Consumer Decision Making
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Consumer Decision Making
In order to understand consumer decision making you must understand what drives a consumer to make the purchases he or she makes. Discretionary dollars are of great importance to our marketing plan as well as the consumer decision making process because the more discretionary dollars our consumer has the more they can spend on a given item. This discretionary income is the money left after taxes and monthly bills and is the money we hope the consumer will spend on our product.
There are essentially two kinds of purchases that consumers make namely needs and wants. Needs are concerned with necessity, that is it is something needed for basic survival; the most obvious examples of needs are food, shelter, and security. Part of marketing strategy is understanding the needs and wants of the consumer and catering to these desires. A technique I have seen in marketing first hand is one that makes the consumer believe that the product is a necessity or a need, when in reality it is just a want. The makeup company Revlon uses the campaign slogan; use this makeup because "you're worth it". In my mind this implies that this makeup product which is obviously a "want" is seen as a need in the eyes of the consumer because aren't we all worth it?
Evaluation of a product is another vital part of the consumer marketing decision...