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
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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
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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
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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
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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
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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
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Chapter 1 – consumer behavior 1. Decision making at margin marginal cost: the additional cost of consuming or producing one more unit of a good marginal benefit: the additional benefit of consuming or producing one more unit of good Utility: satisfaction derived from consuming units of good consumed in a given period of time Marginal utility: additional satisfaction gained from consuming an extra unit of good within a period of time 2. The law of diminishing utility marginal utility
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What consumer needs are driving the success of product like compbell’s soup at hand? Consider both biological and learned needs? Ans: yes‚ the consumer needs are driving the success of product compbell’s soup at hand. Biological needs are basic needs of every consumer and first of all‚ all consumers learned his needs and than full fill the biological needs. When compbell’s company feels that lunched the new product than the chief of marketing strategy he sees that the life style of consumer is changed
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the number of consumer related issues. Consumer protection has earned an important place in the political‚ economic and social agendas of many nations. In India‚ the Government has taken many steps including legislative‚ to protect consumers. Education is a life long process of constantly acquiring relevant information‚ knowledge and skills. Consumer education is an important part of this process and is a basic consumer right that must be introduced at the school level. Consumers by definition
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Consumers are faced with increasing numbers of advertisements from competing companies. To what extent do you think are consumers influenced by advertisements? What measures can be taken to protect them? Television screens‚ newspapers‚ buses‚ and almost all city streets are flooded by all kinds of advertisements. This has both advantages and disadvantages to consumers who are unavoidably influenced‚ though the degrees vary from person to person. Because of the advertisements placed by many competing
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