Customer Decision Making

This course focuses on understanding how and why consumers make decisions and choices as is observed in the market. Although consumers desire to make rational decisions that maximize their utility, in reality they often make irrational and suboptimal choices. This course will offer why such phenomena occur and how consumers can improve the quality of decision-making. The course content draws from consumer psychology and behavioral economics and some of the topics include how framing effects, heuristics, and biases influence consumer choice, how mental accounting relates to pricing strategies, and how preference reversals impact promotional strategies. Emphasis is placed on understanding the fundamentals of how and why consumers make decisions the way they do and the implications and applications of such knowledge to develop better marketing strategies.

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