Date post: | 13-Aug-2015 |
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Elaboration Likelihood Model
Peripheral routeAttitude formation or change provokes much less thought and results from the consumer’s association of a brand with either positive or negative peripheral cues.
Central routeAttitude formation or change stimulates much thought and is based on consumer’s diligent,rational consideration of the most important product information
Variety-Seeking buying behaviour
Some buying situations are characterised by low involvement but significant brand difference,here consumer do a lot of brand switching.Brand switching occurs for the sake of variety,rather than dissatisfaction
Behaviour Decision Theory
Decision Heuristics
Availability Heuristics
Representativeness Heuristics
Anchoring and adjustment Heuristics
Availability Heuristics
Consumer base their prediction on the quickness and ease with which a particular example of an outcome comes to mind.for examplea recent product failure may lead a customer to inflate the likelihood of a future product failure
Representativeness Heuristics
Consumers base their prediction on how representative or similar the outcome is to other examples.
For exampleSimilar package appearance of different brands
Anchoring and adjustment Heuristics
Consumer arrives at an initial judgement and then adjust it based on additional information
Decision Farming
Decision farming is the manner in which choices are presented to and seen by a decision maker.
for exampleA Rs 20,000 cell phone may not seem expensive in the context of a set of Rs 40,000 phone but will seem expensive if those phone cost Rs 5000
Mental Accounting
It refers to the way consumers code,categorize and evaluate financial outcomes of choices.
Consumer tend to integrate losses
Consumer tend to segregate gains
Consumer tend to segregate small gains from large losses
Consumer tend to integrate smaller losses with larger gains
Mental accounting is based on a set of core principles