumer playing the three distinct roles of users‚ payer and buyer. Consumer behaviour is the study of when‚ why‚ how‚ and where people do or do not buy products. It blends elements from psychology‚ sociology‚ social anthropology and economics. It attempts to understand the buyer decision making process‚ both individually and in groups. It studies characteristics of individual consumers such as demographics
Premium Marketing
An analysis on Wahaha’s marketing strategies in applying consumer behaviour theories Hangzhou Wahaha Group is a private group of companies‚ featuring beverage products‚ which also has become one of major beverage producers in China. The name ‘Wahaha’ is a children’s folk rhyme and also stands for the sound of children’s laugh in Chinese. The company is run by zong qinhou who started the business by selling ice cream and sodar on a tricycle in 1987. (Wahaha‚ 2012)The turning point of his business
Premium Marketing
Journal of Consumer Research Inc. Brand Community Author(s): Albert M. Muniz‚ Jr. and Thomas C. O’Guinn Source: Journal of Consumer Research‚ Vol. 27‚ No. 4 (March 2001)‚ pp. 412-432 Published by: The University of Chicago Press Stable URL: http://www.jstor.org/stable/10.1086/319618 . Accessed: 29/09/2011 15:11 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use‚ available at . http://www.jstor.org/page/info/about/policies/terms.jsp JSTOR is a not-for-profit
Premium Brand Community Sociology