According to the Handbook Mathematical Economics of  of theories of consumerism are to determine the impact on the demand for goods, to find out what rules guide people’s behavior in the market and what limitations they encounter when making a decision.

For experts, commercial possibilities are determin by the combination of preferences under a budget constraint. Let us look at some examples from consumer theory.

Examples of consumer theory

Demand — Imagine you are planning a birthday party for your brother and you ne to buy a cake. You go to the nearest bakery, but you find that they don’t have anything available that day. In this case, you will probably turn dataset to a competitor , because you didn’t find what you ne at the right time. In other words, your decision was motivat by the lack of supply.

Behavior — Following the same example, now imagine that your brother loves chocolate cake. You want to do everything you can to please him on this special day, but the bakery only sells orange and corn cake. You might also turn to a competitor, but in this case your purchasing decision is prominantly influenc by one emotion: the desire to see your brother happy.

Budget Constraint — To complete the scenario

 

Imagine that you have already spent a lot of money on party preparations and birthday gifts. You only have $20 to spend and you find if we had only select examples of american out that the chocolate cake costs $18. You will definitely make the purchase, because the price is within your budget. If the figure were higher, you would probably have to find another solution.

These are just a few examples to help you understand the basic principles of consumer theory . Knowing the motivations behind be numbers attitude patterns can help you formulate better marketing strategies to attract and retain customers in your company. In addition, it increases your chances of meeting expectations before, during and after sales .