In what ways do consumers

stray from deliberative,

rational decision making

Low involvement consumer

decision making

Central route

Based on consumer’s

diligent ,rational

consideration of the most

important product

information

Peripheral route

Results from consumer’s

association with

peripheral cues

(celebrity endorsement,

credible source e.t.c )

Decision

making

}

}

High

involvement

Low

involvement

Variety seeking buying

behaviour

Customers do brand switching for the sake of variety

Behavioral decision theory

Availability Heuristics

Representative Heuristics

Decision

Heuristics

Anchoring and adjustment

Heuristics

Representative

Heuristics

Consumers base their predictions on how representative or similar the outcome is to other example

Similar package appearance of

different brands

Availability

Heuristics

Consumers base

their predictions

on the quickness

and ease with

which a particular

example of an

outcome comes

to mind

Anchoring and

adjustment

Heuristics

Consumer arrive

on initial

judgement then

adjust it based on

additional

information

Framing

The manner in which choices are presented to and seen by

the consumer

Mental accounting

The way consumers

code, categorize and

evaluate financial

outcome of choices

Segregate gains

Segregate small gains

from large losses

Integrate losses

Prospect theory

Consumers frame

their decision

alternatives in terms

of gain and losses

according to a value

function.

Consumers are constructive decision makers and subject to many

contextual influences. They often exhibit low involvement in their

decision using many heuristics as a result

SUMMARY

Srishti Chaturvedi

Indian Institute of Technology

Kanpur

B.Tech Student