Marketers Believe That the Decision-Making Process Begins with a Consumer's

question 130

Essay

Marketers believe that the decision-making process begins with a consumer's need recognition.Not everyone agrees.How would you answer critics who believe marketers can force people to buy things they don't want?

Understand the concept of opportunity cost in decision-making under scarcity.

Comprehend the impact of income and price changes on consumer choices and budget constraints.

Realize the purpose and nature of economic models and statements.

Apply the concept of opportunity cost in the context of consumer choice between different goods.

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Definitions:

Cannon-Bard Theory

A theory of emotion that suggests emotions and physiological responses occur simultaneously, not sequentially.

James-Lange Theory

A theory suggesting that emotions occur as a result of physiological reactions to events.

Two-factor Theory

A psychological theory that posits that emotions are based on two factors: physiological arousal and cognitive labeling of that arousal.

Schachter-Singer Theory

A theory of emotion that states emotions are determined by physiological arousal and its interpretation, based on environmental cues.