How do economic conditions/consumer economic conditions affect consumer behavior, as well as the decisions that are related to the marketing function?
1) income inequality:- poors having income, demands less in the market and in contrast, rich people demand more.
2) the definition of luxury, normal and giffen goods is a subjective concept. The definition of these goods for poors is far different from definition of these goods for rich.
3) marginal propensity to consume for poors are much more than MPC for rich.
4) elasticity of demand of any good for rich is much less than elasticity of demand of any good for poors.
Hence, consumer economic conditions affect consumer behaviour.
How do economic conditions/consumer economic conditions affect consumer behavior, as well as the decisions that are...
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Companies are actively engaged in the attempt to understand consumer behavior decision making and what triggers actual purchasing behavior. The presentation below, TEDx Talks (2014) Patrick Renvoise - Is There a Buy Button Inside the Brain, addresses progressive marketing efforts through understanding the relationship between neuroscience (the brain), emotions, eye tracking, and voice analysis and other measures to gain greater insights to why and when consumers make purchase decisions. When considering the video presentation, how does the rational self, emotional...
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