The concept of consumer choice in a free market economy is defined as the greatest degree of freedom available to a consumer to buy whatever he/she wants subject to the purchasing power and the laws of the country. Economists have identified three classes of influence on the…
Let us write or edit the essay on your topic
"Critically consider the ways in which economists have recognised the psychological, social and corporate influences on consumer choice"
with a personal 20% discount.
the use of a popular person like an actor or talk-show host/hostess. Social influences are often attributed to class and culture such as those associated with the consumption of luxury goods. Corporate influences are said to be one of the most influential because they invariably come from the very manufacturers and sellers of those goods. For example businesses adopt a variety of strategies or/and sales tactics including those associated with benchmarking products and creating brand loyalties through value creation (Hallberg & Ogilvy, 1995).
Consumers have to make a choice between two or more goods before making an actual purchase. In a free market economy where price mechanism alone allocates scarce resources consumer choice is naturally assumed to be free from any influences because depending on the purchasing ability of the consumer he/she might decide to buy a good at its market price. However the contrary is much truer than this theoretical economic explanation to the consumer’s behavior. In the first instance in a free market economy the producer has an equal amount of freedom to use marketing tactics to attract the attention of the potential customer. Customers are influenced by a variety of sales tactics that producers use in order to increase sales volumes. Psychological, social and corporate influences are the most predominant among them.
Economists identify psychological influences such as those related to emotions, impulse or/and ostentation. According to economists emotional involvement in consumer choice though might not be measurable, cannot be ruled out altogether (Luce, Bettman and Payne, 2001). As a result every consumer is assumed to be influenced by positive and negative emotional factors like personal memories associated with a product. Michael Jackson related merchandise and memorabilia for instance have such an emotional impact on many potential buyers because he is associated with the firmament of pop music. When ...
Cite this document
(“Critically consider the ways in which economists have recognised the Essay”, n.d.)
Retrieved from https://studentshare.net/miscellaneous/383325-critically-consider-the-ways-in-which-economists-have-recognised-the-psychological-social-and-corporate-influences-on-consumer-choice
(Critically Consider the Ways in Which Economists Have Recognised the Essay)
“Critically Consider the Ways in Which Economists Have Recognised the Essay”, n.d. https://studentshare.net/miscellaneous/383325-critically-consider-the-ways-in-which-economists-have-recognised-the-psychological-social-and-corporate-influences-on-consumer-choice.
This paper will present five scenarios which demonstrate this theory. 1. Celebrating the Birthday with a Cake The birthday is cake is a quasi-universal symbol of the birthday celebration. In many circumstances, a birthday celebration is not complete without a birthday cake, however; we all objectively know that it is possible.
Fisher’s Plan for the Current U.S Economy a. Fiscal Stimulus b. Reverse Deflation c. Prevention 4. Irving Fisher on Current Economic Policies a. Raising the Debt Ceiling b. Adjust Tax Rates 5. Conclusion Introduction Irving Fisher is among the famous economists in the U.S who experienced the Great Depressed of 1929-33 and proposed relevant solutions using theories and models to solve the prolonged financial crisis (Allen, 1977).
Starbucks Corporation is one of the most successful coffeehouse companies. The well-known organization has an impeccable reputation. Being one of the largest and prosperous companies in the whole world; it continues to work for people, not against them.
In this paper we will highlight and discuss in detail the different love theories proposed by different psychologist over the past years.
During 1970s, a scale of love consisting of thirteen love items
D in Yale University. As the professor of economics and mathematics at Yale University, Irving Fisher developed extensive concepts concerning money supply and price fluctuations using mathematical evidence (Allen, 1977).
Fisher was among the most accurate and
There are billions of mobile phone users worldwide and its accessibility still grows rapidly. Success of any product largely depends on customer satisfaction and therefore understanding consumers’ behavior is very significant as far as satisfying their needs is
Mainly there are two types of motivation such as intrinsic motivation and extrinsic motivation that influence an individual’s behaviour. Empirical evidences suggest that consumer behaviour theories can be a
My father personally looked after his loyal customers and was always engaged in satisfying their requirements. At the age of 12, I started to participate in the workings of the shop by visiting after school. I did not
1 Pages(250 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Essay on topic Critically consider the ways in which economists have recognised the psychological, social and corporate influences on consumer choice for FREE!