2.3.1—Consumer decision-making

2.3.1 Consumer decision-making.

• models of consumer decision-making focusing on explanations and examples of utility theory, satisficing, prospect theory.
• strategies of consumer decision-making focusing on explanations and examples of compensatory, non-compensatory and partially compensatory strategies including explanations and examples of each.
• decision-making strategies applied to internet shopping focusing on website design, including a study, e.g. Jedetski et al (2002).
• Relevant issues and debates and methodology for this topic include: application to everyday life, cultural differences, reductionism versus holism, determinism versus free-will, idiographic versus nomothetic.

This matters because —consumer decision-making determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply —consumer decision-making to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: —Consumer decision-making is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.