Please enable JavaScript.

Coggle requires JavaScript to display documents.

Ch. 3 Consumer Theories and Models, Key Terms - Coggle Diagram

- - - - laying the groundwork for behavioral economics and behavioral finance
- - - - The social space of the family or the group provides for a sense of emotional well-being, caring, and working together
    - - The mental state of an individual within the family or other groups reflects the degree of that person’s psychological or emotional well-being
    - - Personal safety and goods and services that provide one’s physical needs impact physical well-being
    - - The degree to which individuals and families have economic adequacy and security reflects their financial well-being
      - the desire for or extent of protection against the economic risks people face in their daily lives
    - - the healthy state of one’s ability to think, reason, acquire, critique, and apply knowledge and paradigms
  - - - tires
      - , utilities,
      - transportation
      - entertainment
      - includes shelter
      - , health care,
      - clothing,
      - services
- - - - the company has stock that is publicly traded
    - - may be part of marketing or R&D or may be freestanding
    - - watches the books and checks costs and expenditures
    - - oversees the production of a product and decisions on quantity
    - - gets supplies and materials at a good price
    - - develops new and exciting, safe and effective, products
    - - take care of employee needs
    - - balances current funds and procures more funds
    - - promotes, sells, conducts survey research), and distributes goods
    - - sets the goals, missions, objectives, and strategies and often answers to a board of directors
    - - handle consumer inquiries, complaints, & report consumer trends
  - - - As consumers increasingly use the marketplace to express their self-concepts and to show their status, they come more and more to seek out unique products
- - - - indicate you will be happy if you buy this product or sad if you do not
    - - let consumers know the benefits to be gained from the purchase
  - - - It extends the beginning theories on choice by adding observations of the nervous system so that, for example, full brain scans or other such measures may be performed to understand economic decision-making
  - - - Conference Board (a New York-based organization).
      - Survey Research Center (at the University of Michigan)
  - - - Companies that make these types of products are considered consumer durables manufacturers
  - - - They want to design ads, products, and packaging; send emails; and let others know about their input, their insider’s knowledge of what is available or what is to come
  - - - The growing field of study of social and consumer networks is a result of more people going online to discuss everything (including goods and services)
  - - - delves into the economic aspects of low-income and mixed-income countries and explores how to improve life conditions for the masses mostly through health, education, and employment.
  - - - such as an agreed-on price or date of delivery
  - - - HDI compares the progress of nations by using the same measures of quality of life across the globe, and it uses an adjusted measure of real per capita gross domestic product
  - - - are attracted to grand openings of stores, advertisements of new products, door prizes, and excitement
  - - - involves what one thinks is important and how one spends money
  - - - that revolutionizes human life in developed and developing countries
  - - - They take abstractions from the real world and allow us to visualize the connections between ideas or between people or institutions
  - - - They are not always rational, self-interested, and calculating.
  - - - They are, therefore, uneven in their response to money
  - - - shows that consumption is based on beliefs and attitudes, that it has consequences, and that it takes place within a social context.