The future of consumer decision making

Abstract

Mediatisation of the world and the increasing power of social networks, means that consumers' choices are more and more based on identity play, gaining social currency and self-branding. Furthermore the choices are significantly influenced by the changes in decision making context for example time pressure and endless opportunities. All these changes affect consumer's decision making that is the choice of decision making strategy. This study is based on theoretical reasoning and empirical data. The results show that the choice of decision making strategy will depend on the social potential the products have. The approach is multidisciplinary, taking elements and ideas from several theoretical frames related to consumer's decision making. This topic is of outmost importance to all BtoC marketers. It is important to know how customers decide and what changes to anticipate. Furthermore, it is important for policymakers who wish to be able to influence consumers' consumption habits in order to make them healthier, greener, more ethical or to favour domestic products. Future developments of variables affecting consumers' choices are estimated and implications for marketing are discussed.

The effect of intensity of consumer education, self‐efficacy, personality traits and social media on consumer empowerment

“…In addition, the worldwide progress of the Fourth Industrial Revolution (IR 4.0) has also required rapid action by all parties in line with the rapid development of product technology and smarter automation systems (Gazzola, Colombo, Pezzetti, & Nicolescu, 2017; Ishak, Abdullah, Ahmad, & Mohamed, 2018). Consequently, all these developments bring new challenges to consumer decision making that requires the enhancement of consumer empowerment (Willman‐Iivarinen, 2017).…”

Massive open online courses and consumer goals

“…Consumer decisions frequently involve a choice between competing brands (Swaminathan et al., 2020). The consumer decision process is often represented as a sequence of stages in which the number of products or services considered for purchase is reduced to a manageable quantity through a screening procedure, leading to final choice (Abaluck & Adams, 2017; Willman‐Iivarinen, 2017). This phased process may be depicted as a series of nested sets, extending from the universal set (containing all products and services) through to the awareness set , and finally the consideration set , from which the chosen item is drawn (Honka et al, 2019).…”

A Bibliometric Analysis of Branding Trends: Does Irrationality Really Matter?

“…exogenous factors on his shopping behaviour. However, the current literature rejects such an approach and returns to emphasizing the behavioural nature of the phenomenon of consumer behaviour explored through the prism of its dualistically conceived psychologicalsociological aspects in the context of consumption as a key economic variable [15,16]. This approach modifies the traditional concept of shopping behaviour formulated in the context of the so-called triads of purchasing situations (ordinary or repeated purchase, modified purchase and new purchase) with respect to the degree of rational consumer involvement (cognitive, habitual and affective shopping behaviour).…”