The Utility Theory basically holds that consumers make decisions based on the expected outcomes of those decisions. Satisficing contends that that consumers are willing to settle for something that is good enough and will move on. The Prospect Theory lists two main factors in a consumer’s decision making process as Value and Endowment (the notion that my owning something is better than you owning that same item).
The development and exploration of a series of useful consumer decision-making strategies that can be exploited by marketers is the natural evolution of understanding these consumer theories.
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