In what ways do consumers stray away from a deliberative , rational thinking
-
Upload
120iiminternship -
Category
Marketing
-
view
92 -
download
2
Transcript of In what ways do consumers stray away from a deliberative , rational thinking
![Page 1: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/1.jpg)
IN WHAT WAYS DO CONSUMERS STRAY AWAY FROM A DELIBERATIVE , RATIONAL THINKING?
![Page 2: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/2.jpg)
![Page 3: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/3.jpg)
LOW INVOLVEMENT CONSUMER DECISION MAKING
Can be classified into two routes
1
![Page 4: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/4.jpg)
Peripheral RouteResults from consumers association to peripheral cues (celebrity endorsements , credible sources)
Low Involvement
![Page 5: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/5.jpg)
Central RouteBased on consumer’s digilent,rational consideration
of the most important product information
High Involvement
![Page 6: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/6.jpg)
VARIETY SEEKING BUYING BEHAVIOUR
Consumers do brand switching for the sake of variety !
2
![Page 7: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/7.jpg)
Consumers base their prediction on the following
Heuristics Involved
REPRESENTATIVE
On how similar the outcome is to the example.
AVAILABILITY
On quickess and ease with which a simulated example of an outcome comes to mind.
ANCHORING AND ADJUSTMENT
Consumer arrives on initial judgement and then , adjusts himself to the product based on additional information.
![Page 8: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/8.jpg)
FRAMINGThe manner in which choices are presented to and seen by the
customer
3
![Page 9: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/9.jpg)
MENTAL ACCOUTINGThe process whereby people code,categorize, evaluate economic
outcomes
4
![Page 10: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/10.jpg)
MENTAL ACCOUNTING
It occurs when we assign different values to equal monetary amounts due to psychological reasons.
![Page 11: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/11.jpg)
PROSPECTIVE THEORY
Alternate decisions can be taken accoring to the circumstances
5
![Page 12: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/12.jpg)
“Customers frame their decision
alternatives in terms of gains and losses according to a value
function.
![Page 13: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/13.jpg)
VALUE FUNCTION CHARACTERISTICS
⊡ Segregate gains
⊡ Integrate losses
⊡ Segregate small gains from large losses
![Page 14: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/14.jpg)
SUMMARYLet’s put it simple !
![Page 15: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/15.jpg)
“● Customers are constructive decision makers and are subjected to many contextual influences.
● They often exhibit low involvement in their decision using many heuristics as results.
![Page 16: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/16.jpg)
THANK YOU!I hope you learnt something useful :)
![Page 17: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/17.jpg)
CREDITS
Special thanks to all the people who made and released these awesome resources for free:
⊡ Presentation template by SlidesCarnival⊡ Photographs by Unsplash⊡ Google Images
![Page 18: In what ways do consumers stray away from a deliberative , rational thinking](https://reader034.fdocuments.us/reader034/viewer/2022042502/55d0c552bb61ebf6458b47fa/html5/thumbnails/18.jpg)
PRESENTATION DESIGN
Created By ,
PRANEETH PONNEKANTI , IIITD&M KANCHEEPURAM
During an internship under ,
Prof. SAMEER MATHUR , IIM LUCKNOW
www.IIMInternship.com