The Marketing and Economics in Consumer choices
"What does the consumer want?" is the question to which most of the corporates try finding answers to.Gone are the days when marketing was product-oriented ,nowadays the prime focus is only on customer satisfaction in order to boost sales and profits.Consumer choice has always been a psychological phenomenon and a study regarding this will prove to be useful only under restricted conditions.As it is a theory involving individuals,it falls as a major topic in the field of microeconomics.As we always say that the consumer is the king of the market ,they have all the right to make their own choices.In economics we go about finding out the satisfaction that a consumer derives from the consumption of different commodities.This theory has certain assumptions regarding unbiasness,fixed goods,equal satisfaction among goods,etc.which has to be kept in mind before establishing the field of study. Understanding consumer preferences. Generally,as I mentioned before consumer choice is a h...