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...the body of values, beliefs, and attitudes that members of a society share; values, beliefs and attitudes shaped chiefly by environment, religion, and the vagaries of history that are passed on from generation to generation chiefly through child rearing practices, religious practice, the education system, the media and peer relationships.’

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provide an example of how it can influence consumer behaviour.

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provide an example of how it can influence consumer behaviour.

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- In China, people eat spring rolls during the spring festival. Especially the first day of the Chinese New Year, at that time spring rolls are the most popular food in the supermarkets.

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Where consumers regularly purchase certain types of brands of goods and services using little or no cognitive effort.
consumers are 'creatures of habit', purchasing items that are familiar to them.

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factors that influence formation of habit 

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factors that influence formation of habit 

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Positive experiences in the past, influence of family and peers, geographical area, product availability, and brand loyalty.

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ARGUMENT FOR:
Advertisements help to increase the sale of goods so producers can sell goods at reasonable prices.

Relative to other marketing and communication methods, advertising messages are largely in the control of the advertiser. When you pay a medium (type of advertising) to place your message, you typically have ultimate control over the position, timing and construct of your ad. This allows the business to strategise well in advance.

Essentially any platform that has multiple people on it can be a platform for advertising. This allows the business to be flexible

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deregulation of the utilities industry in Victoria 

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deregulation of the utilities industry in Victoria 

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In Victoria, the deregulation of the utilities industry (eg electricity and gas) was expected to provide consumers with choice and lower prices. However, the policy has not been as successful as expected with many consumers reluctant tp change suppliers. Barriers to changing habits include the "hassle" of changing suppliers, transaction costs and perceived risk that the new supplier won't be as reliable.

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Personality type refers to the psychological classification of different types of individuals. Personality types are sometimes distinguished from personality traits, with the latter embodying a smaller grouping of behavioural tendencies

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Government used their control over the tax system and their considerable spending power to influence the decisions that consumers make.  government provides positive incentives by subsidizing the cost of vaccinations or providing them free of charge to encourage more people to get vaccinated. A positive externalize in consumption occurs when consumption of a good or service confers a benefit on a third party or a bystander.

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Conspicuous consumption is expenditure on, or consumption of, luxuries on a lavish scale in an attempt to enhance one's prestige.

Veblen goods are goods where as price increases, demand also increases. An example of a Veblen good is expensive luxury handbags.

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Example of how it can influence consumer decisions 

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Example of how it can influence consumer decisions 

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relationship between brand loyalty and market power:

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relationship between brand loyalty and market power:

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Brand loyalty is defined as positive feelings towards a brand and dedication to purchase the same product or service repeatedly now and in the future from the same brand, regardless of a competitor's actions or changes in the environment. in contrast to market power as it refers to the ability of a firm (or group of firms) to raise and maintain price above the level that would prevail under competition is referred to as market or monopoly power. The exercise of market power leads to reduced output and loss of economic welfare.

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The basic concepts and fundamental principles of decent human conduct. It includes study of universal values such as the essential equality of all men and women, human or natural rights, obedience to the law of land, concern for health and safety and, increasingly, also for the natural environment.

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The effects of over-confidence and self-control in decision making.

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The effects of over-confidence and self-control in decision making.

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Over confidence is when you are too sure that you’ve got it right, then you don’t try to improve your understanding. You tend to not check your facts, or try to learn more. In a business scenario this could lead to mistakes being made in relation to important choices if somebody refuses to look further into an idea or plan and can lead to mistakes being made or key facts being overlooked.

Self-control can also affect decision making as if a person had a lack of self-control an acted on impulse, then less rational decisions may be made and could cause future mistakes or complications in the business.

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Obviously, people want to be ethical. It is more likely consumers will opt to choose a more ethical option than an unethical one. 9

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Obviously, people want to be ethical. It is more likely consumers will opt to choose a more ethical option than an unethical one. 9

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how does business making a profit by using this 

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how does business making a profit by using this 

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the business uses peoples scene of prestige to make them buy the product
e.g. the profits are made buy using the fact that people will want the luxury brands compared to the normal brands which enables them to make the prices higher as people will still buy it.

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Refers to a strategy that an agent may use to restrict the number of choices available to him or her at a future time. The Government can use this

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People who disagree with treatment of animals in farming might buy less animal products

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Framing is the technique in which options and propositions are presented. For example, in order to generate increased sales from advertising, if a soft drink company created a drink with 90% less sugar, they could either advertise it as 90% less sugar or only 10% sugar in the drink.

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Richard Thaler and Cass Sunstein, in their book Nudge, show how Governments can nudge or subtly coax people towards making more sensible decisions.

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Buying a specific brand of cereal consistently becuase of positive past experiences, good price and product availability.